The majority of the assets that transfer to academy control on conversion are land and buildings. In the vast majority of conversions the local authority (LA) retains the freehold, and will lease the land and buildings to the academy. No academy can dispose of land without the Secretary of State’s consent and – where they retain the freehold – the LA.
In accordance with government accounting requirements the Department for Education is obliged to consolidate academy trust’s accounts into our own and record the total value of net assets that academies control; including land and buildings leased from LAs.
The table below summarises information we hold and have published on the transfer, in accountancy terms, of assets to academies. As the Department for Education has only been required to consolidate academy trust’s accounts into our own from financial year 2012-13, it is not possible to provide individual figures for 2010-11 and 2011-12.
Net assets transferred to EFA on conversion of academy trusts from local authorities.
Net assets transferred from local authorities (£m)
Academies converting before 1st April 2012
Academies converting in 2012-13
Academies converting in 2013-14
Academies converting in 2014-15