What’s been happening this week at Schools Financial Services

Assurance and Reporting – New academy trusts intending to defer or submit dormant annual accounts and new academy trusts, including free schools, studio schools and UTCs, incorporated on or before 28 February 2015 must prepare their first annual accounts from the date of incorporation up to 31 August 2015. This may also include academy trusts that have not yet opened. Trusts incorporated on or after 1 March 2015 may defer preparation of their first accounts to 31 August 2016. Trusts should discuss this with their auditors or professional advisors in the first instance.

If there are plans to defer, or submit dormant accounts, the academy must let the EFA know by completing the EFA enquiry form by 30 September 2015. You can find further information on page 6 and in sections 1.4 and 1.5 of the Academies Accounts Direction 2014 to 2015. A series of 5 training videos has been launched to help academy trusts complete their accounts return accurately. Full guidance on completing and submitting the return is available.

Academy trusts that prepared 31 August 2015 accounts are required to submit their accounts return by 31 January 2016. Funding and Payments – The EFA have updated the Condition Improvement Fund page on GOV.UK with information outlining the application process for 2016 to 2017 and a timeline of activities.

The EFA have published a suite of documents outlining arrangements for high needs funding in 2016 to 2017. This includes the operational guide, which provides a summary of critical dates and deadlines, and what you need to do for 2016 to 2017. All academies, free schools, studio schools and UTCs can claim funding to pay for their national non-domestic rates (NNDR). If any academies haven't claimed for financial year 2015 to 2016, they should complete the online form on GOV.UK. EFA records show that many academies have not claimed yet. The form will be available up to the end of December 2015. The EFA will not process any claims submitted after this date. This does not affect claims following retrospective building revaluation.

BPS Update – BPS has been upgraded to more accurately calculate National Insurance for staff with more than one job role. In a few schools this may have an impact on any copies you make of your submitted budget for monitoring purposes. It does not change the budget submitted to the Local Authority. Please see BPS Help and User Guidance for further information if this affects your school.

Contact Details

Name: Schools Financial Services 
Telephone: 03000 415415
Email: schoolsfinancialservices@kent.gov.uk