Academies Accounts Direction released for 2018-19
Released 16 April 2019
The Education and Skills Funding Agency has released the 2018-19 version of the Academies Accounts Direction for accounting periods ending on 31 August 2019.
On 16th April 2019 the Education and Skills Funding Agency released the Academies Accounts Direction 2018 to 2019 (AD), which applies for periods ending 31 August 2019. The AD applies to all academies and applies the requirements set out by the Charities Commission in its Statement of Recommended Practice (SoRP).
The AD makes a number of changes including:
•removing the table in the funds note which showed current year and prior year 12 months combined position;
•adds the requirement to send a copy of the annual report to every member of the company and to every person entitled to receive notice of general meetings;
•adding the requirements from Update Bulletin 2 regarding income recognition of donations from subsidiary trading companies;
•clarifying that the pensions note that Parliament guarantee regarding Local Government Pension Scheme liability relates to academy trusts not individual academies. The TPS element has been updated to reflect that revised employer contribution rates are expected to be payable from 1 September 2019; and
•specifying the grants received for capital purposes and that these must be spent on capital projects in line with the terms and conditions of the grant.