The Academy financial cycle

Academies Financial Cycle

Complete year end and start preparing company accounts

Submit Whole Government Accounts (WGA) and Budget Forecast by 28th September

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)

Academies Financial Cycle

Receive audit outcomes and prepare final changes before Governing Body approval

Academies Financial Cycle

Year end accounts for 31st August approved and submitted

Accounts return to EFA by 31st December

Year end system closed

Academies Financial Cycle

Education Funding Agency (EFA) announces formula funding basis

Start preparing Annual Budget based on indicative

Academies Financial Cycle

Receive Final Funding letter by 31st March

Prepare reports for WGA as at 31st March

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)

Academies Financial Cycle

Final deadline to send audited accounts to Companies House

Prepare final budget

Review contracts

Academies Financial Cycle

Finalise WGA spreadsheet and Budget forecast

Governors approve final budget

Academies Financial Cycle

Start preparing for year end creditors/debtors/accruals/depreciation of assets

Academies Financial Cycle

Finalise year end creditors, debtors, prepayments and accruals

Reconcile bank statement to 31st August

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

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

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