17 May 2018
The deadline for academy trusts to submit their 2018 budget forecast return outturn (BFRO) is this coming Monday, 21 May 2018; another deadline for academies that some may have missed.
The BFRO collects financial outturn information as at the 31 March 2018. This must be submitted to the Education Skills Funding Agency (ESFA), who use the information provided to ensure that the academy sector can accurately report its financial data to HM Treasury. This supports the Public Expenditure Statistical Analyses (PESA) national statistics release.
We’ve answered some common questions we’ve heard from academies this week to help you to complete the BFRO:
Who needs to complete the BFRO?
All active academy trusts as at 31 March 2018 are required to complete the BFRO using the online form that can be found here. The term ‘academy trusts’ refers to:
- sponsored academies
- academy converters
- free schools
- university technical colleges
- special schools
- studio schools
Only information for the relevant period should be included where academies have not been part of the trust or the trust has not been open for the full period.
What do MATs need to provide?
MATs that are preparing aggregated financial statements comprised of more than one academy will need to submit a consolidated return, which aggregates the budgets of each of its academies. The form will contain a checked list of all the academies that the ESFA have listed as being part of that trust. If the list differs from the actual number, the difference will need to be explained.
We only opened as an academy/trust in April – what should we do?
You will need to submit the BFRO return by 21 May 2018. The ESFA should have communicated with affected trusts separately regarding this tight deadline. You will not need to submit a BFR opener which is usually due within six weeks of receiving the funding letter.
We only opened as an academy/trust in May – what should we do?
You do not need to submit a BFRO or a BFR Opener. You will need to submit an annual BFR return, due by 30 July 2018.
Where can I find some guidance on how to complete the form?
You will be able to find guidance on completing the BFRO workbook on the ESFA website here. If you require any assistance, please don’t hesitate to contact me or your local academy specialist.
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