Any reduction in time spent populating returns will be welcome news to Academy finance staff, although the new form will require the data that the previous BFRO and BFR3Y forms required.
For those forming new academy trusts, or for Multi-academy Trusts that are taking in new academies, please note that you will be required to include the new academies in this single BFR form.
Trustees must approve the BFR prior to submission and it is a requirement of the board to ensure budget forecasts for the current year and beyond are compiled accurately, challenging pupil number estimates and ensuring other key assumptions are reasonable, as well as reflecting on any lessons learned from previous years.
Dates for your diary
The deadline for submission will be 27 July 2021 and the form will go live a month earlier on 22 June. The ESFA will also release an Excel workbook before the go live date, which will confirm the layout of the new form. This workbook should be used by academies to prepare for the online form submission.
How can we help?
If UHY can be of any assistance to you with your academy trust’s forecasts, or any other Academies Financial Handbook requirements, then please do not hesitate to contact your local UHY academy expert.