13 June 2019
By Nick Lockyer-Fincken

Schools Financial Services Newsletter - June 2019

Office Closure

The SFS office will be closed on 12th July for a team training day.

Any answer phone messages or e-mails will be replied to as soon as possible on the next working day. Apologies for any inconvenience.

PE Sports Funding

Some schools may be only including the PE Sports funding up to August 2020 in their budgets. As per the funding guidance, we are advising that this should be included in full for the 3 years of the budget plan.


There has been a recent example where the funding hasn't been included in the third year but a large proportion expenditure (which would be eligible for the funding) was included. This contributed to an overall deficit in the third year.

School Improvement and Brokering Grant

ESFA advised that in October 2019 they will allocate £30 million to local authorities for the school improvement monitoring and brokering grant for the period September 2019 to March 2020.

Further details will follow in due course.

New Academies Chart of Accounts

The Department for Education has introduced an academies chart of accounts for information please visit: 

https://www.gov.uk/government/news

The chart of accounts is a new standard for financial data to underpin the academies returns. Academy trusts that choose to adopt the standard may benefit from potential automated data transfer from their finance system to the ESFA.

Local Government Pension Scheme

On 8 May 2019, the Ministry of Housing, Communities and Local Government launched a consultation setting out policy proposals to amend the rules of the Local Government Pension Scheme (LGPS) in England and Wales.

Proposals in the consultation, around the valuation cycle and exit payments, may be of interest to academy trusts. You can submit your views by email to:

LGPensions@communities.gov.uk

The consultation closes on Wednesday 31 July 2019

In this Issue

  • PE Sports Funding
  • School improvement monitoring and brokering grant
  • New academies chart of accounts
  • LGPS
  • Healthcheck.

Hints & Tips

The School Workforce Census is a statutory return which takes place in November each year.

Guidance and support can be found via in the support area of the EiS website.

Benchmarking

The new 2019-20 Benchmarking report is now available for Kent schools to purchase which will show a comparison in numerical and graphical form against similar schools.

This is an excellent tool for governors and members of the leadership team.

An example report can be found via the following link:

Financial Benchmarking report

Useful procedure notes

  • To add Ledger Code ROVERDEF-01 (17)
  • To add Ledger Code (UNADEF-01)
  • Inputting the Budget on FMS (80)

Healthcheck

All Kent Schools who purchase a Core Financial Support Package should have received the Healthcheck Manual on 23 May via e-mail.


We advise that you do a Healthcheck before submitting your half year accounts and monitoring.

The deadline for your half year returns is 18 October 2019.

FIGS June 2019

For anyone who was unable to attend the June FIGS, all slides and presentations will be available on the TEP website from the 17th June via the following link:

https://www.theeducationpeople.org/blog/finance-information-groups-slides-june-2019/

Autumn Training

Training courses for the 2019 Autumn term are now available on CPD Online.