If you are running an Academy Trust your academies accounts return form goes live on 4 November 2019. As an Academy trusts, you need to complete this form if you have audited financial statements for any period to 31 August 2019. The audited return needs to be submitted, online, by 20 January 2020.
Background information about the Academy return.
Your return, along with those from all other academies, allows the ESFA to produce the Schools Financial Benchmarking report. This report helps you and other schools understand how you compare with others and can help you improve performance.
Main points about the academy accounts return
The main things about the academy accounts return that you should know are:
• Trusts are required to report on as well as highlighting differences between the financial statements and the accounts return.
• You can use it for your trust to help prepare financial statements to plan ahead.
• It provides a consistent way of recording financial data for all academy trusts.
Why do the ESFA collect the Accounts Return?
The ESFA requires all academy trusts preparing financial statements as at 31 August each year and/or with open academies at 31 August in that year to submit an accounts return for the same year.
The DfE use the information provided in the accounts return to prepare the academies consolidated annual report and accounts. This consolidates the accounts of more than 3,000 individual academy trusts to reflect the financial performance of the whole academy sector.
It is prepared in accordance with International Financial Reporting Standards (as amended for the public sector context) known as HMT’s financial reporting manual (FReM).
What happens to the form once completed
The ESFA take 6 months to collate the data from your form (and other Academies). Around the summer term time the Schools Financial Benchmark Report will be published.
How we can help you
We know you would rather be adding value to your pupils by improving their education, than managing the finances of your trust. Alan Patient & Co can help you to submit and complete Accounts returns on time.
As Nicola Tomlin, Trust Business Manager, at the Great Learners Trust said “Alan Patient & Co did the job remotely, talked through any queries and just did it”
We provide the skills and services to support and update the Schools and Trusts financial management procedures, giving your school Financial clarity. Please contact Karen on 020 831957022