EXPLANATORY NOTE
(This note is not part of the Regulations)
Section 7 of the Academies Act 2010 requires local authorities to transfer a school’s surplus to the Academy proprietor when the school converts to an Academy under an order following an application by the governing body. These Regulations set time limits for the determination of whether there is, and if so the amount of, a surplus, and for any review by the Secretary of State of any local authority determination.
An impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen. The impact on the public sector is minimal.