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Important Updates and Key Insights

RICS Guidance Notes

RICS Guidance Notes – Information Notes

Stay informed on the latest updates to RICS valuation standards relevant to academy trusts.

Recent Updates:

Red Book Global Standards (Effective 31 January 2025):
The RICS has updated its Global Standards to align with the International Valuation Standards (IVS). Key changes include:​

  • Environmental, Social, and Governance (ESG) Considerations: Valuers are now required to consider ESG factors at every stage of the valuation process, from inspection to reporting. ​
  • Valuation Process Revisions:Updates to valuation approaches, methods, and models to reflect current best practices and technological advancements.

UK National Supplement (Effective 1 May 2024):

The UK-specific guidance has been revised to incorporate:​

  • Mandatory Rotation Policy: For certain regulated purpose valuations, there is now a requirement for the rotation of valuation firms and responsible valuers to enhance independence and objectivity.
  • Charity Asset Valuation: Significant amendments have been made to the valuation of charity assets, aligning with changes introduced under the Charities Act 2022.
  • Public Sector Asset Valuation: Revisions to guidance on valuing local authority and central government assets for accounting purposes, aiming to improve clarity and usability.

Implications for Academy Trusts:

While not all changes may directly impact every academy, it's essential for trusts to be aware of these updates to ensure compliance and best practice in property valuations. Particularly, trusts with charitable status or those engaging in regulated purpose valuations should review the new requirements.​

For detailed information, please refer to the official RICS publications:

Note: This information is provided to assist academy trusts in understanding recent changes to valuation standards. For specific advice or valuation services, please consult a qualified RICS-registered valuer.