Academies Financial Handbook Key Changes

Issued August 2020

Next week sees the 2020 version of the Academies Financial Handbook come into force – key changes include;

With effect from 1 March 2021, members must not be employees of the trust, nor occupy staff establishment roles on an unpaid voluntary basis

Register of interests

Trusts must keep their register of interests updated at all times (5.46). Trusts currently tend to update the register annually, this would no longer be sufficient. We would suggest that this takes place regularly at boards meetings.

Fixed asset register

Trusts must maintain a fixed asset register – Xeinadin can help you set up and maintain a Fixed Asset Register if you don’t have one

Integrated Curriculum Financial Planning

Boards are encouraged to adopt Integrated Curriculum Financial Planning – Xeinadin have regularly carried out ICFP reviews and are ideally placed to support you with this

Internal Scrutiny

From 1 September 2020, accountancy firms can no longer undertake both external and internal audit services for the same trust. Trusts must consider non financial risks as well as financial risks. Xeinadin can provide a full Internal Scrutiny Services covering both financial and non financial risks.

How Xeinadin can help

Xeinadin’s academy experts provide a full range of financial and audit services to the academy sector – if you would like to discuss your audit needs with one of our Directors then please email Alex Ffrench, alex.ffrench@williamsgiles.co.uk

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