Posted by Jessica Herbert on October 30, 2017
The Department for Education has, for the first time, published a consolidated annual report and accounts for the academies sector. The report relates to the year ended 31 August 2016 and includes the financial results for all the academies in England.
Previously the financial results of the academies were included in The Department for Education (DfE) consolidated financial statements, but the academy sector has been excluded from the DfE consolidation for the financial year 2016-2017.
A separate standalone Annual Report & Accounts (SARA) for the academy sector for the academic year 2015/16 has been prepared for the year ended 31 August 2016. One of the reasons for the separation was due to an adverse audit opinion on the DfE accounts due to the academy sector. This was due to insufficient evidence that the required accounting recognition criteria were met in respect of academy land and building assets and due to the fact that the academy sector has a different year end to the DfE which is 31 March. In addition to separating academy spending from the DfE, this new academies report brings together the reporting of financial results with the reporting of academic performance.
Included in the report is an overview of the main financial and academic results, a corporate governance report and the financial statements.
This may be useful for benchmarking your own academy trust, however be mindful that the information in the report relates to the 2016 academic year. The Kreston Academies Benchmark Report 2017 is currently available and also relates to the 2016 academic year, with the 2018 report being released in January 2018.
If you have any questions please speak to a member of our Academies Team.