1. Academy Financial Training
Kevin Shotton Clive Owen LLP

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

3. 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

4. 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

5. 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

6. 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

7. 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

8. 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.

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

10. 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

11. Any Questions?