Last updated February 2024.

Key academy guidance. (2022/23 guidance — will be refreshed for 2023/24)

Location of ESFA’s Academies Accounts Direction, Coketown model accounts, framework & guide for external auditors & reporting accountants (3 separate guidance docs) along with guide to submit academy accounts to the ESFA in December — Academies Accounts Direction 2022 to 2023 and submitting your 2022 to 2023 audited financial statements - GOV.UK (www.gov.uk)

Location of ESFA’s Academy Trust Handbook — the key guidance for internal control & governance, compliance with which is a term of funding agreements — Academy Trust Handbook - Guidance - GOV.UK (www.gov.uk)

Location of ESFA Good Practice Guides — Academy trust financial management good practice guides - GOV.UK (www.gov.uk)

Charities SORP — the UK accounting framework for mainstream charities but still relevant to academy trusts & the Direction, latest 2019 ‘FRS102 version’ (FE colleges generally don’t report under this SORP & instead report under the FEHE SORP, a minority of smaller HEIs report under this SORP bust most report under the FEHE SORP)— The Charities Statement of Recommended Practice (SORP) - GOV.UK (www.gov.uk)

FRS102 — the accounting standard applying to academy trust & college accounts in the UK & Ireland (it underpins the Direction & FEHE SORP), current version is dated Jan 2022— FRS-102-(January-2022)(2).pdf (frc.org.uk)

Managing public money — Managing public money - GOV.UK (www.gov.uk)

Useful explanation of Streamlined Energy & Carbon Reporting disclosure requirements, in academy trusts Strategic Reports for example — Streamlined Energy and Carbon Reporting (SECR) for academy trusts - GOV.UK (www.gov.uk)

Further & Higher Education guidance. (2022/23 or earlier guidance in some cases will be updated for 2023/24)

Location of College Accounts Direction — College accounts direction - GOV.UK (www.gov.uk)

Location of Casterbridge model accounts & enhance pension provision calculator (plus other AoC resources) — Accounting | Association of Colleges (aoc.co.uk)

FEHE SORP — Statement of recommended practice 2019 (universitiesuk.ac.uk)

Post-16 Audit Code of Practice — Post-16 audit code of practice - GOV.UK (www.gov.uk)

Office for Students’ Accounts Direction — latest was published in 2019 & there has been no update since — this guidance mandates a handful of additional disclosures for HEI accounts (& accounts of FE colleges also regulated by the OfS in addition to the ESFA due to degree level qualification delivery) e.g. relating to higher paid employees, Access & Participation related disclosure & audit — Regulatory advice 9: Accounts direction - Office for Students

Where Access & Participation plans with the OfS can be downloaded for individual institutions — Access and participation plans - Office for Students

Regulators.

ESFA — the principal regulator of academy trusts & FE colleges (not HE) — Education and Skills Funding Agency - GOV.UK (www.gov.uk)

Office for Students (OfS) — the principal regulator of most HEIs, also is of relevance where FE college & other institutions offer degree level qualifications & hence are also OfS regulated & from a financial reporting perspective must comply with the OfS Accounts Direction (see above)— Home - Office for Students

The Charity Commission in England & Wales (not the principal regulator of state education entities but still of relevance) — The Charity Commission - GOV.UK (www.gov.uk)

Other sector bodies of interest.

Association of Colleges — publisher of useful resources relevant to HE & FE, e.g. Casterbridge model accounts (see above) — AoC Home | Association of Colleges

Universities UK — body of interest for the HE sector — Universities UK

BUFDG (British Universities Finance Directors Group) — body of interest for HE sector finance — BUFDG : British Universities Finance Directors Group

Relevant UK law.

Academies Act 2010 — Academies Act 2010 (legislation.gov.uk)

FE & HE Act 1992 — Further and Higher Education Act 1992 (legislation.gov.uk)

Charities Act 2022 — Charities Act 2022 (legislation.gov.uk)

Charities Act 2011 (still relevant from a financial reporting perspective) — Charities Act 2011 (legislation.gov.uk)

Companies Act 2008, relevant for entities incorporated as companies — academy trusts are typically companies but further education colleges are generally not— Companies Act 2006 (legislation.gov.uk)

Free seminars.

Academy trust resources, & events for education Trustees — Buzzacott | Academies and schools

Record retention.

A useful summary from Buzzacott outlining legal requirements for the retention of accounting records — retention-of-accounting-records-2020.pdf buzzacott.co.uk)