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Many people were worried about the WGA (Whole of Government Accounting) return at our seminar. YPLA promised to simplify it this year and the result is a very cut down version which should be straightforward to complete.
The YPLA have issued some guidance, and the forms themselves yesterday:
Guidance:
http://www.ypla.gov.uk/publications/latest/Detail.htm?id=bda6c2f0-26d5-4eed-80f1-bf5689d64290
And the form itself
http://www.ypla.gov.uk/publications/latest/Detail.htm?id=d97234fd-24c5-4eea-82ae-da31cb6ded34
As this is relevant to the year from 1 April 2010 to 31 March 2011 then it is not going to need to be completed this year by most of you, but I am sending it out so you know what you may face this time next year (It may have changed to Clear Line of Sight (CLOS) by then). Basically it is just a trial balance level set of accounts for the year to 31 March each year.
Clear line of Sight, should you wish to read about it, is explained here:
http://www.hm-treasury.gov.uk/psr_clear_line_of_sight_intro.htm
With regard to VAT for early academies, there could be an option for you to claim a transitional payment – a loan – from YPLA to assist with cash flow as a result of the VAT grant being replaced by VAT registration. The transitional payment would fund the period from April to September (which is when you should be able to make a claim from HMRC), and would be repayable to YPLA by March 2012.
In any event, there is always the possibility to apply for short-term cash flow funding from the YPLA if there is a good reason for the difficulty.
http://www.ypla.gov.uk/publications/latest/Detail.htm?id=5e92cf59-348d-4350-aaf0-07079d197811
For any of you that are desperate for some bedtime reading, two VAT guidance notices may be of use. Whilst not directly relevant to Academies, they may give an indication on any transactions that might concern you. Be aware that Academies may actually be in a slightly better situation than the local authority because of being a charity. We await any specific VAT guidance for academies:
Notice 749 Local Authorities and similar bodies:
http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_
nfpb=true&_pageLabel=pageLibrary_ShowContent&id=HMCE_CL_000179&propertyType=document
Notice 701/30 Education and vocational training:
http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_
pageLabel=pageVAT_ShowContent&id=HMCE_CL_000117&propertyType=document
There is not necessarily a need to register for VAT as you may be able to claim a repayment on form VAT126. You will need to register for VAT.
Form VAT 126 can be found at:
http://customs.hmrc.gov.uk/channelsPortalWebApp/downloadFile?contentID=HMCE_PROD1_029121
I believe that this form may not be used until September 2011 when the Finance Act receives Royal Assent.
Randall & Payne intend to produce a simple web based VAT guide, with which we wish to inform how to deal with most transactions and where you may need additional support.
I mentioned this form to several of you and at my seminar. This replaces systems inspections that the YPLA previously used to undertake. The form will lead to a rating of inadequate to outstanding for the strength of your school’s systems of control, and governance (similar to FMSiS).
These forms and guidance can be found at:
http://www.ypla.gov.uk/aboutus/ourwork/guidance/finance/academies-fmge/
Comments from YPLA were that schools found this useful and not particularly onerous. It helped them with their systems.
We await the release of the revised Financial Handbook, Annual Accounting Return (AAR) and the YPLA’s model sets of accounts (currently named Coketown Academy).
Randall & Payne LLP have been appointed as auditors by 7 Gloucestershire academies with a number of others having indicated that they are likely to appoint us. We are members of the UK200 Group (an association of quality assured professionals), and firms within that group have been appointed by significant numbers of academies. We are eventually likely to be dealing with large numbers across the UK200 Group and would like to hear your thoughts on whether you would be interested in us establishing benchmarking. The question is you would be willing to confidentially submit financial data in return for benchmark data. (This is currently a requirement of the handbook (4.7), but may change when the new handbook is released).
For more information on how Randall and Payne can help you call Ian Sellwood on 01242 548600
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