Bedford Borough Council by gabyion

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									          Schools’ Termly Finance

            26th February 2009
          Bedford Borough Schools

                  Rufus Centre

Bedford Borough
• Introductions                        9.15
• Unitary                              9.20
• FMSiS - Roger Willoughby            10.10
• Year End Timetable
• 2009-2010 Budget                    10.30
• General Issues and Dates of Next
• Coffee Break                        10.45
• Short Year-end Workshop         11-11.30am
    Bedford Borough
• Children’s Finance Team

• Bursary Service – Shared Service

• Finance

 Bedford Borough
                     Executive Director for Finance & Corporate Services
                                  & Deputy Chief executive
                                       Philip Simpkins

                                Assistant Director
                                Annabel Scholes

                     Head of Financial Management & Planning
                                  Andy Watkins

  Group Accountant
                                                                 Group Accountant
    Children’s        Group Accountant     Group Accountant
                                                                   Corporate &
     Pat Jones             Adults               E&SC
                                                                 Central Services

Bedford Borough
                                Group Accountant
                                   Pat Jones

Management Accountant             Finance Advisor                    Accountant
 Funding & Technical                  Schools                        Children’s
  Gerald Santaniello                 Anne Day
                                   Andrea Niblet
       Accountant                                                  Finance Advisor
        Schools                    Trainee Finance                      (x2)
       Anita Patel                     Advisor
                                    Emma Callow
 • School Budgets        • Link to Local Authority               • Directorate Support

 • Formula Capital       • Custodian of Financial Regime         • Budget Planning

 • Standards Fund        • Financial cycle support               • Budget Monitoring

 • Section 52            • Maintain accounting integrity         • Final Accounts

 • Statistical Returns   • Specific support – Licensed Deficit   • Revenue & Capital

  Bedford Borough
•   Financial Framework – Andy Watkins
•   Accounting Arrangements – Annabel Scholes
•   Exchequer & Payroll – Peter Smith
•   Insurance – Peter Smith
•   Banking Arrangements – Sarah Pumffrey (NatWest)

•   Human Resources – Mark Johnson

    Bedford Borough
             Finance Seminar
               Internal Audit

                  February 2009

Bedford Borough
                   Contact Details

                  Roger Willoughby
                Audit Manager- Education
               FMSiS Accredited Assessor
                       01234 228776
Bedford Borough
             FMSiS Assessment Process

Where are you at?
A) Assessed and Passed
B) Assessment in progress
C) Still working towards the Standard
D) Looking forward to reassessment (!)
Bedford Borough
                  Assessed and Passed

– Have a party to celebrate
– Contact your assessor to arrange for return of
  your evidence files
– Address any recommendations
– Annual G4 return to Schools Finance
Bedford Borough
                  Assessment in Progress

• Thank you for your patience!!
• Keep collecting evidence
• This will be taken into consideration by the
  assessor subject to timescales

Bedford Borough
          Still working towards the Standard

•   Stay in touch
•   Keep gathering evidence
•   Use
•   Use Schools Finance website
•   Use your Schools Financial Advisor
•   If desperate, phone me
Bedford Borough
          Looking forward to reassessment!

• 2009-10 Reassessment of 2006-07 schools-
  Uppers and one Middle
• Plus remainder of schools not yet met the
  Standard- either first time or reassessments

Bedford Borough
          Unitary Issues- Post 1st April 2009

Will I still be assessed
Who will do my assessment
Who should I contact for advice

Bedford Borough
                    Odds and Sods
• Teachers Pensions                • Statement of Internal
   LA requests for verification     Control (SIC)
     of data                           Key assurance statement

   Essential to get County            Sign off annually

     information up to date            Supported by pre-

   Essential that schools              certification checklist

     review thoroughly and             Copy submitted to Schools
     return                             Financial Advisor

