Academies Accounts Direction: 2023/24 update

The Academies Accounts Direction 2023 to 2024 (AAD) has recently been published alongside the model set of accounts for academy trusts. Both documents, available here on GOV.UK, are applicable to trusts for the period ending 31 August 2024.

With no new requirements introduced in the AAD, the changes below are to clarify existing requirements.


Key requirements

Establishing an annual timetable of the key requirements for an academy trust, its trustees and members to assist with understanding their obligations. This list is reproduced in Appendix 1.


Review of effectiveness of the system of internal control

As part of the governance statement, trustees must undertake an annual review of the effectiveness of the system of internal control. This will be primarily informed by the internal scrutiny function, the financial management and governance self-assessment process and the work of the senior leadership team.

This review of effectiveness must also include a conclusion on whether the academy trust has an adequate and effective framework for governance, risk management and control. If it does not, the reason for this conclusion must be stated, along with the plan for improvement.


Statement on regularity, propriety and compliance

The statement is a formal declaration by the accounting officer that they have met their personnel responsibilities to Parliament for the resources under their control during the year. This work needs to be performed throughout the year – a summary of which can be found within P2.57 of the AAD.


Model accounts: disclosures

The following changes are to be applied in the statutory accounts for the year ended 31 August 2024:

  • Confirmation of how 16-19 funding should be disclosed
  • Clarification that the outstanding balances disclosed in relation to agency arrangements should include unspent fund balances
  • Clarifying that the staff costs note should separately identify ‘other employee benefits’
  • Clarification as to how an academy trust might determine an appropriate value for the initial recognition of long leasehold premises





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In 2022, Sam won the Taxation’s Rising Star award at the Taxation Awards in and was named in the Accountancy Age 35 Under 35.

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