School Finance: Timetable of Key Dates & Diary of Duties

School Finance: Timetable of Key Dates & Diary of Duties

Timetable of Key Dates/Submittal of Financial Reports to the School Funding Team

Shown here are the main activities and key dates in any standard financial year for both funding and school budgeting & monitoring, including the deadline dates for the submittal of required documentation by schools to the School Funding Team.  A printable version of this is available here.  This has been updated in January 2014

 


Month

 

Key Activities

Reports Required from Schools

Reports to be Submitted by

April

  • Year End (School Close Down of Accounts)
  • Issue of April Advances Update and High Needs Funding Statement
  • Letter to HT & Chair of Governors detailing the surplus balance threshold for the financial year (IUB)

 

  • March VAT Submittal Form
  • Year End Returns (Bank reconciliation Return including Assets & Liabilities)
  • 10th April
  • Date TBC

May

  • Governor Approved Budget
  • DFE Termly Census
  • Issue of May Advances Update and High Needs Funding Statement

 

  • April VAT Submittal Form
  • Governor Approved 3 Year Budget (HCSS Users) including submission of IUB plans for approval
  • Governor Approved 1 Year Budget (non HCSS Users) including submission of IUB plans for approval
  • Cat A & LTFM Red Schools: April Bank Reconciliation Return
  • 10th May
  • 15th May
  • 15th May

 

  • 31st May

June

  • Completion of Year End CFR Report
  • Publication of each school’s Financial Classification for the next academic year
  • Issue of June Advances Update and High Needs Funding Statement
  • Bank Adjustments (advances)
  • Future Year Governor Approved Budgets

 

  • Final Year End CFR Report
  • May VAT Submittal Form
  • Cat A & LTFM Red Schools: May Bank Reconciliation Return
  • Years 2 & 3 Governor Approved Budget for non HCSS users
  • Date TBC
  • 10th June
  • 30th June

 

  • 30th June

July

  • 1st Quarter Monitoring
  • Publication of LA Financial Benchmarking Data for Schools
  • Issue of July Advances Update and High Needs Funding Statement

 

  • Quarter 1 Monitoring Report including submission of IUB plans for approval
  • Quarter 1 Bank Reconciliation Return
  • June VAT Submittal Form
  • 31st July
  • 31st July
  • 10th July

August

  • Publication of DFE Section 251 Outturn Statement
  • Publication of DFE national financial benchmarking data
  • Issue of August Advances Update

 

  • July VAT Submittal Form
  • Cat A & LTFM Red Schools: July Bank Reconciliation Return
  • 10th August
  • 31st August

 

September

  • Issue of September Advances Update and High Needs Funding Statement
  • Reminder letter to HT & Chair of Governors of surplus balance threshold for the financial year (IUB)

 

  • August VAT Submittal Form
  • Cat A & LTFM Red Schools: August Bank Reconciliation Return
  • 10th September
  • 30th September

October

  • 2nd Quarter Monitoring
  • DFE Termly Census
  • Issue of October Advances Update and High Needs Funding Statement

 

  • Quarter 2 Monitoring Report including submission of IUB plans for approval
  • Quarter 2 Bank Reconciliation Return
  • September VAT Submittal Form
  • 31st October
  • 31st October
  • 10th October

November

  • Issue of November Advances Update and High Needs Funding Statement

 

  • October VAT Submittal
  • Cat A, Bii & LTFM Red Schools: October Monitor
  • Cat A & LTFM Red Schools: October Bank Reconciliation Return
  • 10th November
  • 30th November

 

  • 30th November

 

December

 

  • Issue of December Advances Update and High Needs Funding Statement

 

 

  • November VAT Submittal
  • Cat A, Bii & LTFM Red Schools: November Monitor
  • Cat A & LTFM Red Schools: November Bank Reconciliation Return
  • Audit certificate (or copy of audited accounts) for all private, voluntary and/or School Company funds/accounts for previous financial or academic year
  • 10th December
  • 31st December

 

  • 31st December

 

