Academy Advisor – Winter 2020

Welcome to our regular newsletter for Academies and Free Schools.

As 2020 draws to a close, it is worth reflecting on a particularly challenging year. Covid-19 has provided significant challenges for academies, whose main priorities have been the safety of pupils and staff and on keeping their school open; whilst continuing to fulfil statutory financial obligations.

As we head into 2021, schools are facing an unprecedented pressure on budgets, not least because of increased costs associated with Covid-19, but also a reduction in income generation opportunities from lettings and fundraising events.

Strong governance and financial management is essential in dealing with challenging circumstances. We would urge you to consider all of the identified efficiencies or improvements highlighted in the management letter and put into place a plan to address the audit findings over the coming year.

This edition covers:

  • Academies Accounts Return updates
  • Covid-19 workforce fund and other support
  • Internal Scrutiny
  • Reserves Policy
  • Better Financial Reporting programme
  • Submission dates and deadline extensions

If you need further advice and support regarding any of the articles we have featured in this edition, please do not hesitate to get in touch with one of our Academies team.