Welcome to the Autumn edition of RSM’s back to school report
Academy Financial Handbook considerations
In early June, the Education and Skills Funding Agency (ESFA) released the Academy Accounts Direction (AAD) for the 17-18 reporting season and Academies Financial Handbook (AFH) effective from 1 September 2018.
With the exception of FRS102 and the Charity SORP 2015’s impact a couple of years ago, changes to the AAD have tended to be small and with a largely technical slant. For this year, the changes are a little more significant and highlight areas that academy trusts need to keep in mind for day to day activities.
Top tips for robust academy trust budgeting
The ESFA’s Academies Financial Handbook 2018 also brings in more stringent requirements for budgeting and cash flow monitoring.
The implications of this guidance fall on both the trustees and the budget holders that are responsible for preparing them, and so we have provided some key tips regarding budget preparation and budget review.
Beyond the balance sheet
For years, the balance sheet has been king. It has guided strategies, investments and boardroom decisions.
It has given confidence to your board and stakeholders and helped you forge new paths. But in an era of accountability and transparency, how much does it really say about your academy trust?
The importance of being an operating lease
During times of financial scarcity academy trusts may need to look outside of their own pressured budgets to finance equipment. As academy trusts are not allowed to borrow without consent, the choice of the financial products they can use to access additional funds becomes vitally important.