2018/19 SARA - Review of Valuation Methodology

Contract to gain assurance that the valuation methodology used in the Academy Sector Annual Report and Accounts (SARA) is fit for purpose. Accounting standards require that a professional valuation be undertaken on the estate occupied by the academy sector on a rolling five-year basis. A fifth of the estate, c £10-12 billion, is valued annually. Given the specialist nature of the estate, this is completed using a Depreciated Replacement Cost methodology developed by professional surveyors. The annual valuation spend is c £350,000 - £400,000. Contract awarded is to provide assurance over that methodology.