School Finance: Timetable of Key Dates & Diary of Duties

Month

Key Activities

Reports required from Schools

Reports to be Submitted by

April

March VAT Submittal Form

10^th 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

May

April VAT Submittal Form

10^th May

Governor Approved Budget

Governor Approved 3 Year Budget including submission of IUB plans for approval

15^th May

Governor Approved 1 Year Budget (non Access Group software users) including submission of IUB plans for approval

15^th May

Cat A & LTFM Red Schools: April Bank Reconciliation Return

31^st May

DfE Termly Census

Issue of May Advances Update and High Needs Funding Statement

June

May VAT Submittal Form

10^th 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

30^th June

Future Year Governor Approved Budgets

Years 2 & 3 Governor Approved Budget for non Access Group users

30^th June

Issue of June Advances Update and High Needs Funding Statement

Bank Adjustments (advances)

July

June VAT Submittal Form

10^th July

Quarter 1 Bank Reconciliation Return

31^st July

1^st Quarter Monitoring

Quarter 1 Monitoring Report including submission of IUB plans for approval

31^st July

Publication of LA Financial Benchmarking Data for Schools

Issue of July Advances Update and High Needs Funding Statement

August

July VAT Submittal Form

10^th August

Cat A & LTFM Red Schools: July Bank Reconciliation Return

31^st 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

10^th September

Cat A & LTFM Red Schools: August Bank Reconciliation Return

30^th September

Issue of September Advances Update and High Needs Funding Statement

October

September VAT Submittal Form

10^th October

Quarter 2 Bank Reconciliation Return

31^st October

2^nd Quarter Monitoring

Quarter 2 Monitoring Report including submission of IUB plans for approval

31^st October

DfE Termly Census

Issue of October Advances Update and High Needs Funding Statement

November

October VAT Submittal

10^th November

Cat A & LTFM Red Schools: October Bank Reconciliation Return

30^th November

Cat A, Bii & LTFM Red Schools: October Monitor

30^th November

Issue of November Advances Update and High Needs Funding Statement

December

November VAT Submittal

10^th December

Cat A & LTFM Red Schools: November Bank Reconciliation Return

31^st December

Cat A, Bii & LTFM Red Schools: November Monitor

31^st December

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

31^st December

Issue of December Advances Update and High Needs Funding Statement

January

December VAT Submittal Form

10^th January

Quarter 3 Bank Reconciliation Return

31^st January

3^rd Quarter Monitoring

Quarter 3 Monitoring Report including submission of IUB plans for approval

31^st 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

10^th February

Cat A & LTFM Red Schools: January Bank Reconciliation Return

28^th February

Cat A, Bii & LTFM Red Schools: January Monitor

28^th February

S251 Budget Statements (Primary/Secondary schools) issued

1^st Draft Indicative Early Years Budget

Draft Indicative Early Years Budget

Access Group software available

Preparation for Year End closedown

Issue of  February Advances Update and High Needs Funding Statement

March

February VAT Submittal Form

10^th March

Cat A & LTFM Red Schools: February Bank Reconciliation Return

31^st March

Cat A, Bii & LTFM Red Schools: February Monitor

31^st March

Intended Use of Balances

Submittal of IUB Information

31^st March

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

SFVS

31^st 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 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, process the VAT Submittal for the previous month (close the VAT period) and send the VAT Submittal to School Funding Team (SFT) by email in CSV format by the 10^th.
• 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.
• 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.

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.

Quarterly

• Complete the Budget Monitor for the previous quarter.
• Review the school’s position vs. 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).
• Complete the Schools Financial Value Standard (SFVS).
• Review all contracts according to the school's register of contracts
• Review other relevant finance policies for example lettings
• 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 (Access Group 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.