Monthly Archives: March 2013

Annal Nayyar blogs: A new shorter FMGE called FMGS is now required

Annal Nayyar blogs: A new shorter FMGE called FMGS is now required

The EFA have announced that The FMGE is replaced by a much shorter version for schools that have converted this is abbreviated to a FMGS. This should be completed within 4 months of conversion.

Annal Nayyar Blogs – VAT – Should you register or not?

Annal Nayyar Blogs – VAT – Should you register or not?

It is worth noting the VAT threshold for 12-13 is £77000. So if an academy exceeds this level or thinks it will based on previous school experience they must register with HMRC. The alternative is if an academy is likely to be below this threshold it would be pragmatic to use the special section 33B refund scheme.

Annal Nayyar Updates-Academies funding allocations 2013/14

The EFA have stared that will have sent all second-stage Funding Allocation Packs (FAP2) to all academies open by 1 January 2013, including those with post-16 students, by 29 March 2013. Academies that opened in February and March 2013 will get their allocation by the end of April.

They have enhanced the guidance notes that support the FAP2 for mainstream academies, taking into account the queries we have received over the past few weeks. We have updated the guidance for special and alternative provision academies too.

They have also sent a detailed letter to post-16 academies setting out the details of their national volumes, budgets and funding rates. All these documents and further background information are available on our website.

Annal Nayyar updates: Applications for Free Schools opening in 2015 and beyond

The EFA on 27 March communicated the following:

In order to give Free School applicants more flexibility, we will now run three application rounds each year. Groups may select the year in which they intend to open. A final decision on the school’s opening date will be confirmed during the ‘pre-opening’ period. This will be based on the length of time that the school needs in the ‘pre-opening’ phase.

The next three application deadlines will be:

  1. September 2013 (with decisions to be announced in late 2013/early 2014).
  2. January 2014 (with decisions to be announced in spring 2014).
  3. Spring 2014 (with decisions to be announced in summer 2014).

The precise dates will be included in the ‘How to Apply guidance’ released in May 2013.

We expect that application rounds will follow a similar pattern in future years.

We are making some other changes to the application process and criteria. Further information can be found in the Changes to the Free School process, Changes to the Free School criteria and What have successful applications looked like? downloads.

Applications for Free Schools opening in 2014

The window to submit an application to open a Free School in 2014 closed at 6.00pm on Friday 4 January 2013.

The guidance, forms and templates that were used are available here for information only.

We expect to inform applicants of the outcome of their application in May 2013

Annal Nayyar and Fis-edsolutions reprpn on Assurance framework for high needs funding 2013/14

The assurance framework for high needs funding 2013/14 is now available.

It tells local authorities, providers and academies about the assurance arrangements for the funding of high needs pupils and students for 2013/14.

These arrangements cover financial health assessments and assurance over providers’ use of funds.

Annal Nayyar blogs- Post-16 funding arrangements for 2013/14

The EFA -have sent a letter to all institutions delivering 16-19 education and training. The letter confirms the funding arrangements for 2013/14. It also gives information on national volumes, budgets and funding rates, and an update on policy developments.

This will ensure institutions have all the information with which to complete their planning for the year.

Over the last few days –EFA  begun the process of sending institutions their individual 2013/14 allocations for 16–19 students, high needs students aged 16-24 and bursary funding. Most institutions will have already received details of their allocation, and all should have received this by the end of March.

Annal Nayyar blogs- Academy trusts 2013 March accounts return

Academy trusts 2013 March accounts return

As published in the EFA business cycle, the EFA have issued the request for all new academy trusts that have not prepared financial statements, as at 31 August 2012, to submit a 2013 March accounts return.

The 2013 March Accounts Return covers all new academy trusts that have not prepared financial statements as at 31 August 2012 and will be for the period from a trust’s incorporation up to 31 March 2013. This will fulfil the Education Funding Agency (EFA) and the Department’s requirement to present their financial statements for the year ending 31 March 2013 before Parliament by 31 January 2014.

Single trusts that prepared financial statements as at August 2012 have already completed an accounts return for the same period. We do not expect to ask you for any further information for the 2012-13 financial consolidation.

As published in the EFA Business Cycle  -require trusts to make one of the following financial returns:

  • Single      trusts that have opened since 1 April 2012, and that have not prepared      financial statements as at August 2012, will need to complete an accounts      return for the financial year to 31 March 2013.
  • Multi-academy      trusts (MATs) that have opened new academies since 31 August 2012 will      need to complete an accounts return relating to the year to 31 March 2013.      MATs can choose to complete an accounts return for the year to 31 March      2013 for each new academy or one consolidated return for all new      academies. .

The template for the 2013 March Accounts Return together with guidance notes that explain how to complete the return are available to download from this page.

The deadline for submission is 28 June 2013. Trusts submitting a 2013 March Accounts Return will be required have their return reviewed and signed off by their external auditors at the trusts’ expense.

 

Academy trusts 2013/14 budget forecast

We will publish the budget forecast submission request on 4 April 2013. The budget forecast return has been updated and enhanced in consultation with a group of academy trusts to make it more complementary with trusts’ financial systems.

Submission is due by 31 July 2013 for all academy trusts opened as at 31 March 2013.

 

Annal Nayyar – reminds schools looking to covert to Academy Status that New Academies Financial Handbook was published in 2012.

Just a reminder for those schools looking to convert that the latest version of the Academies Financial Handbook was published by the Education Funding Agency. The shortened Handbook, sets out the relevant financial governance requirements and appropriate financial guidance. If you require  support to ascertain if your schools meets the relevant requirements or is ‘fit for purpose’  – please contact us and we would be happy to help.

Annal Nayyar and Fis-EdSolutions commissioned to Capital Bids

Annal Nayyar and Fis-Edsolutions has been commissioned to submit  capital bids for academies and local authority schools .

Annal Nayyar and Fis-EdSolutions commissioned to Support University Sponsor

Annal Nayyar has been commissioned by Education leading Organisation to provide a full finance support package for a Secondary Phase Sponsored School which will specialise across Science and engineering. The main line sponsor being a London University. The school is to open in a new build in September 2014