1. Finance Report 16th March 2016 Sharon Kane
Qtr. 2 position
Qtr. Trading Company
Kitchen
Cashflow
Meal Numbers
Budget

2. Qtr. 2 Position Revenue Budget Income
Figures are based on financial records up to 29th February 2016.
We have reforecast extra income for the catch up funding Yr 7 to £12k as actual received and this is an increase of £7K from the original budget. We now have no summer camp grant from the EFA, which is a decrease of £17K Income. A bid has been written elsewhere for £10k which we await a decision on. Therefore at this stage income remains as the original budget.
To date overall based on forecasted budget at Qtr 2, income is 48.13%, comparable to last year. 1.87% off target, but is explained by
Pupil Premium due to timings received.
Local Authority income is at 34% due to the timings that money is received.
The attached spreadsheet shows the income in different areas.
Early indications show that we are on target to receive the budgeted income.

3. Qtr. 2 Position Revenue and Capital Budget Expenditure
Figures are based upon financial records up to 29th February 2016 with accruals.
Expenditure is 45.91% based on the forecast showing that we are on target with a tolerance of 4.09%.
The attached spreadsheet shows the expenditure in different areas, with most lines at or on target. Some lines are front loaded but it is not anticipated that we will go over budget.
Virements to be agreed are the changes in the staffing budget as discussed in Qtr 1. Additional TA’s, including midday supervisor and library along with a built in allowances for performance development are included in the reforecast.
Line 61 and 68 have had a slight reduction.
The Carry forward figure is circa £240K. This reflects last years figure of £792K, including capital of £331k.
£17K has been used from the carry forward to complete the library and supplement the capital project.
We still await the result of the bid has been placed in Dec 2015 for £423K to undertake essential roofing works to the main school. I will keep you informed of progress.
Qtr. 2 shows £20K purchase of fixed assets.

4. QTR 2 Monitoring Report Qtr. 2 Budget Monitor Rept.xlsx
Attached is the Qtr. 2 spreadsheet
Attached is the trading budget monitoring sheet.

5. Trading Company
Attached is a budget monitoring report for the Trading Company.
Income is 60%, catering will only have 11mth income and summer camp has had prepayments
Expenditure is 48%, recharges from revenue needs adjusting which will bring this back in line, we do not yet have summer camp expenses in.
The surplus will be “gifted” back to the Academy once the final accounts are completed.

6. Kitchen Cashflow
The Kitchen is showing a predicted surplus of circa £23K.
Meal numbers at SPA are up slightly by 0.4% on this time last year.
I attach a comprehensive meal up take reports for all the lower schools. Laburnum is our lowest performing school with meal numbers down by 4% overall. Paid meals have taken a drop 7%. I have met with Helen and she will do a promotion to boost numbers. I have the support of the school for marketing the meals. I will report on progress next qtr.
Maple Tree are up by 3% and St Swithuns are up by 6.5% overall.

7. Kitchen Reports Attached are the reports for the kitchen
Cashflow Qtr. 2
Meal numbers Spring 16

8. Budget 2016.17 Confirmed budget has been received
GAG income is £2028K against £1984K however minimum funding of -1.5% has been applied as our funding reached higher than this at 1.26%. We have had a reduction of £23K. The formula is complex and is based on last years pupil numbers which I have confirmed as correct.
A reduction of ESG grant £28K has being applied
Deprivation has gone up and we have had an increase of £36K
The bottom line with all increases/decreases to the budget elements is £12K more funding for
Large increases in staffing costs due to NI and Pension increase.
We are looking at a balanced budget for which I will report at qtr 3 in July.