Funds which are received by the academy that should not be included as income within the accounts should be coded to a holdings account. An example is locker key deposits where parents have made a deposit that will later be reimbursed when the locker is no longer required. In this instance, the funds held by the academy represent a liability to the parents.
Holding accounts should not be used to record income from services provided. If the academy charges a fee for the use of a locker, which is not reimbursed, this represents income to the academy and no liability to the parents exists.