Academy Financial Training

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Presentation transcript:

Academy Financial Training Kevin Shotton Clive Owen LLP

Agenda Financial submissions Financial monitoring Year end financial statements Financial procedures Internal assurance reviews Related party transactions Tax Useful reading and resources

Financial Submissions Education & Skills Funding Agency (ESFA) Year End financial statements Academy Accounts Return (AAR) Whole of Government Accounts (WGA) / Sector accounts Budget outturn (19 May) / Budget forecast (By 31st July for following financial year) Other Teachers Pension Scheme End of Year Certificate (EOYC) Companies House Annual Return

Financial monitoring Income and expenditure account Balance sheet Accruals basis Performance against budget Unusual expenditure Surplus / deficit Balance sheet Cash at bank / net current assets Overall net asset position Future available reserves Direction of travel versus academy reserves policy Cash flow

Format of Year End Financial Statements Model financial statements include: Trustees’ Report Governance statement Statement of regularity, propriety and compliance Statement of trustees’ responsibilities Independent auditor’s report of the financial statements Independent reporting accountant’s report on regularity Financial information Statement of financial activities Balance sheet Cashflow statement Notes

Financial Procedures Financial Procedures Manual Scheme of delegation/Limits Reserves policy / risk register Policies – Fixed Assets/Anti-fraud/Risk Assessment/Whistle Blowing Register of Interests

Internal assurance Up to the Academy to identify risks and agree a programme of work to address Internal assurance work should be undertaken on a termly basis Areas to look out for: Action areas highlighted red Action points not cleared by the time of subsequent visits

Related party transactions Register of interest must be maintained. Including family interests Must be included on the academy website. No pro-forma at present Any transactions with related party must be at cost. Deminimus of £2,500 ESFA templates in place to evidence this.

Tax VAT (VAT Registration v S126 notice) Gift Aid Corporation tax (use of trading subsidary) PAYE/NI P11D’s

Useful reading/resources Charity commission guidance CC3 The Essential Trustee: What you need to know CC8 Internal Financial Controls for Charities ESFA Academy Financial Handbook ESFA bulletins Website

Any Questions?