WMAT Finance Overview

In this section, you will find:

• Why school finance is different from a Local Authority to an Academy

• Governance 

• WMAT Financial Yearly Timetable

• WMAT Financial Systems and Training 

• Audit and Regularity for Academies 

• WMAT Banking arrangements

• Insurance for Academies

• WMAT Purchasing 

Why school finance is different from a Local Authority (LA) to an Academy

When a LA school, that was previously a maintained local authority school joins a trust, the school is known as an academy. In a multi -academy trust "MAT", the academy trust will be set up to operate a number of academies. When LA schools join the Trust they legally then become part of the Weydon Multi Academy Trust.

Academies are independent from the Local Authority. Academies are accountable in Law to the DFE (Department of Education). Every academic year the DFE publishes it's Academy Trust Handbook for Academies in the UK, Academies must fully comply with the handbook. WMAT Academy Trust Handbook is based on the DFE's Academy Trust handbook. All WMAT finance procedures and processes have been developed to ensure that all schools are compliant with WMAT Academy Trust Handbook, these finance procedures and processes must be followed all schools within the Trust. Schools must not have their own local finance procedures or processes.

The WMAT Academy Trust Handbook can be found within the policy section on WMAT website:

http://www.weydonmat.co.uk/235/key-information/category/21/policies

The WMAT Academy Trust Handbook must be read by all central and school staff involved in finance. The handbook should also be the first point of reference for clarification on WMAT finance procedures and policy for all schools. 

To help with the understanding of WMAT key finance processes and procedures, milestones and general understanding, below is a summary of key points which support the sections within WMAT Academy Trust Handbook.

Governance 

In accordance with WMAT Scheme of delegation for Decisions, Local Governing Bodies (LGBs) have been given delegated authorities to make decisions, monitor, evaluate and review plans for their own academy on behalf of the Board of Trustees.. The CEO who is the named 'Accounting Officer' is ultimately responsible to HM Parliament and Companies House.  For Finance, the LGBs delegated responsibility for their academy is as follows:

• Ensure central financial procedures and processes are implemented effectively 

• Annual approval of Academies balanced in - year budget in accordance with Trust requirements and DFE timeframes

• Monitor financial performance against Academy budgets and re forecasts 

WMAT Financial Yearly Timetable

• • • Key Finance DFE Yearly Finance Milestones

      • All academies to submit audited and approved consolidated financial year-end statutory financial statements by 31 December 

Key Information - Weydon Multi Academy Trust (weydonmat.co.uk) 

• • • • All academies to submit a consolidated Academies Accounts Return (AAR) based on the statutory financial statements by 25 January

      • All academies to submit consolidated Budget Forecast Return (BFR) by 31 August 

      • For all of the above the central WMAT central finance prepare, complete and submit the required reports to the DFE

• • • Key Financial Dates for all Schools

      • WMAT financial year-end is 31 August, the full financial year is therefore Sept - Aug, the same as the school academic year

      • 3 year financial budgets are required to be approved by all school finance local Governing bodies (LGB) in June 

      • The Trustees approved the 3 year financial budget in June 

      • October school census is the key census that the DFE uses to derive each schools GAG funding (General Annual Grant). The grant is based on the NOR  (Number on Role) as per this submitted census. This census is submitted by each school, this is not completed by WMAT central team but we support with the accuracy of the return should this be required

• • • Key Finance activities

      • Monthly management Accounts and re forecasts are prepared by WMAT central finance for each school, these are sent to the Head/Principal and Finance LGB chair monthly for review 

      • Monthly payroll reconciliation process for all schools completed by WMAT central finance and sent to Heads/Principals for review monthly 

      • Yearly budget process will formally start in January for each school, first with ICFP (Integrated Curriculum Financial Planning) school reviews. Formal WMAT Budget guidance and expectations will be distributed to schools and LGBs by WMAT central finance in January

      • Each school will be responsible for decision making for all areas of their budgets. WMAT central finance will guide schools, prepare the budgets, supporting documentation and final budget reports

      • In accordance with DFE and WMAT Academy Handbooks, in-year school budgets are expected to balance. Where a school is or potentially facing a budget deficit, WMAT central finance will work with the Principal/Head and the school's LGB on an individual basis. 

