Following conversion, drb Schools and Academies Services is able to offer academies a wide variety of strategic support, which is tailored to meet your specific needs.
drb will work with you and your Academy to define your Strategic Financial Management requirements and then recommend a bespoke service that complements your internal finance team.
Below are examples of drb’s specialist Strategic Financial Management support:
- Preparation of the academy’s budget plan including presentation to the governing body
- Advice on the development and implementation of a three-year strategic financial plan ensuring that each element is clearly linked to the academy development plan
- Ensure that the academy meets all the current and future requirements, regulations and standards associated with FMGS, the Academies Financial Handbook and Audit
- Production of regular independent staffing projections
- Budget monitoring and out-turn forecasting
- Regular meetings with the headteacher and lead finance administrator
- Advise the headteacher, lead finance administrator and governing body on changes, both national and local, which affect academy funding and the implications of these changes
- Establish whistleblowing procedures and management of concerns
- Ensure that the Board of Trustees understand their statutory duties as company directors as set out in the Companies Act 2006
- Support the Board of Trustees to provide details of the Academy Trust’s governance arrangements in the Governance Statement published within its annual accounts Provide advice on the ESFA intervention powers should they ever express concerns about the financial management and / or governance of an Academy Trust (including Multi Academy Trusts)
- Provide advice on the role and the requirements of the Accounting Officer
- Deliver appropriate finance training to the lead finance administrator on the new financial management requirements
- Preparation of monthly management accounts, including income and expenditure reports on an accruals basis, cash flow forecasts and balance sheets
- Completion or advice and guidance on the financial returns required for the ESFA
- Production of VAT returns, bank reconciliations and cash-flows
- Reconciliation and monitoring of control accounts e.g. salaries / VAT / creditors
- Production of management accounts for the finance committee at appropriate intervals e.g. termly, half-termly or monthly
- Advice and guidance to ensure ‘value for money’ is achieved
- Preparation of year-end workbook and accounts in preparation for annual audit
- Fund reconciliation
- Review the academy’s risk management profile, including legal obligations, business objectives and public expectations
- Provision of a detailed Internal Control Review Service to guide, support and ensure the academy and its Trustees meet and maintain the requirements of the new Academies Financial Handbook
- School Inventory and Asset Register compilation
