Blogs/Vlogs

NASBM/ESFA information library updates

18 September 2017

The useful NASBM/ESFA information library has recently been updated for a number of articles including:

  • Management accounts factsheet
  • Internal control and scrutiny factsheet
  • Fraud factsheet

The management accounts factsheet is an interesting one. It contains an interesting phrase when discussing the Academies Financial Handbook requirements: “These statutory obligations can be viewed as a hindrance to Trusts, however there are a number of benefits from adhering to them.”

In our experience this is very true. Under-resourced and pressurised finance departments often struggle to produce detailed financial reports on a regular basis.

The factsheet is a useful guide and sets out the steps to take when producing management accounts, the sort of format that should be used etc. It also reiterates the importance of preparing a cash flow statement but recognises that this can often be the most difficult part; without such a statement, however, trustees are not presented with a clear understanding of where the cash is being spent. Cash flow forecasts are particularly useful at identifying any months in the coming year where the cash balance could be low, giving you time to address this and put appropriate action in place.

As well as these updated documents the information library contains lots of useful documents such as:

  • Leasing guidelines
  • Scheme of delegation
  • Terms of references for various committees
  • Example policies for things like gifts and hospitality, whistleblowing, anti-bullying, governor allowances etc.

It is certainly worth a look, you may find something on here which can save you a lot of time and from ‘re-inventing the wheel.’

If you have any questions on the above article or any of the information in the NASBM/ESFA information library then please contact me or your usual or nearest UHY academy expert.

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