Case study: The Thomas Cowley High School
In 2020, The Thomas Cowley High School in Lincolnshire was identified as having problems with the reporting of financial information within their audited accounts. We helped them to ensure they were meeting the requirements of the Academies Financial Handbook by revising their management accounts and providing them with ongoing support.
The challenge
The Thomas Cowley High School was notified by the ESFA that they had a query regarding their final year-end accounts. On handover, inaccuracies in the data were identified which needed resolving.
The Academy needed to strengthen the systems and processes they had in place to ensure they were complying with the Academies Financial Handbook. They were also asked to provide the ESFA with a monthly suite of reports showing headline and actual budgets, forecasts, variances and relevant Integrated Curriculum Financial Planning (ICFP) key performance indicators.
Where we came in
After receiving a recommendation for Day’s Accountancy Services, Sam Pacey, the Academy’s Business Manager, contacted us to see if we could help.
As well as recognising that the Academy needed support in producing accounts that met the requirements of the Academies Financial Handbook, Sam was keen to better her own understanding, so that she could be more involved in producing the management accounts in future.
Sam told us: “After speaking to Caroline, I felt instantly reassured that we would be able to work well together.”
What we did
Work kicked off remotely during the first Covid lockdown, which came with its own set of challenges! We began by revising the management accounts – identifying issues and taking action to resolve them so that all the requirements of the Academies Financial Handbook could be met.
We also provided support in setting a more robust budget. The Academy took part in a mini SRMA review, which allowed them to receive key metrics under ICFP for income and expenditure. We were able to use these to identify areas where cost efficiencies could be made in order to help stabilise the Academy’s finances.
Alongside these measures, we supported the Academy on an ongoing basis with their monthly management accounts, budgeting and forecasting, and reporting to the Trust Finance committee – and we continue to provide this support today. We’re also involved in preparing all finance-related statutory ESFA returns so that they can be approved and submitted well in advance of deadlines.
Where they are now
We’re so pleased to be able to say that The Thomas Cowley High School is in a much healthier financial position!
Trustees now receive an informative set of management accounts on a regular basis and government returns are compliant with the latest Academy Trust Handbook. We’ve also put processes in place so that the Academy can easily provide us with all the information we need to produce regular and thorough accounts for them.
Most importantly, the SLT and Trust Board both understand the need to plan in line with ICFP metrics so that they have sufficient surpluses for the future of the Trust. We look forward to continuing to work together as the Academy goes from strength to strength.
“Caroline and I have a great working relationship. I now feel more confident and am pleased that the problems have been resolved. Caroline is extremely hard-working, flexible and totally committed. She works with you to ensure the best outcome. I would fully recommend her.”
– Sam Pacey, Business Manager at The Thomas Cowley High School
To learn more about how we can help your school with our consultancy services, just get in touch for a free consultation.