Academies Financial Handbook
28th September 2018
Please be aware that the Academies Financial Handbook 2018 became effective as at 1st September 2018. A copy of the handbook can be found here and if you haven’t already please make yourselves familiar with any changes to this year’s edition.
There are two main areas of change. One of these is surrounding management accounts, which now must be shared with the Chair of Trustees monthly and considered by the full board when they meet. Management accounts must include a review of actuals vs budget and some relevant Key Performance Indicators (See Tom’s recent blog for more details on KPIs here).
Another change to keep in mind for next year is the reporting of connected party transactions. From April 2019 all connected party transactions must be reported to the ESFA, and if they exceed £20,000 in one academic year then prior approval must be sought. We will make sure we remind you of this again closer to the time!
If you have any questions regarding the new handbook or any changes to it. Please do not hesitate to contact us.
Academies Accounts Return
The updated accounts return guidance for the 2017/18 form is now available with the excel workbook and online form to become active 1st October 2018.
A copy of the guidance and key changes can be found here.
Please be aware that the Academies Accounts Return must be submitted by the 21st January 2019. If you would like any support with the completion of this return please get in touch with us.
Motor Insurance for Academies
The ESFA are looking for academies with motor vehicles to complete a survey, with the aim to develop an insurance solution for schools. If you would like to take part in the survey you can do so here.