1. The Academy financial cycle DecJanFebMarAprMayJuneJulyAugSeptOctNov

2. Academies Financial Cycle DecJanFeb Mar AprMayJuneJulyAug Sept OctNov Complete year end and start preparing company accounts Submit Whole Government Accounts (WGA) and Budget Forecast by 28 th September

3. Academies Financial Cycle DecJanFeb Mar AprMayJuneJulyAug Sept OctNov Late October/early November external auditors complete the audit of 31 st August year end accounts Annual schools census determines pupil numbers for next budget (Pupil Premium Grant based on January census)

4. Academies Financial Cycle DecJanFeb Mar AprMayJuneJulyAug Sept OctNov Receive audit outcomes and prepare final changes before Governing Body approval

5. Academies Financial Cycle DecJanFeb Mar AprMayJuneJulyAug Sept OctNov Year end accounts for 31 st August approved and submitted Accounts return to EFA by 31 st December Year end system closed

6. Academies Financial Cycle DecJanFeb Mar AprMayJuneJulyAug Sept OctNov Education Funding Agency (EFA) announces formula funding basis Start preparing Annual Budget based on indicative

7. Academies Financial Cycle DecJanFeb Mar AprMayJuneJulyAug Sept OctNov Receive Final Funding letter by 31 st March Prepare reports for WGA as at 31 st March

8. Academies Financial Cycle DecJanFeb Mar AprMayJuneJulyAug Sept OctNov Prepare split year accounts for the Whole Government Accounts (WGA) 5/12 th prior years accounts (April – August) and 7/12 th of current year accounts (Sept – March)

9. Academies Financial Cycle DecJanFeb Mar AprMayJuneJulyAug Sept OctNov Final deadline to send audited accounts to Companies House Prepare final budget Review contracts

10. Academies Financial Cycle DecJanFeb Mar AprMayJuneJulyAug Sept OctNov Finalise WGA spreadsheet and Budget forecast Governors approve final budget

11. Academies Financial Cycle DecJanFeb Mar AprMayJuneJulyAug Sept OctNov Start preparing for year end creditors/debtors/ accruals/depreciation of assets

12. Academies Financial Cycle DecJanFeb Mar AprMayJuneJulyAug Sept OctNov Finalise year end creditors, debtors, prepayments and accruals Reconcile bank statement to 31 st August

13. Financial areas that must be discussed and minuted by governors Budget – annual budget must be discussed and approved by the Full Governing Body Audited accounts – final accounts must be discussed and minuted Quotations and tenders – whenever a project or purchase falls within the limits set down in the Financial Regulations Contract renewal – annually Budget monitoring reports – Chair of Finance monthly, Finance Governors at least termly FMGS - Financial Management and Governance Self- Evaluation – in first year of opening

14. Documents that individual governors need to complete Register of business interests Annually sign declaration including nil returns Declare any new business interests at each Governing Body or Committee meeting and update register accordingly Keep the historical registers for reference Competencies matrix Self evaluation of competency, knowledge and experience Designed to identify training and development needs

15. Where to find additional information Dec JanFeb MarAprMayJuneJulyAugSept OctNov School Business manager/ Finance Officer/Headteacher Website www.dfe.gov.uk www.education.gov.uk/efa Including EFA briefing notes School finance support provider Education Finance Support (subscribing schools) Helpdesk 01245 436248 www.education-financewww.education-finance support.org