What we can do for you
We can provide a bespoke service for your school tailored to your requirements. We offer the following additional services. Please contact us for more information of how we can support your school:
In addition all schools will receive support in relation to the core services identified in the separate financial management support (core services) for maintained schools specification.
Budget preparation
A comprehensive budget preparation service, including visits in the Spring/Summer term.
In conjunction with the headteacher, we will:
- using up to date staff monitoring information, project staff costs for the coming years
- cost possible staff changes
- prepare non-staff costs
- take into account the financial implications of developments which have been costed in the School Improvement Plan
- produce a maximum of three budget plans with explanatory notes
- complete the official three year revenue budget return in readiness for submission to the Director of Children and Young People's Services
This is done using the Local Management of Schools (LMS) three year financial planning and budget spreadsheet.
If this option is selected the charge for the LMS three year financial planning and budget spreadsheet software will be included in the charge. Therefore the school will be charged for the software over the year, instead of being invoiced separately.
Part budget preparation
We will visit to assist in the preparation of staff budgets. It is expected that if option E (Monitor Staff Budget) is not included in the contract, the school will have monitored and updated staff information throughout the financial year. This enables the visit to focus on:
- final checks on staffing information held
- calculating projected staff costs
- calculating the cost of possible staff changes
- completing the staff budgets part of the official Budget Spreadsheet (by using the Local Management of Schools (LMS) three year financial planning and budget spreadsheet)
Set up and tailor new financial year
Each year, the 'Chart of Accounts' in SIMS needs to be reviewed. We will visit to:
- assist with the transfer of cost centre and ledger code information
- tailor the chart of accounts to meet individual needs
- make amendments to a User Defined Report of your choice
- tailor your financial summary to reflect changes to the chart of accounts
Fix Budget and Profile
Following approval of the Budget by the Governing Body, we will visit to:
- enter and fix the approved budget in FMS
- adjust existing profiles and set up additional profiles in FMS as required
- enter commitments for non-staffing expenditure
- ensure the approved budget is shown correctly on the financial summary statement
The Governing Body must have approved the budget before we can provide this option and full details must be available via the Local Management of Schools (LMS) three year financial planning and budget spreadsheet.
Monitor Staff Budget
Approximately 80% of the school budget is spent on staff salaries. It is therefore vital that this area is monitored closely to ensure both its accuracy and effective management.
We will:
- reconcile monthly DF34 payroll print to budgeted staff commitments and investigate any variances
- update staffing costs forecasts to accurately reflect spending and revised assumptions
- give advice if the level of commitments/variations indicates any budget changes are necessary
- make notes for assistance in producing financial summaries
Eleven financial reports for the headteacher and governors
This is a comprehensive financial reporting service. We will produce up to eleven reports during the financial year as follows:
- up to eight reports suitable for the headteacher (in months when reports for governors are not required), including the amalgamation of July and August
- three reports suitable for governors, one of which will be a detailed year end report
Any significant variances shown by the reports will require consultation with the headteacher to ensure the accuracy of the information on SIMS FMS6 and to enable valid reasons to be shown on the report.
Three financial reports for the headteacher and governors
We will generally provide:
- two detailed reports suitable for the headteacher and governors
- one detailed end of year report suitable for governors
The individual requirements of each school will always be taken into consideration.
Please note: the reports provided are in the Local Management of Schools recommended format.
Assistance with financial reports for the headteacher and governors
We will provide a half day visit (maximum of three hours 15 minutes) to assist you in creating user-defined reports in a pre-determined format decided by the school prior to the visit.
Please note: the reports provided are in the Local Management of Schools recommended format.
Consultancy services
Other financial services which are not specifically identified in the options A to H, may be purchased on a consultancy basis at consultancy rates. For example, attendance at evening governors meetings to assist the head teacher in presenting financial information. This will be charged at an hourly consultancy rate.
Payroll journals on SIMS FMS6
To ensure that SIMS FMS6 accurately reflects all deductions from the school bank account for payroll costs and expenditure is posted to correct cost centres, we will:
- complete monthly cash book journals on SIMS FMS6 to record 'net pay' and 'payroll deductions' direct debits.
- complete monthly journals to set up accruals for payroll deductions and to charge all payroll costs to the relevant ledger codes.
- ensure correct treatment of any payroll adjustments.
Bank account return
In order to reclaim expenditure through the school bank account on VAT, it is necessary to complete bank account returns as specified by the Head of Finance. We will provide a half day visit (maximum 3 hours 15 minutes) to:
- reconcile bank statements to SIMS FMS6
- analyse 'bank history', VAT reports, etc in readiness for completion of return
- complete bank account return and correct any entries on SIMS FMS6 which may be necessary in order for the return to balance
- input any bank account transactions on SIMS FMS6 which have been omitted eg monthly formula allocation, VAT reimbursement, standards fund income, etc
Day to day financial operations
Subject to the level of experience of the person being trained we will provide up to two days (13 hours) introductory training on day to day processes. A full description of what can be included in this option can be obtained by contacting the Local Management of Schools Team.
Half day visit
A half day visit (maximum 3 hours 15 minutes) to advise on new developments and discuss any issues where advice is required, for example to assist with the following:
- staff commitments/variances
- balancing bank account returns
- balancing year end return
- any other item of the school's choice not already available as a menu option, eg new developments
Annual closure of previous year's accounts
For schools that wish us to undertake the closing of accounts on their behalf we will carry out:
Preliminary closure including:
- check satisfactory completion of back-up
- examine all outstanding orders on SIMS FMS6 and take appropriate action for the year end
- ensure debtors and creditors are raised and entered on the SIMS FMS6 system where necessary
- post any outstanding petty cash items and check balance
- system check
Compilation of year end return including:
- completion of 'Consistent Financial Reporting' (CFR) return, showing details of total income and expenditure for the whole financial year
- reconciliation of CFR year end return with total of bank account returns (Form 'D's) throughout the year. Please note that this is subject to a maximum time of one day (6½ hours)
- provision of any supplementary information on income and expenditure which may be required by Directorates of the Authority
Final closure including:
- check satisfactory completion of back-up
- close the financial year on SIMS FMS6
- adjust balances in the new year as required
Assistance with annual closure of previous year's accounts
Once you have carried out the instructions on the 'Procedural Guideline - Year End' we will visit to assist you to complete your year end return.
Should those instructions not have been completed an additional charge may have to be made.
Pricing
Although specific services may be selected, the client will be required to specify the total amount of time required per year and this will form the basis of the contract price.
Charged: The charge for the provision of the service will be based upon the number of hours required by the school.
Travel will be charged at a standard rate per visit regardless of location. Services provided in excess of the contracted amount of time will be charged either in accordance with the hourly rate or at the charge for consultancy services. Evening and weekend visits arranged at schools request will be charged at enhanced rates.