In the first of a series of articles we are going to look at the Governance issues highlighted by the ESFA.
As ever, the Education and Skills Funding Agency (ESFA) published a series of documents on their website just before the summer break – they are obviously keen on providing those in the sector with plenty to read on their summer holidays!
Last week the ESFA published the Academies Financial Handbook 2017 (AFH2017) and this will replace the 2016 version with effect from 1 September 2017. A full copy of the Handbook can be found here.
Key changes in the Academies Financial Handbook 2017
So what has changed from the 2016 edition? As usual, the changes tend to follow the issues that have arisen from ESFA investigations which have taken place in the year or the ESFA attempting to align the AFH with the Governance Handbook. Once again, the ESFA has helpfully summarised the changes (pages 5 and 6) so that they can be easily identified. Below Kreston Reeves have looked at these changes and highlighted the key changes that will have more of an impact upon academy trusts.
The accounting year end for academy trusts of 31 August is fast-approaching. For many School Business Managers the external audit can be one of the most stressful times of the year and is combined with the schools returning after the summer holidays for a new academic year. Here is a reminder of some things you can consider to assist the external auditors and make the audit process as efficient as possible.
Last week the Education and Skills Funding Agency (ESFA) published its latest “Dear Accounting Officer” letter which should have been received by all Academy Trusts in the UK.
The letter provided an update to the sector on the financial returns required to be submitted by Trusts through to the end of the summer term 2018 and their associated deadlines. In addition, the letter also informed Accounting Officers of a new return – the Land and Buildings Collection Tool (LBCT) – and some potential changes to the Budget Forecast Return (BFR) in the future.
We are proud to have sponsored the ‘School Business Manager of the Year’ category at the Kent Teacher of the Year Awards 2017, which was held at the Mercure Great Danes Hotel near Maidstone on Friday 19 May 2017.