Academies and the Local Government Pension Scheme (LGPS)
Under Financial Reporting Standard 17 (FRS17) the LGPS relating to an academy has to be valued annually and various figures and disclosures in the valuation have to be included in the year end statutory accounts.
The Education Funding Agency (EFA) will fund the ‘typical costs’ of the 31 August 2012 valuation for any academy open by 31 March 2012 that has met submission deadlines, has paid for the valuation in the first place and so long as the EFA can have a copy of the valuation.
Date: 28th June, 2012
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