1 / 15

The Academy financial cycle

The Academy financial cycle. Academies Financial Cycle. Complete year end and start preparing company accounts Submit Whole Government Accounts (WGA) and Budget Forecast by 28 th September. Academies Financial Cycle.

mieko
Download Presentation

The Academy financial cycle

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. The Academy financial cycle

  2. Academies Financial Cycle Complete year end and start preparing company accounts Submit Whole Government Accounts (WGA) and Budget Forecast by 28th September

  3. Academies Financial Cycle Late October/early November external auditors complete the audit of 31st August year end accounts Annual schools census determines pupil numbers for next budget (Pupil Premium Grant based on January census)

  4. Academies Financial Cycle Receive audit outcomes and prepare final changes before Governing Body approval

  5. Academies Financial Cycle Year end accounts for 31st August approved and submitted Accounts return to EFA by 31st December Year end system closed

  6. Academies Financial Cycle Education Funding Agency (EFA) announces formula funding basis Start preparing Annual Budget based on indicative

  7. Academies Financial Cycle Receive Final Funding letter by 31st March Prepare reports for WGA as at 31st March

  8. Academies Financial Cycle Prepare split year accounts for the Whole Government Accounts (WGA) 5/12th prior years accounts (April – August) and 7/12th of current year accounts (Sept – March)

  9. Academies Financial Cycle Final deadline to send audited accounts to Companies House Prepare final budget Review contracts

  10. Academies Financial Cycle Finalise WGA spreadsheet and Budget forecast Governors approve final budget

  11. Academies Financial Cycle Start preparing for year end creditors/debtors/ accruals/depreciation of assets

  12. Academies Financial Cycle Finalise year end creditors, debtors, prepayments and accruals Reconcile bank statement to 31st August

  13. Financial areas that must be discussed and minuted by governors Budget – annual budget must be discussed and approved by the Full Governing Body Audited accounts – final accounts must be discussed and minuted Quotations and tenders – whenever a project or purchase falls within the limits set down in the Financial Regulations Contract renewal – annually Budget monitoring reports – Chair of Finance monthly, Finance Governors at least termly FMGS - Financial Management and Governance Self-Evaluation – in first year of opening

  14. Documents that individual governorsneed to complete • Register of business interests • Annually sign declaration including nil returns • Declare any new business interests at each Governing Body or Committee meeting and update register accordingly • Keep the historical registers for reference • Competencies matrix • Self evaluation of competency, knowledge and experience • Designed to identify training and development needs

  15. Where to find additional information • School Business manager/ Finance Officer/Headteacher • Website • www.dfe.gov.uk • www.education.gov.uk/efa • Including EFA briefing notes • School finance support provider • Education Finance Support (subscribing schools) • Helpdesk 01245 436248 • www.education-financesupport.org

More Related