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Welcome to the Spring 2024 newsletter which contains useful key information, dates and deadlines. Yes we are aware it is now actually the Summer term (although it seems the Devon weather has not got the message) but due to how busy last term was with budgeting and year end we decided to send the newsletter early this term.
As notified in the previous newsletter there has been a change to the core subscription this year. The core package now includes one half day visit from your finance consultant per term (instead of one day per year). Please contact your finance consultant to book your visits.
In addition to the regular bursar cover currently offered we will also be offering a lower tier finance admin cover service at a lower rate of £275 a day. These additional hours can be booked via the shop on the DES website.
New year 2024/2025
- Once the new year is open ensure that you update the staffing commitments by going to tools/define financial years/define salary periods.
- You can add the pay rise for NJC and teachers into FMS if you wish to (if not remember to allow for it when you do an FRS). The percentage you put in will need to match what you have included in your budget. This can be done through the annual award percentage button on the top right of salary projections page. You will need to add for all service terms. Remember to change the date for the NJC pay rise to the 1/4/24 as it will default to 1/9/24.
- Review ledger code links and remove any not required. This is done through FMS at tools/general ledger setup and using tab 6 C/Centre Ledger Links. Links can be removed or added using the plus and minus signs on the right. Removing unused (or no longer required) links will help to tidy up FMS and make reconciliation easier and FRS reporting clearer.
- Cost centres no longer required can be deleted in the new year once final close has been completed. First remove all ledger code links to the cost centre. The system should then let you delete the cost centre.
Old year closedown
- A preliminary close of 23/24 can be performed multiple times. Only complete final close when you have matched FMS to Finest in ALL codes and when you have received confirmation from DCC of the carry forward (likely to be in July).
- To check your carry forward run a summary trial balance in the old year (2023/24) for each fund code at period 13, tick the “hide FD & FC codes” box, then the balance at the bottom of the summary trial balance is the carry forward to the new financial year (2024). This can be double checked in the new year by running a trial balance in 2024 and checking the RETAIN balances agree with DCC.
- Please don’t close down if any of the funds don’t match until you have found out why. If you have any problems give us a call!
A final FRS for FY 23/24 needs to be sent to DCC by the end of April once you have balanced with Finest. The first FRS for 24/25 needs to be submitted by the end of the summer term but no earlier than the 17th June. Please ensure that it is sent in the correct format using the ‘All Schools Report’ which can be downloaded in the finance budget pages DCC FRS Budget Monitoring Report Template.
To complete the report in FRS ensure that the forecast entry page is set to Future Inc/Exp and then select Detailed Budget Monitoring from the menu contents and choose ‘By Ledger Code. Choose “All codes” from the box marked “Selection Options”. Go to layout then load and choose ‘allschoolsreport’ from your FRS layouts. From the “Export” box choose “To Excel” and then save the report as a “Excel 97-2003 Workbook” using the following format for the file name:
878xxxx_8781234_exampleprimaryschool_230110_1410
878xxx always remains the same. 8781234 is the DfE number of your school followed by its name. 230110-1410 is the date and time. Here the report relates to the year 2023 and to April (period 01) and it has been created on 10th of the month at 14:10 in the afternoon. Save the report where you can readily find it later.
Send the report to DCC using Devon Transfer under Apps and Tools. Ensure you choose Finance Information under the file type and service.
The deadline for sending your schools approved budget to DCC is 1st May 2024. To do this lock and publish the appropriate scenario in Access. The budget must be approved by the FGB before it is submitted to DCC. If you are unable to meet this deadline please let DCC know by emailing financeschools-mailbox@devon.gov.uk.
Once your budget has been agreed by governors it can either be imported into FMS using the FPS budget companion (every line in your access budget will need to be linked to a ledger code and cost centre to do this) or entered manually under focus/budget management/cost centre allocation. Remember to set the budget in FMS using the button at the top right ‘fix the budget’ on the cost centre allocation page. If you require help with importing or adding your budget to FMS please speak to your finance consultant.
Schools should have received the second payment of any claims into the 23/24 FY. Due to the amount of claims schools received 95% of the second payment which equates to 97.5% overall. Please be aware of the Mutual Fund deadlines for submitting claims as no claims will be considered after this date.
The scheme will be reviewed this year with closure one option being considered from April 2025. There will be a consultation on this later in the year.
 The employee contribution for Teachers Pension is 28.68% from the 1/4/24. SIMS will need to be updated with the new rate under tools/staff/superannuation. Search for TEAC and add the new rate from the 1/4/24. Save to apply the change.
There is a DfE grant to help cover the cost of the pension rise. For maintained schools from 2024/2025 the grant will be rolled into the National Funding Formula and included in your School Budget Share. Further details and a calculator to see how much your school will be allocated is available at https://www.gov.uk/government/publications/teachers-pension-employer-contribution-grant-2024-for-schools-high-needs-settings-and-local-authorities-2024-to-2025
Schools will receive 2 payments. The first will be in May 2024 covering the months April to August 2024 and the second in October 2024 covering Sept to March 2025.
Special schools will be funded at £595 per place. There will be 2 payments in the 2024 to 2025 financial year with the first payment confirmed in May 2024 based on the number of places reported to the ESFA by April 2024.The DfE will confirm in due course how the high needs element of the grant will continue to be provided in 2025-26.
In order to ensure schools are kept up to date and can have some input into options for a future finance system in schools they will shortly receive a survey asking about their preference. Information will be provided with the survey to help schools understand what the options are. Please keep a look out for the survey and ensure you complete it to have your say. If you have any questions please contact finance.futurefinanceproject-mailbox@devon.gov.uk
This is a really useful tool that provides near live data from Finest. Schools can check if income has been received, payments made or journals actioned on Finest. As the information is up to date there is no need to email and wait for a response if you have a query. If you have not already signed up then email financeschools-mailbox@devon.gov.uk requesting access. Further information is available at Maintained School Data - Support for schools and settings (devon.gov.uk)
The hourly rates all include 6p SEND and 4p Deprivation:
- 3&4 year olds - £5.22 per hour
- 2 year olds - £7.10 per hour
- Under 2’s (from 9 months) - £9.60 per hour
- Early Years Pupil Premium – 68p per hour (3 & 4 year olds only)
- Disability Access £910 per annum (pro rata)
From 1 April 2024, Early Years Pupil Premium and Disability Access Funding will be available for all eligible children under 5 and in receipt of one of the Early Years funding entitlements.
Schools Bursar Briefings
- Exeter – 22 October 2024
- Bideford - 23 October 2024
- Online – 24 October 2024
Conferences
School Finance Conference – 5 December 2024
School Support Services Conference – 29 January 2025
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