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SAAF Education Blog: Are you prepared to submit your audited accounts?

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Are you prepared to submit your audited accounts?

As the Christmas holidays draw closer, we know that your jobs are piling up by the second. Handling your budgets, health and safety records and asset register is already taking up all your time, the last thing you need right now is more work!

However, if you are an academy, multi-academy trust or free school you have until 31st December 2017 to submit your audited accounts to the ESFA. 

Why do the ESFA need this information?

To produce a greater understanding of the issues your trust, and the education sector as a whole, face, the ESFA ask each academy, multi-academy trust and free school to provide audited financial statements along with an auditor’s management letter.

They will also use this information as part of their assurance framework for the use of public money.

Important Note: your audited accounts are NOT the same as the academies account return which has until the 19th January to be completed (this is ealier than the previous year's deadlines). Look out for our blog about this next month.

 

This year’s changes

This year, to make the submission process simpler, the ESFA have produced an accounts submission cover sheet. This process allows academies, free schools and trusts to upload their audited financial statements and auditor’s management letter in one area, hopefully simplifying and streamlining the process, instead of using the Document Exchange, as in previous years, which was quite complex. Click here to read the ESFA guidance.

All those who need to submit their accounts must provide their cover sheet, financial statements, and auditor’s management letter at the same time by 31st December 2017.

The cover sheet has 8 sections:

  1. Organisation details
  2. Audit findings
  3. Financial assessment
  4. Specific areas of interest
  5. Trust Financial Health
  6. Uploading financial statements
  7. Uploading management letter
  8. Your details

 

Need Help?

SAAF Education understand that not everyone will have time to submit these documents in addition to all your other tasks, so we’re here to offer our help.

Simply get in touch by Friday 15th December and our finance consultants will complete your submission, off site, on your behalf.

If you would like help, please contact us by clicking the button below. We can support you to complete the following tasks:

  • Completion of the academy accounts submission cover sheet
  • Submitting the academy’s 2017 financial statements and audit management letter
  • Formally reviewing the financial statements and confirming your carry forward fund balances
  • We can also provide advice regarding publishing accounting data on your academy’s website

So just get in touch by either calling one of our team on 0115 975 2400, or through our website using the button below.

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