Academies: What you need to know about 2011-12 annual reports

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Steve Collings kicks of a series of three articles focusing on the ‘Academies: Accounts Direction 2011/12’ (AAD) with an explanation of its reporting requirements for academies. The next article will consider the financial statements themselves and the final article will look at the detailed notes required in academies’ financial statements.

Introduction

On 1 August 2011 all academy trusts became exempt charities, as set out in section 12(4) of the Academies Act 2010. Academies are now regulated by the Department for Education (DfE), assisted by the Education Funding Agency (EFA). Exempt charities status means that academy trusts do not have to register with the Charities Commission and those that were previously registered have no...

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