The Academy financial cycle
Dec
Nov
Jan
Oct
Feb
Sept
Mar
Aug
Apr
July
May
June
Academies Financial Cycle
Dec
Nov
Jan
Oct
Feb
Sept
Mar
Aug
Apr
July
May
June
Complete year end
and start preparing
company accounts
Submit Whole
Government
Accounts (WGA)
and Budget Forecast
by 28th September
Academies Financial Cycle
Dec
Nov
Jan
Oct
Feb
Sept
Mar
Aug
Apr
July
May
June
Late October/early
November external
auditors complete the
audit of 31st August
year end accounts
Annual schools census
determines pupil
numbers for next
budget
(Pupil Premium Grant
based on January
census)
Academies Financial Cycle
Dec
Nov
Jan
Oct
Feb
Sept
Mar
Aug
Apr
July
May
June
Receive audit
outcomes and
prepare final
changes before
Governing Body
approval
Academies Financial Cycle
Dec
Nov
Jan
Oct
Feb
Sept
Mar
Aug
Apr
July
May
June
Year end accounts
for 31st August
approved and
submitted
Accounts return to
EFA by 31st
December
Year end system
closed
Academies Financial Cycle
Dec
Nov
Jan
Oct
Feb
Sept
Mar
Aug
Apr
July
May
June
Education Funding
Agency (EFA)
announces formula
funding basis
Start preparing
Annual Budget
based on indicative
Academies Financial Cycle
Dec
Nov
Jan
Oct
Feb
Sept
Mar
Aug
Apr
July
May
June
Receive Final
Funding letter by
31st March
Prepare reports for
WGA as at 31st
March
Academies Financial Cycle
Dec
Nov
Jan
Oct
Feb
Sept
Mar
Aug
Apr
July
May
June
Prepare split year
accounts for the Whole
Government Accounts
(WGA)
5/12th prior years
accounts (April –
August) and 7/12th of
current year accounts
(Sept – March)
Academies Financial Cycle
Dec
Nov
Jan
Oct
Feb
Sept
Mar
Aug
Apr
July
May
June
Final deadline to
send audited
accounts to
Companies House
Prepare final budget
Review contracts
Academies Financial Cycle
Dec
Nov
Jan
Oct
Feb
Sept
Mar
Aug
Apr
July
May
June
Finalise WGA
spreadsheet and
Budget forecast
Governors approve
final budget
Academies Financial Cycle
Dec
Nov
Jan
Oct
Feb
Sept
Mar
Aug
Apr
July
May
June
Start preparing for
year end
creditors/debtors/
accruals/depreciation
of assets
Academies Financial Cycle
Dec
Nov
Jan
Oct
Feb
Sept
Mar
Aug
Apr
July
May
June
Finalise year end
creditors, debtors,
prepayments and
accruals
Reconcile bank
statement to 31st
August
Financial areas that must be
discussed and minuted by governors
Budget – annual budget must be discussed and
approved by the Full Governing Body
Audited accounts – final accounts must be discussed
and minuted
Quotations and tenders – whenever a project or
purchase falls within the limits set down in the Financial
Regulations
Contract renewal – annually
Budget monitoring reports – Chair of Finance monthly,
Finance Governors at least termly
FMGS - Financial Management and Governance SelfEvaluation – in first year of opening
Documents that individual governors
need to complete
Register of business interests
•Annually sign declaration including nil returns
•Declare any new business interests at each Governing
Body or Committee meeting and update register
accordingly
•Keep the historical registers for reference
Competencies matrix
•Self evaluation of competency, knowledge and
experience
•Designed to identify training and development needs
Where to find additional information
•School Business manager/ Finance
Officer/Headteacher
Dec
Nov
Jan
Oct
Feb
Sept
Mar
Aug
Apr
July
May
June
•Website
www.dfe.gov.uk
www.education.gov.uk/efa
Including EFA briefing notes
•School finance support provider
•Education Finance Support (subscribing
schools)
Helpdesk 01245 436248
www.education-finance support.org