  Bedford Borough
                 Year – End 2008-09
Year end letter to schools with timetable will be available on the School
    web site week commencing 2nd March
All forms available on website – paper copies will not be sent to schools
Key Dates
• 20th March 12 noon deadline for receipt of invoices including
    imprest claims in Exchequer Services
• 10th April Fully Funded (if possible now 75 Schools) Year End
    Accounts to be received in Schools Finance
• 20th April Latest date for receipt of Fully Funded returns
• Income deadlines :
        •    24th March Securicor (must fax full details to cashiers)
        •    25th March Cashiers (SAP down from 26th – 30th)
        •    25th March Banked into any bank apart from Nat West
        •    31st March Banked into Nat West (must fax full details to cashiers by noon)
• April 15th Accruals to SFA
• Send in Nil returns – will not be chased
• Direct Revenue Financing (DRF)
   Bedford Borough
            Year – End 2008-2009
• No Herts invoices or Supply (teachers)/Overtime
  (non teachers) accruals will be processed by LA–
  Schools to do their own (as last year)
• Workshop after Seminar going into more detail
• Updated software will be despatched later this week
  FPS.Advance - Excel version 1st week March
• Earmarked Funds Form with Preliminary CFR – 5th
• Final CFR 12th June
• Declaration of Grant Income and VAT declaration
  with CFR
  Bedford Borough
              Year End 2008-2009
•     Inventories – no need to submit for 2008-2009
      however still requirement to complete.
•     Electronic version on website to download
•     DRF
          - can only be used where formula capital
      allocations for that financial year have been
      fully utilised. Must use formula capital funding
      first. Exception would be where we have
      allowed c/fwd on basis its for a specific project.
         - cannot be done if it puts the revenue
      budget into deficit position.
    Bedford Borough
              Budget 2009-2010
• Formula allocations for 2009-2010 will be
  sent week ending 13th March.
• Indicative Formula allocations for 2010-11
  will be sent out by 31st March (aim for
• Actual SSG and SSG(P) allocations for
  2009-10 and indicatives for 2010-11 will
  also be included in budget pack

  Bedford Borough
              Budget 2009-2010
• Schools will be sent a two year budget
  plan which they will need to complete and
  return with back up to their SFA by 31st
• Send back-up of salaries and Best Value
  Statement with budget plan
• Fully Funded Schools have details of their
  returns in Scheme
  Bedford Borough
Dates of Next Finance Seminar

        19th Central Bedfordshire
     20th May 2009 Bedford Borough

             Rufus Centre, Flitwick

Bedford Borough
          Year End Workshop

Bedford Borough
           Year End Workshop
• Forms to be completed
• Accruals – General
• Earmarked Funds
• Direct Revenue Financing
• Imprest Declaration
• Devolved Formula Capital Return
 Bedford Borough
          Forms to be Completed
•    Timetable will be made available on the school website
•    Blank templates will be available for year end on the
     schools website
•    ALL forms to be completed by central schools. Fully
     Funded schools have separate arrangements covered
     by the scheme for FF Schools. If nothing to declare
     then MUST be marked “Nil Return”
    –    Accruals
    –    Earmarked Funds Form (accompanied by back up/ exempt
         income declaration and grant information)
    –    DRF Declaration
    –    Imprest Declaration
•    ALL forms to be returned to your School Financial
     Advisor by the 15th April 2009 as specified on the Year
     End timetable
    Bedford Borough
               Accruals - General
• Value must be rounded to the nearest £1
• Back up must be provided
• Signed by Headteacher
• Group accruals by GL code – one GL code per
  worksheet if manageable
• SUGGEST none under £1000
• Above £1,000 per any one item MUST be
• No expenditure on income GL codes or income
  on expenditure GL codes
    Bedford Borough
           Payments in Advance
• Orange Form
• Payment made for goods and
  services in 2008/2009 which are
  to be received after 31st March
• Back up with copy of invoice
• Expenditure G/L to be used
 Bedford Borough
• Blue Form
• Invoices not paid for goods and
  services received before 31st March
• Back up with copy of delivery note or
  invoice. Copy orders will not be
• Expenditure G/L only to be used
 Bedford Borough
           Receipts in Advance
• Pink Form
• Income received in 2008/2009 for
  goods and services to be provided
  after 31st March 2009
• Back up with paying in slip/copy bank
  statement and document confirming
  that the goods and services will be
  provided in 2009/2010.
 Bedford Borough
• Green Form
• Income which has not been received
  for goods and services provided
  before 31st March 2009
• Back up with invoice sent to Debtor or
  other documentation that states the
  income relates to 2008/2009.

