The Academy financial cycle
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Transcript of The Academy financial cycle
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The Academy financial cycle
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Academies Financial Cycle
Complete year end and start preparing company accounts
Submit Whole Government Accounts (WGA) and Budget Forecast by 28th September
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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)
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Academies Financial Cycle
Receive audit outcomes and prepare final changes before Governing Body approval
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Academies Financial Cycle
Year end accounts for 31st August approved and submitted
Accounts return to EFA by 31st December
Year end system closed
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Academies Financial Cycle
Education Funding Agency (EFA) announces formula funding basis
Start preparing Annual Budget based on indicative
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Academies Financial Cycle
Receive Final Funding letter by 31st March
Prepare reports for WGA as at 31st March
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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)
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Academies Financial Cycle
Final deadline to send audited accounts to Companies House
Prepare final budget
Review contracts
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Academies Financial Cycle
Finalise WGA spreadsheet and Budget forecast
Governors approve final budget
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Academies Financial Cycle
Start preparing for year end creditors/debtors/accruals/depreciation of assets
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Academies Financial Cycle
Finalise year end creditors, debtors, prepayments and accruals
Reconcile bank statement to 31st August
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Financial areas that must be discussed and minuted by governors
Budget – annual budget must be discussed and approved by the Full Governing BodyAudited accounts – final accounts must be discussed and minutedQuotations and tenders – whenever a project or purchase falls within the limits set down in the Financial RegulationsContract renewal – annuallyBudget monitoring reports – Chair of Finance monthly, Finance Governors at least termlyFMGS - Financial Management and Governance Self-Evaluation – in first year of opening
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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
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Where to find additional information
•School Business manager/ Finance Officer/Headteacher
•Websitewww.dfe.gov.ukwww.education.gov.uk/efaIncluding EFA briefing notes
•School finance support provider
•Education Finance Support (subscribing schools)
Helpdesk 01245 436248www.education-finance support.org