New Finance Directors Resource Area

Start of the New Financial Year: The beginning of the new financial year often involves various administrative adjustments and preparations for upcoming projects.

Holiday and Enrolment Overlaps: A significant number of staff are typically holidaying or not focused on enrolment activities during this period. As a result, attention must be given to project plans and schedules to ensure smooth operations.

GCSE Results and Enrolment: Around week 3, the GCSE results are released, and enrolment activities begin. This period typically involves approximately two weeks of intensive work to manage enrolment and related tasks.

Renegotiation of Teaching Staff Budgets: There’s often a need for urgent renegotiation of teaching staff budgets, which may include the use of agency staff. This is typically driven by changes in group sizes due to fluctuating enrolment patterns. It is important to advocate for cost savings wherever possible while ensuring that classes are properly staffed. Maintaining meaningful group sizes and ensuring the quality of instruction remain priorities. Given that data during these early weeks can be less reliable, some degree of judgment and trust is required in decision-making.

Support with Enrolment Setup: Assist with enrolment setup activities, depending on the areas you cover.

End of Year Reconciliation and Accounts Preparation: Depending on the college structure, ensure completion of end-of-year reconciliation, year-end closedown, and preparation of accounts. Possibly includes P12 Management Accounts feeding into draft Stat Accounts

Estates Closure: Confirm that estates are properly closed off, as required by the college structure, and ensure that any estates developments (e.g., refurbishments, redecorations, major new projects) are fully completed before closure.

Gather Non-Financial Data: Collect any non-financial data needed to support statutory accounts. This task can be scheduled for a later stage if necessary.

Term Start: As the new term begins, colleagues across the college will be managing many responsibilities. It is important to offer support wherever possible and provide flexibility with deadlines to help ease this busy period. Finance team Focus on Bursary Applications processing and evidence.

Department for Education (DfE) Funding Audits: Any official Department for Education (DfE) funding audits for the previous year will typically occur during this month. Ensure all required documentation is prepared in advance.

Audit Committee and Risk Monitoring: There may be an upcoming Audit Committee meeting, which could involve catching up on any delayed internal audits and reviewing the risk register. Consider any timetable or agenda changes. The information needed for this should be gathered in advance, and the governance lead can provide valuable guidance during this process.

July (P12) Management Accounts: The management accounts for July (P12) are due in early September, usually with a longer deadline than other months. Typically, they are due around the August (P1) accounts. Receive allocation Modelling information From DfE 

Draft Financial Statements for Audit: It’s necessary to prepare draft financial statements for audit, as audits may take place in some colleges during September.

Enrolment Performance and Group Sizes: Regularly check enrolment performance and group sizes to ensure staffing resources are adequate.
Note: Consider including other income streams (Higher Education, Apprenticeships, Adult Learning) alongside enrolment for a broader financial perspective.

Pay Award Negotiations: Begin pay award negotiations, noting that timelines and processes may vary depending on how staff awards are structured. Check your college's cycle of business.

Financial Statements and Regularity Audit: Most colleges undergo financial statements and regularity audits in October. Confirm timing and requirements with professional advisers or mentors.

R14 Return: Submit the R14 return for the previous financial year.

“Day 42” Funding Check: Around the start of half term, ensure all students are enrolled and attending all elements of their study programmes. This is critical for funding compliance and avoiding potential in-year clawback for T-Levels. NB Late starters day 42 is determined by start date.

Student Debtor Interventions: Assess whether interventions are needed, such as suspending access control after half term for outstanding debtors.

Q1 Forecast Revisions: Begin reviewing and revising Q1 forecasts (or revised budgets in some colleges).

Audit Actions and Finalisation: Ensure all audit actions are addressed and financial statements are finalised.

Upcoming Government Budget: Between now and early December, expect a budget announcement from HM Treasury. Monitor key points—Julian Gravatt at AoC typically shares helpful summaries via the findirectors Jiscmail and AoC finance update.

Half Term: Typically falls during the last week of the month.

Complete Annual Report and Financial Statements: Finalise and complete the annual report along with the financial statements.

Review and Finalise Audit Closure Report

AoC’s National Annual Conference: Usually held during the second week of November. Attendance is recommended, but be mindful of potential clashes with year-end and committee deadlines.

Committee Meetings: Finance and Audit Committees are likely to meet later this month. Main agenda items will include annual accounts, audit reviews, and auditor performance evaluations.

P12 Management Accounts vs Financial Statements: Compare and reconcile P12 management accounts with the finalised financial statements.

Project Grant Funding Returns: Check for any project grant funding returns due in December and confirm if any final purchases or supporting evidence are required.

R04 Funding Return: Submit the key R04 funding return for 16–18 learners early in December. Obtain an early version from MIS and discuss implications with senior colleagues, including the CEO, to allow time for adjustments. Model the impact as it will affect next year’s funding.

Curriculum Planning for Next Year: Begin discussions on curriculum planning, including strategy meetings, explaining the process through to the final budget, and updating budget documentation.

