Academy News - September 2017

  • National funding formula 2017

    The Secretary of State for Education has set out the final design of the national funding formula (NFFs) for schools in a new policy paper.
  • Academies Financial Handbook 2017

    The 2017 edition of the handbook is effective from 1 September 2017 and provides greater clarity on the role of members and trustees, and increases the focus on improving financial efficiency.
  • Wall planner with key dates

    A summary of key dates that relate to ESFA activities for the 2017 to 2018 academic year in relation to academy funding, finance and trust compliance with their funding agreement is out now.
  • Accounting Officer Letter

    The annual letter from Peter Lauener, chief executive of Education and Skills Funding Agency (ESFA), to accounting officers of academy trusts setting out all academy sector financial returns has been sent and includes all the associated deadlines that ESFA requires from trusts through to the end of the summer term 2018.
  • Academies Accounts direction 2016-2017

    All academy trusts must use the Academies Accounts Direction 2016 to 2017 when preparing their financial statements for the period ending 31 August 2017.
  • Gender Pay Gap Reporting

    From 6 April 2017 all employers in Great Britain with more than 250 staff are required by law to publish four types of figures annually on their own website and on a government website.
  • New General Data Protection Regulation (GDPR)

    Guidance has been issued by the Information Commissioner's Office (ICO) which highlights 12 key steps that can be taken now to prepare for the GDPR from May 2018.
  • Financial due diligence for Multi Academy Trusts (MATs)

    Over the next few years about 1000 schools will be forced or encouraged to become Academies. Many of these will be sponsored by existing Multi Academy Trusts (MATs) or will themselves form a MAT. Forensic accounting partner Fiona Hotston Moore explains the key areas that financial due diligence should cover when considering forming or joining a MAT.
  • Fraud, financial irregularities and Academies

    Sadly Academies and MATs are not immune from fraud (whether by employees or external) and financial irregularities. Prevention is however better than cure. The Academy and MAT should consider regular unannounced external reviews of the financial controls, training and have a whistle blowing policy in place.
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