Balanced accounts have been returned on time, adequate reserves and appropriate levels of cashflow are in place, and there is a balanced three-year budget forecast.
Annual accounts, budget forecasts, approved BFR, board minutes.
Accuracy of Budgeting
Budgets are built based on planned need and planning is accurate. Budgets are reviewed regularly, and a robust reporting structure is in place.
Management accounts. current and previous years accounts, board minutes.
Strong governance oversight is evident, with finance discussed at board meetings. governors/trustees have the necessary skills and understand the financial situation. There is a clear scheme of delegation.
Board minutes, scheme of delegation, terms of reference, skills audit, committee membership.
Strength of Reporting
Management accounts are clear and useful for readers. Budget holders receive relevant, timely information and reporting to governors/trustees is thorough.
Management accounts, board minutes, board reports, internal audit reports.
Implementation of ICFP
ICFP is understood by senior leaders and governors/trustees. ICFP is embedded in school operations and decisions relating to resources and ensuring VFM.
Budget papers, committee minutes, management accounts, SRMSAT/SFVS, staffing plan.
Key Financial Benchmarking
SRMSAT/SFVS ratios are within expected range or variances justified. Benchmarking is used and purchasing procedures are in place.
SRMSAT/SFVS, financial procedures policy, credit card use policy.
Audit Feedback & Findings
Recent audit report adjustments are not significant/material. Recommendations are reviewed and implemented in a timely manner.
Audit letter to management, internal audit reports, internal scrutiny report.
Contribution to Sector Development
Other settings and the wider sector are supported in improving financial management. All filing deadlines have been met.
Board reports, DfE late returns publication.
Staffing and Skills
Staffing and skill levels are appropriate, with CPD in place. The CFO has access to support and advice, and succession planning has been considered for key positions.
Organisation structure chart, staffing profile, training plans.