  • 31st  December

January

  • 3rd Quarter Monitoring
  • DFE Annual Census
  • Collection of Data for formula funding
  • Issue of January Advances Update and High Needs Funding Statement

 

  • Quarter 3 Monitoring Report including submission of IUB plans for approval
  • Quarter 3 Bank Reconciliation Return
  • December VAT Submittal Form

 

  • 31st January
  • 31st January
  • 10th January

February

 

  • S251 Budget Statements (Primary/Secondary schools) issued
  • 1st Draft Indicative Early Years Budget
  • Provisional 6th Form allocations from the EFA
  • HCSS software available
  • Preparation for Year End closedown
  • Issue of  February Advances Update and High Needs Funding Statement

 

  • January VAT Submittal Form
  • Cat A, Bii & LTFM Red Schools: January Monitor
  • Cat A & LTFM Red Schools: January Bank Reconciliation Return

 

 

  • 10th February
  • 28th February

 

  • 28th February

 

 

March

  • Annual Submission (to BMDC Audit) of the SFVS (School Financial Value Standard)
  • Issue of High Needs budget statements for High Needs Providers (Special Schools)
  • Confirmed indicative Early Years Budget
  • Issue of  March Advances Update and High Needs Funding Statement
  • Intended Use of Balances

 

  • February VAT Submittal Form
  • Cat A, Bii & LTFM Red Schools: February Monitor
  • Cat A & LTFM Red Schools: February Bank Reconciliation Return
  • SFVS
  • Submittal of IUB Information

 

  • 10th March
  • 31st March

 

  • 31st March

 

  • 31st March
  • 31st March

 

 

 

How to submit reports to the School Funding Team

Governor Approved Budget

Submit the Form via email ensuring the authorisation tick box and names have been completed.

Budget Monitor Forms

Submit the Form via email ensuring the Authorisation Sheet tick box and names have been completed. You should also send the CFR report used to populate the monitor.  The CFR report can be scanned and included in the return. Alternatively it can be faxed or posted to the School Funding Team.

Bank Reconciliation Returns/Year End Bank Reconciliation Return

Submit the Form via email, ensuring the Authorisation Sheet tick box and names have been completed. A copy of Bank Statement and unreconciled transaction list is required and can be scanned and included in the return.  Alternatively, they can be sent by post or fax to the School Funding Team.

VAT Submittal

Can be submitted via post, fax (01274 435054) or scanned and emailed to School Funding Team. The form must be signed by the originator plus an authorised signatory and dated.

CFR Return

Submit via the COLLECT website and send a copy of the Final CFR Report via post, fax or scanned and sent via email. This copy must be signed by the Head Teacher.

Email: School Funding Team             Fax: 01274 435054

Finance Manager: Diary of Key Activities & Duties (incorporating suggested good practice)

A printable version of this is avalable here

How Often?

 

Task

Weekly

  • Ensure all orders on the school’s Finance System are authorised, printed, signed, copied and sent.
  • Ensure all due invoices on the school’s Finance System are entered and authorised.
  • Ensure all cheques for authorised invoices are processed, printed, signed and sent.
  • Ensure all petty cash receipts are entered on the school’s Finance System. 
  • Check the Latest News & Updates page on Bradford Schools Online for new information and releases.

 

Monthly

  • On the first working day of the month, print off the VAT Submittal Form for the previous month and send to School Funding Team (SFT) by the 10th.
  • On the first working day of each month, print off all the reports required to complete your bank reconciliation return (Full Budget Share and Pilot Scheme Schools)
  • Check the SAP reports sent to school and enter information onto Finance System in preparation for month/quarter end.
  • Discuss the budget position with the Headteacher with a view to regular reporting of the financial position of the school to the Governing Body Finance Committee
  • Download and check the monthly Advances Update and High Needs Funding Statement. Update the funding on the finance system if additional funds have been released.

