Academic Year End – Finance Tasks

Are You up to Date with Your Finance Tasks?

Before you break for the summer holidays, are all your finance tasks complete?

If you have non-pupil days for the last couple of days of term, use the time effectively; it is a good opportunity to have a financial tidy-up, not just tackling all that filing you haven’t had time to do, but also looking at the finance system and the budget changes too.

Suggested Finance Tasks To Do

  1. Make sure your claim for additional funding is submitted by the deadline of 21st July
  2. Update your trading accounts to reflect the trading days lost due to Covid-19
  3. Update your budget due to the increase in UIFSM to £2.34 per meal announced 15th July
  4. Reconcile your control accounts – especially VAT
  5. Clear off orders no longer required
  6. Schools – update your 20/21 budget to include changes in your trading accounts and other changes due to Covid-19
  7. Schools – use your 19/20 year end information to populate the SFVS Dashboard ready for governor discussion in the Autumn term.

Long Term Effects of Covid-19 on Finances

For academies, the loss of trading days this term will affect your 19/20 year-end, which will, in turn, have a knock-on effect on your forward financial plan; although you are not required to submit the 2-year forecast on your BFR in September, you should still be presenting the information to your trustees.

For schools, the effect will show in your current 20/21 budget and the resulting changes must be presented to your governing body, along with an updated forward plan showing the forecast effect for year-end.

In both cases, this will enable the governors/trustees to make informed decisions.