Trustees’ report & governance statement

Trustees’ report & governance statement


It is that time of year again where the trustees’ report and governance statement must be prepared ready for inclusion in the audited financial statements for the year ended 31 August 2023.

It is important to note that the ESFA regularly checks the trustees’ report and governance statements submitted with the financial statements and the key things they check include:

  1. Headings – that all required areas of the trustees’ report and governance statement have been included.
  2. Content – that the wording included in the trustees’ report is not simply copied and pasted from the model accounts.

Areas commonly missed from the report, which are required by the Academies Accounts Direction, include the academy trust’s reserves policy, details of governance reviews completed, management of conflicts of interest, details of internal scrutiny and financial and non-financial key performance indicators.

It is also important to remember that if your academy trust has grown in the year and now has more than 250 employees, large company reporting is required and additional disclosures are needed within the trustees’ report as detailed in the model accounts.

Please note that the trustees’ report and governance statement must be audited by your external auditor to ensure it is consistent with the figures reported in the financial statements and in line with their understanding of the trust’s activities.

As such, it is important that the reports are prepared in advance of the year end audit starting so as to avoid any delay in the completion of the audit and preparation of the final accounts.

Want to find out more?

Arrange a chat with our expert team

    Latest news and articles

    • 27 November 2023

      NHS Pension – what’s changing from April 2024

      For many years, we saw no changes in NHS pension contribution rates or pensionable earnings tiers. October 2022 marked the first changes in contribution rates and pensionable earnings tiers since 2015. This was a planned two step approach following earlier consultations. The Department of Health and...
    • 24 November 2023

      The Role of Property Accountants in Maximising Real Estate Investments

      Investing in real estate has always been a profitable venture, but with the ever-evolving financial landscape and unpredictable change in regulations, its fundamental for investors to seek professional guidance. To help explain in more detail the vital role property accountants play to help maximise...
    • 22 November 2023

      The Autumn Statement 2023 Explained

      The Chancellor, Jeremy Hunt, announced his Autumn Statement on Wednesday 22 November. In his opening statement, Hunt made it clear his plan centres around three priorities – reduce debt, cut taxes, and reward work. With The Office for Budget Responsibility stating that the economy will grow each...

    Proud to work with: