Contact Us

New customer contact

Endeavour House
8 Russell Road

0300 123 1420

View Academy Products View Maintained schools Products

Academies Accounts Direction 2017 to 2018

The new Academies Accounts Direction was published last week and is applicable to academy trusts compiling accounts for the accounting period to 31 August 2018. 

With year-end looming, we have reviewed and summarised some of the key changes from the 2016-17 Academies Accounts Direction. Most of these points will impact those preparing accounts but there are some that may have some practical operational management implications. 

Main changes: 

  • there is now a requirement to include information on Trade Union Facility time in the Trustees Report, however, this is only applicable if an academy trust has more than 49 full-time equivalent employees throughout any 7 months within the reporting period. Click here for clarification on how to calculate the cost of facility time;
  • your trustees report now also needs to include information on fundraising practices and the approach to fundraising within the Academy Trust;
  • there is a further analysis required within the expenditure note–specifically for expenditure on raising funds, there is now a requirement to split this between direct and support costs;
  • there is additional comparative data required for the funds note. This should now consist of three tables; current year, prior year, and a combined position. The net analysis by funds note also requires an additional table to show prior year comparative data;
  • there is an additional note to include details on capital grants spent on improving land and buildings which are not recognised in the accounts. This would be applicable to church academies;
  • the treatment of apprenticeship Levy has changed. This no longer needs to be reported on a separate line in the staff costs note, it should now be included within social security costs. Therefore, when re-stating the prior year actuals, the total for social security costs and apprenticeship levy will need to be combined;
  • the related party transactions note has been extended to include separation of income and expenditure. Confirmation that any element above £2,500 is provided at no more than cost and supported by a statement confirming this;
  • where an academy trust has teaching school status, an additional note is required to capture the financial activity relating to the teaching school;
  • there is an additional category to be included in the restricted fixed asset note for assets under construction.

We would recommend academies start to consider collating some of the additional data needed for the trustees’ report ahead of year end. 

For a full list of changes, please see page six of the Academies Accounts Direction 2017–2018.

If you do need any support or have any further questions, please don’t hesitate to contact the Schools’ Choice Finance Helpline 03456 037 684.


Ask Schools’ Choice

Ask schools choice

Search frequently asked questions:
Simply type a question into the box provided, and the FAQ system will return a brief answer, or a link to more information.

Ask a question:
For latest news, click here