Accounting for academies
Accounting for academy schools is a specialist area that requires expertise and an understanding of the sector. On this page you can access a range of articles, books and online resources providing quick links to guidance and background knowledge.
What's on this page?
- ICAEW support and guidance
- Guidance from other bodies
- Books and articles from the library
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Academies Accounts Direction and other guidance
Academies Accounts Direction
Annually updated supplement to the Academies Financial Handbook published by the Education Funding Agency. Topics include:
- summary of requirements
- requirements for the preparation of the annual report and the financial statements
- model annual report and financial statements
- additional disclosures for newly converted academy trusts.
Academies: Funding, payments and compliance
Collection of detailed guidance and documents from the Education Funding Agency, covering:
- academies governance and financial assurance
- academies funding and payments
- academies risk protection arrangement (RPA)
- academies compliance
- Education Funding Agency service to academies
- new academies information
- academies capital funding.
Academies Financial Handbook
Guide produced by the Department for Education for academy trustees, accounting officers, principal finance officers and auditors with detailed guidance on financial management, funding and accounting issues.
Transition to FRS 102 and Charities SORP 2015
Guidance for academy trusts incorporated before 1 January 2015 covering the main changes in SORP 2015 and actions required in each area. Published by the Education Funding Agency in May 2016.
Charitable trust (school): Example trustees' annual report
Model document produced by the Charity Commission showing the layout and format of trustees' annual reports and accounts for a school. Updated in October 2015.
Kreston Academies Benchmark Report 2018
Annual survey published by Bishop Fleming reporting on trends in multi-academy trusts (MATs) and figures for surpluses and deficits, income, staff costs, teacher to pupil ratios, non-staff costs, reserves and cash balances, fixed assets, pensions, governance and board size. The survey covers primary and secondary academies and MATs.
2018 academies benchmarking report
Annual survey report produced by UHY Hacker Young summarising staff costs and numbers, staff to pupil ratios, pension costs and liabilities, income, expenditure and non-staff costs, and cash balances across primary schools, secondary schools, free schools, special schools and MATs.
Academy accounting survey 2016
Survey conducted by Price Bailey of academy converter accounts. The report examines the accounting policies used by academies and analyses differences in treatment.
Academy school accounts: how to prepare the year end under EFA rules
CCH Daily, September 2016
Steve Collings reviews the essentials for preparing accounts and financial statements for academy schools and trusts under revised Education Funding Agency (EFA) rules. This detailed article discusses transitioning to FRS 102 and key changes in the Academies Accounts Direction 2015/16. Available online to Accountancy Daily subscribers or in print from the Library.
Communication with academy auditors 2016
Documentation from the National Audit Office, published in December 2016. The guide clarifies an academy auditor's role in the DfE group accounts, the NAO's expectation of them as component auditors in the group and the risks of material misstatement in the group financial statements.
Articles and books in the Library collection
Acting for academies
Anne Cowley (2017)
This CCH Accountants Digest issued in August 2017 gives an overview of the Academies Financial Handbook and discusses the accounting and auditing requirements. Appendices contain an example auditor's report and example report on regularity.
How to run an academy school (2nd ed.)
Katie Paxton-Doggett (2016)
A practical guide for those involved in the day-to-day administration of an academy with real-life case studies and precedents. The book covers a wide range of topics including financial management, accounts and corporate governance. The appendices contain sample documents and checklists.
Find more resources
To find out how you can borrow books from the Library please see our guide to book loans. You can obtain copies of articles or extracts of books and reports by post, fax or email through our document supply service.
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