April is a busy period in all schools.
- For those in the maintained sector it is the start of a new financial year - with the EFA announcing changes to CFR.
- All academies are required to provide staff information to their pension scheme administrators.
- While, new and expanding academies are likely to have to complete a March Accounts Return for the EFA.
This weeks blog is therefore a quick update on recent news.
Also announced is the audit opinion of the DfE's accounts.
Consistent Financial Reporting 2016-17
The consistent financial reporting (CFR) framework provides a standard template for schools to collect information about their income and expenditure by financial years, which maintained schools provide to their local authorities in a financial statement each year. The EFA recently published a revised framework for 2016 – 2017.
Click here for details.
Academies – March Accounts Return
EFA requires academy trusts to submit a March 2016 accounts return by 31 May 2016 if:
- They did not prepare audited financial statements as at 31 August 2015 and had open academies at 31 March 2016
- They did prepare audited financial statements at 31 August 2015 and they opened new academies between then and 31 March 2016
Click here for further details.
The EFA webinar, to be held on 26 April, will be available for those that may have missed out on the
EFA Training Website.
If you require any help in completing the return, please contact the SBS Service Desk on
0345 222 1551 • Option 2.
Reminder – EFA Bulletins
Both academies and local authority maintained schools can get the latest information from the EFA by signing up to their bulletin – published weekly in term time.
https://www.gov.uk/government/collections/efa-e-bulletin
Pension Schemes
As the employer, Academy Trusts are responsible for ensuring year end returns are submitted to staff pension scheme administrators.
All Local Government Pensions Schemes will requires details of staff within the scheme during the financial year 2015 – 2016. The deadline for submitting this information does vary – so please check with your scheme administrator if you are unsure.
The Teachers Pension Scheme require two documents from academies
- End of Year Certificate – to be returned by 31 May 2016
- Annual Service Return - to be returned by 6 July 2016
TPS have provide a short guide to help you prepare for the returns (
click here for details), and will be issuing documentation before the end of April.
Pay Rise For Support Staff Stalled
Pay negotiations for local government staff have stalled, despite one of the trade unions voting to accept the offer on the table.GMB members have voted to accept a 1% pay increase in April and a further 1% next year, after union leaders told them they did not think it would be improved.However, members of the two other local government trade unions – Unison and Unite – have both rejected the ‘final’ pay offer from council employers.
For more on this story click here.
DfE Gets Adverse Audit Opinion
An audit of the Department for Educations group financial statements for 2014-15 by the National Audit Office, concluded they did not provide the required accountability to parliament.
The DfE has a different reporting period (a year end of 31 March) from academy schools, whose accounts have a 31 August year end to align with the end of the school year. This presents the DfE with a significant challenge in preparing financial statements that provide a true and fair view of the financial position at the end of that period.
The DfE group financial statements have to consolidate accounts from academy trusts alongside those of the department itself and its agencies. In 2014-15, this included 2,824 academy trusts that operated 4,900 academies. The approach taken by the DfE is to prepare the group financial statements using academy trusts’ financial statements to the end of August and then making adjustments using centrally collated information where necessary.
The report by auditor general Amyas Morse qualified his regularity opinion because the DfE had exceeded three expenditure limits set by parliament.
Morse stated that “Providing parliament with a clear view of academy trusts’ spending is a vital part of the Department for Education’s work – yet it is failing to do this.” He added, “I have today provided an adverse opinion on the truth and fairness of its financial statements. The department will have to work hard in the coming months, if it is to present parliament with a better picture of academy trusts’ spending through the planned new sector account in 2017.”
There are a number of reports on the audit -
clear here for a report from the body representing Chartered Accountants.
