What is the Supplementary Fund?
Every four years, the Government’s actuary department performs a valuation of all public service pension schemes, including the Teachers’ Pension Scheme (TPS). The rationale of the valuation is to assess the cost of pensions being provided to members of each scheme and to establish suitable employer and employee contribution rates.
Growing your trust can be a difficult and expensive process, but now you have a great opportunity, the Department for Education has just announced a new funding pot of £17m called the Trust Capacity Fund (TCaF) which supports trust growth and development across the country. If you’re in search of funding to expand your trust, TCaF can support your plans. The application process for this funding is now open and will close on 31 December 2019.
Central government has announced they will be allotting additional funding of over £14bn to primary and secondary education between now and 2022-23. The funding package will include £2.6bn for 2020-21, £4.8bn for 2021-2022, and a further £7.1bn for 2022-2023. They have also announced an additional £1.5bn per annum to support additional pension costs. This will bring the schools budget to circa £52.2bn by 2022-2023.
National recommendations / statutory requirements to teachers pay scales can sometimes become confusing, that’s why today we’re going to catch you up on all the changes to teachers pay since 2018. On 1 September 2018 changes to the School Teacher’s Pay and Conditions Document (STPCD) came into effect with central government announcing changes to inflationary pay range uplifts for three groups: main pay / unqualified teachers, teachers on the upper pay range and members of the leadership team. In addition to this, the DfE announced a teachers’ pay grant to help support rising costs due to the recommended pay lift. This affected each school differently based on their original budget and a range of other factors.
On Thursday 27th June, School Minister Lord Agnew issued the new Academies Financial Handbook which will come into force 1 September 2019.
The biggest change to the handbook is the introduction of a new requirement for academy trusts to show how they check their internal systems, ensuring they are effective and compliant through an independently prepared annual report which will be submitted to the Education Skills Funding Agency (ESFA).
At the beginning of May, the education secretary, Damian Hinds announced that the government will be attempting to give parents a wider choice in finding the right school for their children by delegating funds to expanding grammar and faith schools.
With this, the Selective School Expansion Fund (SSEF) has been created, to allow existing selective schools to apply on the grounds that they prioritise admission to pupil premium children and create an outreach programme with local primary schools.
By August 2019, all trusts have been told to clear any “related-party transactions” with the Education and Skills Funding Agency to make sure no trustee or committee member are abusing their position.
The pressure is rising for school business managers. With school budgets getting constantly tighter, the last thing you need is long, outdated processes and complex software slowing you down. At SAAF Education, our main aim is to make your school finances simple and efficient, so we try to help out where ever possible.
If you're a school or academy that uses Capita SIMS FMS, then we have put together four of our top tips in a helpful infographic for you; feel free to save or download for future reference.
Managing your school’s finances can be a difficult task because you have to constantly juggle the routine tasks as well as taking on the bigger challenges. These everyday duties however, can take up a lot of your time and resources, which can affect your financial responsibilities.
Working with school business managers, we know that they do an excellent job regardless of size or school type, but we also know that everyone needs additional support at times. The tips below will hopefully assist you with the day to day financial responsibilities of your job.