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 August 2017.

 

Month

Key Activities

Reports required from Schools

Reports to be Submitted by

April

 

March VAT Submittal Form

10th April

 

Year End (School Close Down of Accounts)

Year End Returns (Bank reconciliation Return including Assets & Liabilities)

Date TBC

 

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)

 

 

May

 

April VAT Submittal Form

10th May

 

Governor Approved Budget

Governor Approved 3 Year Budget (HCSS Users) including submission of IUB plans for approval

15th May

 

 

Governor Approved 1 Year Budget (non HCSS Users) including submission of IUB plans for approval

15th May

 

 

Cat A & LTFM Red Schools: April Bank Reconciliation Return

31st May

 

DFE Termly Census

 

 

 

Issue of May Advances Update and High Needs Funding Statement

 

 

June

 

May VAT Submittal Form

10th June

 

Completion of Year End CFR Report

Final Year End CFR Report

Date TBC

 

Publication of each school’s Financial Classification for the next academic year

Cat A & LTFM Red Schools: May Bank Reconciliation Return

30th June

 

Future Year Governor Approved Budgets

Years 2 & 3 Governor Approved Budget for non HCSS users

30th June

 

Issue of June Advances Update and High Needs Funding Statement

 

 

 

Bank Adjustments (advances)

 

 

July

 

June VAT Submittal Form

10th July

 

 

Quarter 1 Bank Reconciliation Return

31st July

 

1st Quarter Monitoring

Quarter 1 Monitoring Report including submission of IUB plans for approval

31st July

 

Publication of LA Financial Benchmarking Data for Schools

 

 

 

Issue of July Advances Update and High Needs Funding Statement

 

 

August

 

July VAT Submittal Form

10th August

 

 

Cat A & LTFM Red Schools: July Bank Reconciliation Return

31st August

 

 

Publication of DFE Section 251 Outturn Statement

 

 

 

Publication of DFE national financial benchmarking data

 

 

 

Issue of August Advances Update

 

 

September

 

August VAT Submittal Form

10th September

 

 

Cat A & LTFM Red Schools: August Bank Reconciliation Return

30th 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)

 

 

October

 

September VAT Submittal Form

10th October

 

 

Quarter 2 Bank Reconciliation Return

31st October

 

2nd Quarter Monitoring

Quarter 2 Monitoring Report including submission of IUB plans for approval

31st October

 

DFE Termly Census

 

 

 

Issue of October Advances Update and High Needs Funding Statement

 

 

November

 

October VAT Submittal

10th November

 

 

Cat A & LTFM Red Schools: October Bank Reconciliation Return

30th November

 

 

Cat A, Bii & LTFM Red Schools: October Monitor

30th November

 

Issue of November Advances Update and High Needs Funding Statement

 

 

December

 

November VAT Submittal

10th December

 

 

Cat A & LTFM Red Schools: November Bank Reconciliation Return

31st December

 

 

Cat A, Bii & LTFM Red Schools: November Monitor

31st December

 

 

Audit certificate (or copy of audited accounts) for all private, voluntary and/or School Company funds/accounts for previous financial or academic year

31st December

 

Issue of December Advances Update and High Needs Funding Statement

 

 

January

 

December VAT Submittal Form

10th January

 

 

Quarter 3 Bank Reconciliation Return

31st January

 

3rd Quarter Monitoring

Quarter 3 Monitoring Report including submission of IUB plans for approval

31st January

 

DFE Annual Census

 

 

 

Collection of Data for formula funding

 

 

 

Issue of January Advances Update and High Needs Funding Statement

 

 

February

 

 

January VAT Submittal Form

10th February

 

 

Cat A & LTFM Red Schools: January Bank Reconciliation Return

28th February

 

 

Cat A, Bii & LTFM Red Schools: January Monitor

28th February

 

S251 Budget Statements (Primary/Secondary schools) issued

 

 

 

1st Draft Indicative Early Years Budget

 

 

 

Draft Indicative Early Years Budget

 

 

 

HCSS software available

 

 

 

Preparation for Year End closedown

 

 

 

Issue of  February Advances Update and High Needs Funding Statement

 

 

March

 

February VAT Submittal Form

10th March

 

 

Cat A & LTFM Red Schools: February Bank Reconciliation Return

31st March

 

 

Cat A, Bii & LTFM Red Schools: February Monitor

31st March

 

Intended Use of Balances

Submittal of IUB Information

31st March

 

Annual Submission (via SFT for CBMDC Audit) of the SFVS (School Financial Value Standard)

SFVS

31st March

 

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

 

 

 

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, or sent with, the return. If scanning and sending is not possible, the CFR 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, or sent with, the return.  If scanning and sending is not possible, they can be sent by post or fax to the School Funding Team.

VAT Submittal

Submittals should be scanned and emailed to School Funding Team. The form must be signed by the originator plus an authorised signatory and dated.  If scanning and sending the VAT submittal is not possible, it can be sent by post or fax to the School Funding Team.

CFR Return

Submit via the COLLECT website and send a scanned copy of the signed Final CFR Report via email to the School Funding Team.  If scanning and sending is not possible, it can be sent by post or fax to the School Funding Team.The copy of the Final CFR Report 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.
  • 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 

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 via Governor Services).

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 15 May.
  • Produce a forecasted budget for the next 2 financial years, which is approved by the Governing Body & submitted to the SFT with the annual budget or no later than 30 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
  • 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 Voluntary and School Funds and submit to the School Funding Team by 31 December
  • 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 31 December.

 

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

 


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