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Academy Financial Training

Academy Financial Training. Kevin Shotton Clive Owen LLP. Agenda. Financial submissions Financial monitoring Year end financial statements Financial procedures Internal assurance reviews Related party transactions Tax Useful reading and resources. Financial Submissions.

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Academy Financial Training

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  1. Academy Financial Training Kevin ShottonClive Owen LLP

  2. Agenda • Financial submissions • Financial monitoring • Year end financial statements • Financial procedures • Internal assurance reviews • Related party transactions • Tax • Useful reading and resources

  3. Financial Submissions • Education & Skills Funding Agency (ESFA) • Year End financial statements • Academy Accounts Return (AAR) • Whole of Government Accounts (WGA) / Sector accounts • Budget outturn (19 May) / Budget forecast (By 31st July for following financial year) • Other • Teachers Pension Scheme End of Year Certificate (EOYC) • Companies House Annual Return

  4. Financial monitoring • Income and expenditure account • Accruals basis • Performance against budget • Unusual expenditure • Surplus / deficit • Balance sheet • Cash at bank / net current assets • Overall net asset position • Future available reserves • Direction of travel versus academy reserves policy • Cash flow

  5. Format of Year End Financial Statements • Model financial statements include: • Trustees’ Report • Governance statement • Statement of regularity, propriety and compliance • Statement of trustees’ responsibilities • Independent auditor’s report of the financial statements • Independent reporting accountant’s report on regularity • Financial information • Statement of financial activities • Balance sheet • Cashflow statement • Notes

  6. Financial Procedures • Financial Procedures Manual • Scheme of delegation/Limits • Reserves policy / risk register • Policies – Fixed Assets/Anti-fraud/Risk Assessment/Whistle Blowing • Register of Interests

  7. Internal assurance • Up to the Academy to identify risks and agree a programme of work to address • Internal assurance work should be undertaken on a termly basis • Areas to look out for: • Action areas highlighted red • Action points not cleared by the time of subsequent visits

  8. Related party transactions • Register of interest must be maintained. • Including family interests • Must be included on the academy website. • No pro-forma at present • Any transactions with related party must be at cost. • Deminimus of £2,500 • ESFA templates in place to evidence this.

  9. Tax • VAT (VAT Registration v S126 notice) • Gift Aid • Corporation tax (use of trading subsidary) • PAYE/NI • P11D’s

  10. Useful reading/resources • Charity commission guidance • CC3 The Essential Trustee: What you need to know • CC8 Internal Financial Controls for Charities • ESFA • Academy Financial Handbook • ESFA bulletins • Website

  11. Any Questions?

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