 

If Monthly Monitoring is required:

  • Ensure the Budget Monitor Forms are completed for October, November, January & February.
  • Ensure that the monthly monitor is discussed by the Finance Committee before it is submitted
  • Ensure the Bank Reconciliation Return for the previous month is completed and sent to SFT. This return must balance.
  • Post Petty Cash on Finance System in preparation for Month End (Petty Cash can also be posted daily/weekly if desired)
  • Issue a cost centre budget report to budget holders within the school

 

Quarterly

  • Complete the Budget Monitor for the previous quarter
  • Review the school’s position vs. the 6% or £60k / 4% surplus balances threshold (IUB) and discuss with the Headteacher & Governing Body. Include any IUB plans for spending any excess surplus balance in the budget monitor for approval by SFT.
  • Ensure the Budget Monitor is discussed and approved by the full Governing Body before it is submitted to the SFT
  • Review forecasts of pupil numbers
  • Complete the Bank Reconciliation Return for the previous quarter. This return must balance.
  • Download the latest Light Touch Financial Monitoring Scorecard. Report the position to Governors.
  • Ensure that any Revenue Contribution to Capital Outlay is reported correctly on your monitoring report and that a journal request has been made by the school to the SFT if the transaction is not included in your bank reconciliation return.

 

Termly

  • Ensure the DFE Census is completed as accurately as possible
  • Refer to DFE’s Efficiency and Value For Money resources website for changes and developments in guidance on best value and CFR (in re-negotiating contracts etc)
  • Review the minutes of the meetings of the Schools Forum & its subgroups (on formula funding and the allocation of funding to schools)
  • Review the training needs in finance of new school governors (access to courses run by Governor Services and School Funding Team)

 

Annually

  • Undertake a SIMS system check and ‘tidy up’ in preparation for year end (January – February)
  • Archive documents (following year end; according to the retention of documents protocol)
  • Ensure the Year End Returns – including the bank reconciliation forms, assets, liabilities etc are completed and submitted to School Funding Team by the due date (see BSO for information)
  • Download the Section 251 Budget Statements for your school & check the basis on which these have been calculated (February – March)
  • Produce a Budget for the upcoming new financial year and ensure it is approved by the Governing Body and submitted to School Funding Team by 15th May.
  • Produce a forecasted budget for the next 2 financial years, which is approved by the Governing Body & submitted to the SFT as required (30th June )
  • Review and discuss with the Headteacher any existing budget forecasts, cross referenced to the School Development Plan. Incorporate more up to date information on pupil number changes.
  • Submit the Final CFR Report to COLLECT by the due date (see BSO for information)
  • Review the latest Financial Classification document for your school (published in June)
  • Ensure the Governing Body reviews the virement powers given to the Headteacher (before the start of the next financial year)
  • Review & agree the school’s financial procedures & finance manual, especially the delegation of income to budget holders, taking account of any audit judgements and the SFVS Standard (before the start of the next financial year)
  • Review the Governing Body’s Register of Interests
  • Consider & Agree the School’s Best Value Statement
  • Review and incorporate changes to the Guide to Financial Procedures, the Scheme for Financing Schools, LFTM and other SFT protocols. Ensure the Governing Body and Headteacher are made aware of these
  • Ensure the Service Level Agreement with the peripatetic bursar (where applicable) is reviewed, especially to incorporate any new required activities (before the start of the next financial year or on contract review)
  • Audit of School Fund (and submit notification to the School Funding Team)
  • Analyse the financial benchmarking data produced by the Local Authority (in July)
  • Review the full Section 251 Budget Statement published by the Local Authority (in February)
  • Review the full Section 251 Outturn Statement published by the Local Authority (in September)
  • Discuss with the Headteacher and Governing Body the annual consultation with schools on changes to formula funding & submit a response (autumn term)
  • Ensure your list of bank account signatories is current
  • Review the software options the school uses for budgeting and monitoring (HCSS etc; before the start of the financial year)
  • Consider becoming a ‘full budget share’ school (autumn term), discuss with Governing Body and submit written request to School Funding Team by 31st December.

 

For further advice and information, please contact the School Funding Team

 


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