Welcome to. New Financial Reporting Requirements for All Schools

1
Welcome to.(New) Financial Reporting
Requirements for All Schools

• SAO Conference
• 26th Sept 2006
• David Cross, Andrea Dawes
• Ros Epson

2
This session will cover..

• Year end closure 05/06
• FMSiS Financial Management Standards in Schools
• Changes to be introduced

3
Reporting requirements

• What
• Annual Budget AEP
• Monthly/Quarterly returns
• Year-End return

• Why
• Planning cash flow
• Monitor accounts ensure accuracy
• Advance planning

4
Current difficultieseg Quarter 1 due on 20th
July from 97 schoolssituation at 26th July was

• Absence of returns -14
• Incomplete returns that could not be checked -35
• Returns show that school accounts are incorrect-
  18

5
LA monitoring role

• The LA delegates public money (182m ) to schools
  and both have a responsibility to ensure that it
  is used for the correct purposes and that
  accurate records are kept.
• The LA fulfils this role by Audits and by
  monitoring school accounts
• The LA will withdraw delegation if finances are
  not being managed correctly.

6
Guidance for schools

• It is the responsibility of schools to manage
  their accounts. Guidance is available
• DfES Financial Management Standards in Schools
• LA occasional workshops, newssheets eg FMSiS
  training for Secondary Schools 11th Oct
• External Financial Providers information,
  bursarial services purchased by school
• Software providers training purchased by school

7
FMSiS Financial Management Standards in Schools

• Good Practice - schools will probably comply
  with much of the Standard already
• Requirement will be assessed externally

8
Timetable for the introduction of FMSiS

• Secondary schools - must comply by 31st March
  2007
• Primary schools probably gradual adoption from
  31st March 2008.
• All schools will probably need to comply with
  FMSiS by 31st March 2010

9
What are the FMSiS ?

• Leadership Governance role of leaders,
  governors staff
• People Management organisation of staff
  governors who deal with finance
• Policy Strategy SDP budgets
• Partnership Resources relationship with LA
  Suppliers
• Processes procedures records

10
FMSiS information

• http//www.fmsis.info//
• This website provides information about what the
  standards are, what a compliant school would look
  like, information for self-assessment and lots of
  background information.
• Secondary Schools are invited to attend training
  on 11th October.

11
Changes to be introduced

• Electronic returns to the LA
• Edu-online ( https//eduonline/data/ )
• Financial Profiles

12
What else

• Training what would be helpful?
• Newssheet what should be included? Please
  contribute to this as you are in the best
  position to help each other.
• On line access to Nat West accounts
• Other issues.
• Thank you for listening