DfE Academies Land and Buildings Valuation

The Academies Land and Building Valuation Services contract is required to support the statutory requirement of the department to value the estates of academies to prepare for the Sector Annual Report and Accounts (SARA). Estate valuation is a specialist service for which the department does not possess suitable capability. The current contract, which includes a compliant 12-month extension, is due to expire on 31/08/2021.

To enable Sector Annual Report and Accounts to be published without qualification from the auditors, the number of academy schools for which Financial Reporting Division (FRD) must request a valuation is between 1,800 and 3,500 per annum. The valuations will include both 'on-site' and 'desk based' assessments with an estimated split of between 10-20% of the valuations to be physical inspections. The exact percentage is to be suggested by the supplier and agreed with the FRD. Additionally, International Financial Reporting Standard (IFRS) 16 is currently deferred until 1 April 2022; however once introduced will trigger a one-off increase in the number of valuations required.