Nearly Xmas - But Some Important Work Still To Do!

Posted  13th December 2016

Many schools and academies are now in their final week before the Christmas break. But there are still important tasks to complete.

Key Deadlines for Academies

As we get to the end of the autumn term, there are a number of key actions that academies need to undertake - a summary of these can be found in our Business Planner.  To help business managers we provide below the key points that need action over the next two months. Peter Launer, Chief Executive of the EFA, wrote to all accounting officers on 7th July stating the importance of ensuring submissions are made on time.

Submission of Audited Accounts

Submission of audited accounts and management letter is due by 31 December. The process for submitting your accounts is the same as last year. For full details on how to do this click here, but you will need to:
  • Complete a short online form covering important information from your audited accounts
  • Upload your audited accounts and auditor’s management letter to EFA Information Exchange
The accounts must be approved by Trustees in accordance with Section 1.6 of the Academies Accounts Direction.

Submission of Academy Accounts Return

Submission of the Academy Accounts Return is due by 31 January. There is a new process this year with submission though an online form. However, to submit the return you must first register to gain access.  All accounting officers should have received information on how to do this. Use the following link if you have not received anything - Enquiry Service. This year's return also requires some additional information not requested in earlier returns and also some of the information is in a different format to that in the accounts. For example, staff numbers should be in FTE format rather than headcount. Detailed guidance is provided by the EFA, including a workbook to help you prepare for the submission.

Future Funding

We still await details on when the second phase of consultation on the National Funding Formula will be released. Some suggest that this will be before the Christmas break – so please keep your eye out for details. In the meantime, the EFA have published a new collection of short videos that explain the funding arrangements for 2017 to 2018. The videos highlight important information to help institutions understand revenue funding.

Apprenticeship Levy

A number of schools and academies have talked to us about the Apprenticeship Levy which comes into force in April 2017. We have published a Question and Answer Blog to help you, and will update this as more information comes to light. And Finally – from all of the Finance Team at School Business Services, a Merry Christmas - here’s hoping it’s a good one!