Under the current circumstances, the annual release of the ESFA’s two most coveted documents may not be as highly anticipated as in previous years. Crowe have provided a short summary of the notable changes and key actions that Trusts should be aware of when digesting the latest Accounts Direction and Financial Handbook updates from the ESFA.
It is now, more important than ever, that the sector pulls together and shares best practice. So instead of our usual Academies Discussion Group, and as a result of the current restrictions in place, we are holding a virtual discussion group on Thursday 16 July to discuss the key risks facing the sector, address the updates to the Accounts Direction and Financial Handbook summarised in this article and providing an update to the COVID-19 bulletin. Register now for our Crowe Academies Virtual Discussion Group.
Below is a brief summary of the key changes in this edition, along with some suggested key action points.
New statutory elements in the trustees’ report to cover:
Streamlined Energy and Carbon Reporting (SECR) to be included within the Trustees’ Report section of the financial statements, applicable to large Trusts only. See our insight for further details on SECR: Annual reporting requirement for large companies.
Note: This is subject to transitional arrangements which permit existing audit engagements at 15 March 2020 to conclude.
Important: The ESFA are publishing, in July 2020, a supplementary bulletin to the Accounts Direction to cover the reporting of COVID-19. This will have the same status as the Accounts Direction and will contain additional requirements as well as further guidance.
The full version of this year’s Accounts Direction is on the on the GOV.UK website.
Below is a brief summary of the changes in this edition, along with some suggested key action points.
It’s already been a challenging year following the COVID-19
outbreak but its clear that the ESFA are keen to make improvements to the
sector; with Governance, improved reporting and risk management at the top of
There is further clarity that the ESFA see a more holistic
relationship between the financial and non-financial operations of a Trust and
are key to successful management.
* Streamlined Energy and Carbon Reporting (SECR)
** Environmental reporting guidelines