 Bedford Borough
              Earmarked Funds
• Pro forma to be sent to schools (included
  updated scheme and available on the website)
• Balances to be split:
  –   B01 Committed Revenue Balance
  –   B02 Uncommitted Revenue Balance
  –   B03 Devolved Formula Capital
  –   B04 Other Standards Fund Capital
  –   B05 Other Capital Balances
  –   B06 Community Focused Extended Schools

  Bedford Borough
             Earmarked Funds
• B01 Committed Revenue Balance
  – Unspent revenue grant and balances held for
    capital projects where written contracts have
    been entered into
  – Supporting evidence must be submitted for
    the LA to authorise such earmarking, schools
    must maintain and present accounting
    records in support of such expenditure
  – Headteacher/Senior Teachers Consultancy
 Bedford Borough
               Surplus Balances
• B02 Uncommitted Revenue Balance
  – Any revenue balance not in above category
  – Relevant evidence must support balance held
    and be in written form when above the 5% or
    8% Threshold e.g.
      •    Finance Governor minutes
      •    3 Year plans
      •    Projected pupil numbers
      •    Correspondence with contractors
 Bedford Borough
             Earmarked Funds
• B03 Devolved Formula Capital
  – Any unspent Formula Capital.
• B04 Other Standards Fund Capital
  – Standards Fund ICT Capital Balance
  – Any balance B/fwd from 07/08 should have
    been spent by 31st August 2008. Therefore
    any B04 Capital balance should be no more
    than the 08/09 allocation of e-learning credits.

 Bedford Borough
             Earmarked Funds
• B05 Other Capital Balances
  – This could be travel plan money not yet spent
    or any other Capital Grant which is NOT
    Formula Capital or E-Learning Credits
• B06 Community Focused Extended
  – This is calculated by taking your opening B06
    balance plus CFR codes I16+I17 less CFR
    codes E31+E32.
 Bedford Borough
  Direct Revenue Financing (DRF)
• To be actioned when a capital project is overspent
• VA Schools paying over their 10%’s into their Capital
• Journal to transfer revenue to capital only done at year
• ICT Capital, Formula Capital and Other Capital projects
  need to be assessed separately to determine whether a
  DRF journal is needed.
• DRF cannot be actioned for Formula Capital Expenditure
  if a school has a Formula Capital balance at year end or
  puts the school into revenue deficit (Exception - school
  forum agreement under B01 in the previous financial
• A DRF form must be filled in by all schools
  Bedford Borough
            Imprest Declaration
• Imprest accounts are used by Central
  schools only
• The declaration must state the total
  amount advanced to school as at 31st
  March 2009
• Fully Funded schools must return the
  signed form but should mark it “Nil Return”

  Bedford Borough
            School Fund Audits
• Audited accounts must be sent to your
  SFA by 15th April 2009.
• Most are academic year rather than
  financial year.
• Therefore accounts will be for Sept 2007
  to Sept 2008.

  Bedford Borough
              Fully Funded Schools
              Main Year End Returns
•   Final Year End Cashflow
•   Balance Sheet for the year ended
•   Income and Expenditure Statement for the year ended
•   Final Salary and Wages Return
•   Officers Emoluments Form
•   Schedule of Debtors and Creditors, Payments in
    Advance, Receipts in Advance including back up to
    Accruals, (i.e. copy invoices)
•   Equipment leasing Payments and Contributions
•   Disclosure Trust Funds
•   Self Employment Declaration
•   Earmarked Funds/ Declaration of Surplus Balances
    Bedford Borough
           Fully Funded Schools
          Main Year Endended
    Bank Reconciliation for the year
• Copy of final Bank Statement
• Final VAT Claim
• Petty Cash reconciliation
• CFR Return
• Trial Balance and Balances and Reserves Report (SIMS
  Schools only)
• Budget Vs Actual Vs Committed including accruals (RM
  Schools only)
• March Payroll Listing
• Latest Certificate Annual Audit of Voluntary/Private
  Funds and Trading Activities
    Bedford Borough

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