The Key for School Leaders An Essential Guide to Academy Conversion
Financial tasks after conversion
• Financial management and governance statement ( FMGS ): academy trusts must submit the FMGS using the online form ( or in some cases provide alternative assurance ) within four months of opening . If you are joining an existing multi-academy trust which has previously prepared audited accounts and you plan to adopt the same financial management and governance arrangements , your accounting officer will need to confirm this on the online form
• Audit of accounts – every autumn , for the period ending 31 August
• Submit audited accounts to the EFA by 31 December , and Companies House within 9 months of the end of the accounting period – in line with the Academies Accounts Direction
• Publish annual accounts on the trust ’ s website – by 31 January
• Academies annual return – submit to the EFA by 31 January
• Budget forecast return – submit online to the EFA by 31 July ( within six weeks of receiving final funding allocation the first time )
Academies must submit a land and buildings form to the EFA within six weeks of opening . Guidance and the online form are here :
www . gov . uk / government / publications / academies-land-and-buildings-valuation
Note that you will need to have your academy trust board meetings lined up to approve the accounts and the budget before submission .
Adding new schools to a MAT
• Due diligence – consider ethos , values of joining school ( s ) ( the NASBM / EFA Library has a resource on due diligence www . nasbm . co . uk / EFAlibrary . aspx )
• TUPE - issue new contracts including details of salary , location , notice period , holiday and sick leave entitlement
For MATs approached by the regional schools commissioner ( RSC ) to take on a school facing forced academisation , it is worth discussing with the RSC whether any funds are available to support the MAT in this .
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