Date
09 May 2024Category
Business AccountingThe Education and Skills Funding Agency (ESFA) have issued some guidance ahead of the budget forecast return (BFR) which goes live on 4 June and has a deadline of 29 August.
In order to assist those within the academies sector with their return, we have provided a summary of some useful information included in the guidance notes. These points cover a number of important topics and changes of note from 2023:
The onus is again on academy trusts to make appropriate assumptions, although some guidance is provided. There is also additional focus on capital and technology spend this time around.
Should you wish to review the guidance in full, it is accessible here. There’s also an Excel workbook published to assist trusts in collating the information, and it’s available here.
The administration and accounting for the Local Government Pension Scheme (LGPS) has been a topic of discussion in recent years, due to the nature of the information provided by actuaries and the increasing prevalence of trusts reporting assets in their year end accounting valuations. The ESFA have produced some information to help academy trusts understand their obligations and roles in respect of the pension schemes. This is very useful and should cover the majority of questions that we get asked by academy trusts.
The guidance is available here.
If you have any questions on the budget forecast return, please get in touch with your usual Azets advisor or a member of our Academies team.
Information correct at time of publishing, but may be subject to change in future. This article is for general information only and is not intended to be advice to any specific person. You are recommended to seek professional advice before taking or refraining from taking action on the basis of the contents of this article.