December is just around the corner and for academies this means some key reporting deadlines are rapidly approaching.
Audited accounts and regularity statements must be filed with the Education Funding Agency (EFA) by 31 December 2013 and, for the first time, academies must also report on how they are providing value for money by preparing a value for money statement, which must be submitted by the same deadline.
The statement is required for the period ended 31 August 2013 and any academy trusts that have converted by that date must submit a statement as well as publishing it on its website within a month of submission.
Luckily, the EFA is not looking for a lengthy report; instead, it would like to see a focus on good examples of areas where a trust has achieved value for money and suggestions where it could do better, including evidence of any action already taken or to be taken in the future.
Areas that may be covered include a trust’s system of financial governance and oversight, better purchasing, better income generation, reviewing controls and managing risks.
In the new year, academies must also file their accounts return for the 2012-2013 academic year – designed to capture their financial results and position as at 31 August 2013 – with the EFA by 31 January 2014.
The EFA will publish an alternative version of the accounts return for academies incorporated on or after 1 March 2013, and which have chosen to defer preparation of their first financial statements until 31 August 2014, in March 2014.
For more information on any academy reporting requirements, please contact us.