Are Trustees ready to receive the Budget Forecast Return Outturn?
The ESFA are due to release their guidance on the Budget Forecast Return Outturn (BFRO) next week with the submission deadline of 21 May.
But are you aware of the rule in the last Academies Financial Handbook which states that Trusts must approve the return before submission? This can be found in paragraph 2.3.2.
Therefore Trusts need to ensure they have suitable meetings pencilled in and a timetable to work to before submitting the return to the ESFA. This approval must be clearly minuted and will no doubt form part of auditor’s checks for the 2018/19 year.
The BFRO essentially collects financial outturn information as at the end of March each year, and the ESFA uses the information provided to ensure that the academy sector can accurately report its financial data to HM Treasury.
With such a short timeframe to work in Trusts may find this particularly challenging and should therefore look to agree a suitable timetable as soon as possible.
Make sure you download your complimentary copy of Kreston’s Academies Benchmark Report 2019 here: http://eepurl.com/ge8wvr
This year the report includes over 350 Trusts representing nearly 1000 schools and is based on those Academies that prepared financial statements for the period ended 31 August 2018 and which were audited by member firms of Kreston UK.
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