English and Maths GCSE Re-sits: At this time, English and Maths GCSE re-sits will take place, so plan for any associated staffing and timetable adjustments

Payroll: Typically runs early in the month.

Board Meeting: Full Board meeting for annual accounts sign-off.

Annual Finance Record: Complete the annual finance record and associated documents; submit to DfE by 31 December (hard close).

Year-End Filing: Finalise, tidy up, and archive year-end documentation.

College Closure: Most colleges close for two weeks, with at least one week of full closure for all staff.

Curriculum Planning: Curriculum planning for the next academic year should be well underway. Ensure MIS is actively involved, as they typically lead this process.

Internal Audit: Expect some internal audit activity during this period.

R06 Funding Return: Submit the R06 return in early February. The DfE will review consistency with R04 to inform next year’s funding allocations.

Auditor Tendering: Launch tenders for auditors now. Coordinate with procurement or CPC for support. Note: Tendering for auditors is not required every year; it typically occurs every 3–5 years depending on contract length.

Planning Indicators: By this stage, key planning assumptions should be clearer. Monitor Jiscmail and AoC updates for guidance.

BTEC Exams: BTEC exams begin this month. Confirm staffing, timetabling, and resource requirements.

Audit Committee: Likely meeting this month. Update the risk register and ensure all audit actions are tracked and completed.

Q2 Forecast: Review and update the Q2 financial forecast.

Project Grant Funding Returns: Check for any grant funding returns due in March. Confirm if final purchases or supporting evidence are required.

Curriculum Plan Completion: Use half-term as a deadline for completing the curriculum plan. Afterward, review with the Executive team, make final adjustments in line with curriculum strategy, and check efficiency measures and overall funding.

Receive allocation Modelling information From DfE

Finance Committee: Review Q2 figures and present an outline budget for the next year to set expectations and establish KPI parameters.

Curriculum Plan Approval: Secure full Executive sign-off on the curriculum plan as the foundation for the budget. This may involve departmental budget meetings and reviews.

Staffing Data: Begin working with HR to compile staffing establishment data to support budget development.

Funding Allocations: DfE typically announces 16–18 funding allocations for the next academic year, along with other key decisions.

Devolved Authority Reporting: Please note that devolved authorities may require additional reporting during this period. Because these requirements differ between authorities, you should confirm the exact obligations directly with your own devolved authority.

Budget Meetings: Hold budget meetings with non-curriculum areas.

Internal Audit: Some internal audit work may be ongoing during this period.

Budget Development: Begin working on the budget in earnest and complete baseline staffing establishment data with HR.

Summer Works: Finalise plans for summer works with contractors.

Easter Break: Curriculum teams are generally away. A good time to take leave yourself, provided progress is on track.

DfE Announcements: If an election is approaching, expect a flurry of announcements before purdah.

Audit Committee: Likely this month (or June). Update the risk register and confirm audit actions are tracked and completed.

AoC Finance Conference: Usually held in May. Recommended for CFOs new to the sector and for developing direct reports.

Internal Audit: Some internal audit work may continue during this period.

Exam Season: Begins in early May. Pay particular attention to the five major English and Maths papers. Colleges may suspend other activities during these sessions and require staff to invigilate or assist students.

Q3 Forecast: Update Q3 forecast to support comparisons for next year’s budget.

Budget Completion: Aim to finalise the budget by late May for internal review and sign-off ahead of committee approval. Confirm decisions requiring Executive support and check alignment with KPI expectations.

External Audit Planning: Schedule planning meetings for the external audit.

CFFR Draft: Ideally complete the CFFR draft before internal review.

Subcontracting Controls Audit: Consider whether a subcontracting controls audit is required (typically on a three-year cycle).

Finance Committee: Review Q3 figures and next year’s budget. Consider updates to Financial Regulations and Fee Policy.

DfE Guidance Review: Check the latest DfE Accounts Direction and Financial Handbook for any required updates to Financial Regulations or related policies.

CFFR Draft: Complete the CFFR draft and ensure alignment with the budget presentation before committee packs are issued.

Year-End Planning: Issue year-end planning instructions to budget holders covering POs, invoices, accruals, cash balances, inventories, assets, and expense claims.

Regularity Audit: Prepare for the regularity audit. This will require governance support and could be scheduled later depending on the committee cycle. It also supports the external audit on their regulatory opinion.

Governing Body: Full Board meeting for budget approval.

CFFR Submission: Review and submit the CFFR to the DfE.

Financial Statements Preparation: Obtain the latest Casterbridge accounts model and incorporate updates into draft financial statements for next year. Include prior year actuals in comparison columns and update date references.

Budget Upload: Upload the approved budget to the finance system ahead of the new financial year.

Financial Year-End: Complete all year-end processes.

Term End: Term usually ends in early July. Staff availability drops significantly, so resolve outstanding queries in advance.

Annual Leave: Consider taking leave in late July or early August before the new cycle begins.