Monthly Archives: November 2013

Annal Nayyar and Fis-Edsolutions has enabled us to convert to Academy status successfully

Annal has enabled us to convert to Academy status successfully, guiding us through the financial complexities of conversion with timely information and updates and providing us with systems and procedures that have strengthened our financial evaluation. He has a focussed energy that cuts to the centre of what needs to be done and he is then able to provide detailed advice and support that ensures required outcomes are of a good standard

Annal Nayyar provides a professional and friendly service

Annal provides a professional and friendly service to our school. He is extremely thorough in his preparation which means that meetings can get off to a swift start and cover necessary business. He is able to explain complicated financial procedures to members of staff and governors who are less experienced in school financial matters leading all members to have a much clearer understanding of expectations and procedures. Annal also has the human touch and will gets to know people, remembering key events in the life of the school and picking up on the things that matter to us. Annal is quick to pick up information which may be important to the school, e.g. bid funding, and sends this out to us on a regular basis. He has formed an excellent working relationship with myself and my Business Manager. I’m not sure how we’d manage without his guiding hand.”

Annal Nayyar- the role of the NCTL and teaching schools in the school-led system

The aim of NCTL is to drive forward the move towards a self-improving, school-led system so that by 2016 there is an irrevocable shift from the centre to schools in 4 particular areas: initial teacher training, continuous professional development, school-to-school support and the recruitment and training of the next generation of school leaders.

But in a school-led system, what can be the role of a government agency?

It is important to say that this is a new agency. It is not simply a collapsing of the old Teaching Agency into the National College for School Leadership.

The government has rightly protected schools’ budgets, but this has meant we have had to make savings elsewhere in the DfE. And NCTL cannot, and should not simply replicate everything it did in the past. We are now a government agency, part of the Department for Education, with a much tighter remit for delivering our business.

Annal Nayyar-as a result of your financial expertise the arrangements for monitoring our finances have become completely secure

There is no question at all that as a result of your financial expertise the arrangements for monitoring our finances have become completely secure. In addition your expertise has also allowed us to engage in new work in the knowledge that the financial implications of that work will be managed properly. we are extremely grateful for all you have done and look forward to working with you as the Trusts Financial Advisor.

Annal Nayyar- Academies accounts direction 2013

15 November 2013: Academy trusts must make arrangements to submit their financial statements, management letter and value for money statement as three scanned, signed pdfs by email to AcademiesFinancialMonitoring.efa@education.gsi.gov.uk on or before 31 December 2013.

Section 9.3 of the Accounts Direction sets out all the signatures you need to provide.

A separate value for money statement is also due on or before 31 December 2013.

Please check all pages are of good resolution and use the following naming convention for the documents:

  • UPIN – academy name – document title
  • 123456 – Coketown Academy – Financial Statements
  • 123456 – Coketown Academy – Management Letter
  • 123456 – Coketown Academy – Value for money statement

Multi-academy trusts should use the following naming convention for the documents:

  • MAT- MAT name – document title
  • MAT – Coketown Multi Academy Trust – financial statements
  • MAT – Coketown Multi Academy Trust – management letter

18 September 2013: We have published a short guide to accounts and audit requirements for academy trusts that opened their first academy in September 2013.

17 September 2013: We have uploaded a letter to academy finance directors from Simon Parkes, EFA Chief Financial Officer, about preparations for 2012 to 2013 financial statements and audit.

The ‘Academies accounts direction 2013‘ is the reference pack for academy trusts and their auditors when preparing and auditing annual reports and financial statements for accounting periods ending on 31 August 2013. It supplements the ‘Academies financial handbook‘. We recently published a new edition of the Academies Financial Handbook, applicable from 1 September 2013. Academy trusts preparing financial statements for the 2012 to 2013 academic year will need to use the 2012 edition of the Handbook, which applied to that academic year

The ‘Academies accounts direction 2013′ outlines the requirements set out in academy trusts’ funding agreements with the Secretary of State where each academy trust must:

  • prepare an annual report and financial statements to 31 August 2013
  • have these accounts audited annually by independent registered      auditors
  • deliver a statement of regularity, propriety and compliance and      obtain a regularity assurance report on this statement from the auditor
  • submit the audited accounts and auditor’s regularity assurance      report to the Education Funding Agency by 31 December 2013
  • file the accounts with the Companies Registrar as required under      the Companies Act 2006

New academy trusts incorporated on or after 1 March 2013 may, if they wish, defer preparation of their first accounts until 31 August 2014.

The ‘Academies accounts direction 2013′ helps academy trusts by explaining the elements they must include in their annual report and financial statements and the accounting treatments required. It also provides a model format for the report and the financial statements and ensures consistency of treatment between academy trusts.

This is the third annual accounts direction issued for academy trusts, and we have produced it after extensive consultation with the sector through the Academies Finance and Assurance Steering Group. The main changes to the previous edition are highlighted in the introduction, as well as in the ‘at a glance’ overview document.

 

Annal Nayyar-Academies Capital Maintenance Fund (ACMF) 2014 to 2015 round 1

Today was  published further information about the Academies Capital Maintenance Fund (ACMF) 2014 to 2015 round 1.

This is available to academies open as at 1 December 2013 for building condition and expansion projects. Schools with an academy order signed on or before 1 December 2013 are also eligible to apply.

You will be able to access the secure online application website by no later than Friday 13 December. The deadline for applications is midday on Friday 31 January 2014.

All academies that are part of a multi-academy trust should contact their trust before preparing or submitting an application.

 

Annal Nayyar reports on performance related pay

Performance related pay for teachers’ is here and most schools are setting objectives for this academic year based on their new pay policy. Have you  finalised your policy?t, there is a need to finalise as soon as possible and ideally this term; particularly if you are likely to be making “no progression” decisions at the end of this cycle.

Annal Nayyar reports on New Financial Handbook

Annal Nayyar reports on New Financial Handbook

Annal Nayyar reports on New Financial Handbook

The new handbook is an important document for academy trusts that sets out responsibilities and requirements relating to their financial governance and management. It is taken from the requirements in trusts’ funding agreements with the Secretary of State, and compliance with the handbook is a condition of the funding agreement.

The new handbook is an important document for academy trusts that sets out responsibilities and requirements relating to their financial governance and management. It is taken from the requirements in trusts’ funding agreements with the Secretary of State, and compliance with the handbook is a condition of the funding agreement.

Annal Nayyar- sponsors not for profit

The June 2013 handbook explained that the supply of goods and services by a sponsor to their academy trust must exclude any element of profit. Following further discussion with Ministers over the summer, the Department has developed the policy to cover a range of connected parties including members, trustees and bodies related to them, as well as sponsors. It outlines the ‘at cost’ basis of the policy and introduces additional safeguards such as open book agreements

Annal Nayyar report the need for Sec of State approval

 

Under the Academies Act 2010 the disposal of land and buildings by academy trusts requires the approval of the Secretary of State. Lawyers have advised that this also includes the granting of leaseholds on land and buildings by academy trusts. On legal advice the delegated authority in relation to leasehold land and buildings in the June 2013 handbook has been removed