New Forest

23/01/2025

Academy Newswire

Here’s some information from the recent updates in case you haven’t had the chance to read them.

Reporting

Academies accounts return 2023 to 2024 online form now open (06.11.2024)

The academies accounts return can only be submitted by an external auditor approver. Please check that the external auditor details are correct as soon as possible. This is to ensure they have access to the return and avoid delays in submitting. For more information, see the ESFA’s guidance.

If you intend to use automation to complete your academies accounts return, please check your financial management system provider’s automation status. If you have difficulties accessing the accounts return form, please contact the DfE Sign-in (DSI) help assistant.

If you don’t have a DSI account, you’ll need to register and create a DSI account to access the academies accounts return.

Information

The new financial benchmarking and insights tool is live (06.11.2024)

The new financial benchmarking and insights tool (FBIT) is now live.

FBIT can be used by anyone working in a role relating to school resource management to:

  • benchmark a school’s spending against other similar schools
  • identify areas for improvement and share best practice with other schools
  • produce a workforce development plan via our curriculum and financial planning tool
  • easily access commercial resources, guidance and frameworks provided by the DfE
  • build a report to share analysis with governors, trustees and senior leadership

The service has also been launched with 3 years of historic data, so academies will be able to see their accounts return data from 2022 to 2023 until data for 2023 to 2024 is submitted in the new year.

For an introduction Webinar to the financial benchmarking and insights tool, there are various dates and times throughout November and early December: Register on Eventbrite.

International fraud awareness week 2024 (13.11.2024) 

International fraud awareness week was 17 to 23 November and encouraged business leaders and employees to proactively take steps to minimise the impact of fraud by promoting anti-fraud awareness and education. More information can be found on the official international fraud awareness website.

Information on how to report fraud to the Education and Skills Funding Agency (ESFA) can be found on report fraud or financial irregularity to ESFA.

Updated good practice guide for academy trust reserves (06.11.2024)

The good practice guide for managing trust reserves was updated in October 2024. This guidance recognises the update to the 2024 academy trust handbook section 2.8, stating trust reserve policies must include a clear plan for managing reserves. The ESFA have also made a number of edits to the structure and layout of this guidance document to ensure it is fully accessible.

Training

Upcoming events to add to your diary

Academy Schools Forum – February 2025 – Sign up here

Funding

School-Based Nursery Capital Grant Update (20.11.2024) 

The School-Based Nurseries Capital Grant 2024 to 2025 guidance has been updated to address frequently asked questions, including: eligibility criteria role of local authorities cost considerations application process The Department for Education (DfE) has also produced general guidance on Establishing school-based nursery provision.

Recordings

VAT for academies – Possible problem areas 

Senior Tax Manager Alan Rolfe runs through some possible problem areas we have encountered when dealing with VAT for Multi Academy Trusts.

Please click here to view the recording.

 

Regards

Michaela, Gary, James and Matt

PS if you don’t already receive the ESFA updates direct from the ESFA, you can subscribe here.

We specialise in advising business managers and bursars on the accounting, VAT and audit requirements for an Academy. 

If we don’t already act for your school or if you would like to attend our next Academy Forum (free of charge), speak to Michaela Johns, our Academies expert on 023 8046 1256. 

You can also visit www.academyvat.co.uk for guidance on VAT rules for academy schools.

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