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What is included?

All MKET academies benefit from:

  • Access to advice, guidance and support via e-mail and telephone from a team of qualified finance advisers
  • Support and guidance visits as appropriate
  • EFA liaison and reports all coordinated and completed centrally. This includes:
    • Annual budget return
    • Annual accounts return
    • March financial return (if applicable)
    • Annual rates return
    • Land and Buildings return (if applicable)
  • External audit co-ordination, agreement of audit plan and production of MAT annual accounts
  • Internal audit co-ordination and agreement of annual plan
  • VAT returns completion and liaison
  • Bank co-ordination and set up (with Lloyds). This includes:
    • Local academy bank account (for receipt of local income)
    • Purchasing cards
    • Petty cash system
    • BACS payments
  • Main Finance System, PS Financials, co-ordination, set up and training
  • Budgeting and Planning Finance System, HCSS, co-ordination, set up and training
  • Payroll services co-ordination and set up
  • Capita SIMs co-ordination of transfer of licence on conversion to academy status and co-ordination of Annual Entitlement
  • Cost of external and internal audit, annual licence costs of PSF and HCSS finance systems
  • Finance regulations, procedures, check lists and forms
  • Financial scheme of delegation
  • EFA funding co-ordination and input
  • Purchase ledger payments
  • Co-ordination of annual conditional improvement fund (CIF) bids (capital for academies)
  • Financial reports, includes annual performance review and regular financial overview report
  • Budget setting guidance and support
  • Corporate risk register
  • Insurance guidance and co-ordination
  • Central register of leases and subscriptions
  • Capital asset register
  • Termly business managers’ and finance officers’ meeting

What is not included?

  • Day to day monitoring of academy budget and input of documents such as purchase orders, invoices, cash receipts etc
  • Initial compilation of annual budget
  • Share of annual payroll service costs
  • Costs of project manager for CIF capital bids (normally covered in bid costs) 

Additional information

The finance team can advise as appropriate on any bids for additional funding to bodies such as charitable trust funds and procurement exercises.