One of the more significant changes is the extension of the annual budget forecast return by one month to a deadline of 31 August.

The new accounting rules come into effect from 1 September 2023.

In a letter to academy school finance heads, David Withey, chief executive, Education and Skills Funding Agency (EFSA) said: ‘We appreciate this is a difficult one for us to get right, given the submission window remains over the summer. But we hope that the extension will help ease the myriad of priorities your trust will be managing at the end of each academic year.’

The ESFA has reviewed several key requirements of the new Academy Trust Handbook to reflect the growing maturity of the academy schools sector.