Category: Finance
Common themes arising from the ESFA’s assurance work
The government has just issued a briefing note that provides an overview of the key findings from the ESFA’s assurance work in the 2021 to 2022 assurance year. We summarise these findings. Academy trust financial statements The deadline for submission of the 2020/21 financial statements was 31 December 2021. By that date, trusts were required to submit […]
Read MoreAcademy trust handbook 2022
Since early July, CEFM has been asking the DfE/ESFA to inform us when the latest version of the academy trust handbook (ATH) would be published. For weeks there was no response at all, but in early August we received an email from the DfE saying that academies should continue to use the 2021 version next […]
Read MoreChoosing an external auditor
All academy trusts must, under their funding agreements, appoint an auditor. The ESFA has just updated (on 1 March 2022) its good practice guidance on choosing an external auditor for an academy trust. Role of an auditor Essentially, the auditor will wish to review and understand details provided by the academy trust, as set out in […]
Read MoreFundraising
We have completed our regular termly update of grants in our fundraising section of the CEFMi website. These documents suggest charities and trusts which might be approachable to help fund your school project. Some of the trusts are diverting their grants to COVID-19 related projects, such as remote learning. Others can help with funding contingency […]
Read MoreStatutory minimum wage rates
The government has accepted the Low Pay Commission’s recommendations and, from 1 April 2021, workers will now be eligible for the national living wage from the age of 23 (it was previously 25). Statutory minimum wage rates from 1 April 2021 £ Increase (%) Age 23 and over national living wage 8.91 2.2 Age […]
Read MoreInstitute for Fiscal Studies: 2020 annual report on education spending in England: schools
Government financial provision for schools in England covers pupils aged 5–16 as well as pupils aged 16–19 in sixth forms in state funded schools. In 2019/20, the spending on schools in England totalled about £51 billion, a sum which accounts for 17% of the whole of public service spending in England for that year. A […]
Read MoreSpending review November 2020 (SR20)
The Department for Education (DFE) settlement provides a £2.9 billion cash increase in core resource funding from 2020/21 to 2021/22, delivering a 3.2% average real terms increase per year since 2019/20. The DFE’s capital budget increases by £0.5 billion in cash terms next year, taking core total departmental expenditure limits (DEL) to £76.4 billion. Average […]
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