Academy reporting – Accounts Return
The Education Funding Agency (EFA) has now published the 2012/13 Academy Accounts Return with a revised submission date of 31 January 2014. Audited financial statements still require submission to the EFA by 31 December 2013.
The accounts return is used to support a number of Treasury and departmental requirements, including the preparation of consolidated accounts and benchmarking data that is comparable with maintained schools. It is separate from the requirement to produce audited financial statements. The requirement applies only to those academy trusts preparing and submitting to the EFA financial statements for academic year ending 31 August 2013.
New academy trusts incorporated on or after 1 March 2013 but have chosen to defer preparation of their first financial statements until 31 August 2014 are not required to complete this return. The EFA will issue an alternative version for them to complete in March 2014.
Academy trusts will need to commission from their external auditors an assurance report on the preparation of the accounts return.
An updated Academies Financial Handbook applicable for the 2013/14 year has also been published.