WMAT Financial Systems and Training 

        Please note we are a paperless WMAT central finance team, we use the finance systems listed below.  All finance systems comply with WMAT Academy Trust Handbook, any documents such as invoices, delivery notes, staff expenses and emails can be attached into IRIS PSF purchasing and accounting . We use our finance systems for efficiency and consistency across the Trust. 

• • • IMP budgeting software ( WMAT central finance only)

    • IRIS PSF

• IRIS Financials Purchasing (PSF Online) (all schools will use this to raise their REQ orders, approve orders and GRN their orders)

• IRIS Financial Accounting (WMAT Central Finance only)

• • • Dataplan for payroll (all schools and WMAT Finance)

    • Arbor Payments for Trips, clubs and cashless catering (schools will maintain Arbor and MIS within their school, this is not a central finance function)

    • SportsKey (used for hiring of school facilities)

      For IRIS Financial Purchasing, included with in these go to help guides, there are step by step instructions published for 'how to': raise, approve and GRN          REQ orders. 

     The WMAT central finance is able to provide 'one to one' and group bespoke training when required. 

 Audit and regularity for academies 

WMAT are subject to financial and regularity audit throughout the financial year, the audits listed below happen every financial year. The audits are managed centrally by the WMAT central Finance, however, all schools will be subject to audit where support documentation is held locally, i.e. contractual pay documentation. All schools are expected to prioritize and support the WMAT finance central with audit processes. For each of the audits there are formal reports sent to the DFE and other such authorities. i.e. Teachers Pension  All reports are presented to WMAT Trustees via the WMAT Audit and Risk Committee. The annual Trust audits are:

• Internal scrutiny audits - by CEFM, these audits are once a term. 3 audits a financial year - timings are advised

• External financial audit for Consolidated Financial Statements and SCITT - by Buzzacotts. This is annually in November and December 

• Teachers Pension audit - by Buzzacotts. This is annually in July 

        It is also worth noting that HMRC/DFE can instruct an audit/review (over and above the audits listed above) for any UK MAT should they consider this to be required, as above these audits are managed by WMAT central finance. 

WMAT Banking Arrangements 

• WMAT bankers are Lloyds bank. The relationship with the bank is maintained by the WMAT Central Finance 

• All school payments are made by the WMAT central finance, payments can not be made by schools

• Schools are not permitted to hold petty cash for the reimbursement of purchases. Colleagues need to follow the staff expenses reimbursement policy which can be found in Staff Section of the guides. 

• There are weekly BACS payment runs to ensure our suppliers and staff expenses are paid on a regular basis

• Any supplier payment queries are managed WMAT central finance  

• WMAT finance perform the monthly bank reconciliation and WMAT consolidated cashflow projections for the Trust 

    Insurance for Academies 

      Upon joining WMAT schools will join the Risk Protection Arrangement for schools (RPA). The RPA provides comprehensive risk protection for public              sector schools and is an alternative to commercial insurance for the education sector. Under RPA the UK Government covers the losses instead of           commercial insurance. Each school has its own insurance certificate to display. The anual renewal date is 1 September each year. This insurance also includes cover for school trips, as with any insurance policy, if there is any specific cover that is needed for a trip the RPA should be contacted by the school's EVC.  As trips are planned and run by the schools, every school is legally required to have an EVC, this can not be Trust function. 

      For minibus insurance this is a separate insurance policy, not covered by the RPA, this is WMAT Trust contract, schools should not take out separate insurance. 

 WMAT Purchasing 

   As this is such a key area for WMAT finance process and compliance, there is a separate page within finance section of the guides for purchasing and authorisation procedures.

Reference of the other Finance Pages within theses guide listed below (please access these through the main menu)

Welcome to WMAT Finance Central Team 

WMAT Purchasing 

Finance Terminology Help Guide 

How To Guide 

FAQs