Schools’ Bulletin

Date: 10th January 2010 / Ref: For Office Use Only
Audience: Head Teachers, School Business Manager, All Finance Contact
Please copy to: Appropriate staff and Governors / Status
Statutory Requirement / √
LA info and guidance / √
Training & Development / √
School Phase/Type:
Attachments: VAT update, School meals forms and guidance and finance training

TITLE: FINANCE UPDATE JANUARY 2011

Happy New Year to you all.
VAT
As from 1st January 2011 the VAT rate is 20.0%. It is important the correct amount of VAT is applied to all invoices. This new rate will apply to invoices raised on or after 1st January 2011. Any invoice raised before that date, the rate will be 17.5%.
Please see the attached documents for details of how to manage the change - if you are unsure or need any additional advice contact Josh Battye on 01925465157. It is important that all schools familiarise themselves with information, and act on to help protect the Council from the risk of financial penalties from HMRC.
Period Closure Date
Please note the period closure date is 12th calendar day of each month or the Friday preceding if the 12th falls on a weekend / bank holiday) as requested by Corporate Finance.
Finance Website
Attached link to the newly updated Finance website. The website is update on regular basis with all information sent out to schools. It is advisable that schools access all the time.
http://www.westminster.gov.uk/services/educationandlearning/schoolsandcolleges/schoolsinformation/finance-services-to-schools/
Cheque Imprest and Petty cash spreadsheets
Two updated Payments Analysis Journals for cheque imprest accounts and petty cash floats which calculate VAT at the new rate will be available on the schools finance website by latest Wednesday 12th January 2011. All schools must use these forms for both petty cash and cheque imprest analysis. Each PAJ has an instruction sheet attached to explain exactly how they should be used. Please read these instructions carefully before using them.
Please note that all journals must be emailed to finance contact any handwritten disbursement forms will be sent back to schools. These electronic Payments Analysis Journals can be downloaded for use with effect from 10th January 2011. If you have any queries please contact any member of the Schools & Commissioning finance team who can support you.
Any claim for purchase in December will need to use the old form and new claims from 1st Jan will need to use the new PAJ.
Overdrawn Bank Account
A reminder that the cheque imprest account does not have an overdraft facility. It is the responsibility of imprest holders to ensure the cheque imprest account is reimbursed as soon as possible and disbursement journals emailed to the linked finance contact within 2 working days.

Period 10

Period 10 monitoring is due to go out shortly. Please be reminded that this return is a requirement as stated in Westminster Scheme for Financing schools Annex B (See link below) and must be sent to Finance by the due date on the email sent out.
http://www.westminster.gov.uk/services/educationandlearning/schoolsandcolleges/
schoolsinformation/financialreporting/
School Meals
As discussed in the Schools Admin Forum on 9th November, schools will start to monitor their Children’s and Adult meal income from January. An email has gone out to all schools from Georgina Nash 31/12/2010 which includes an electronic BGC4 form that has been designed for schools to complete each week and also includes any income taken for Adult Meals and user notes which should be saved for future reference. This is also available on the school’s finance website. This means schools will no longer receive internal recharges to sign and return.
Yearend
As the year is coming to a close please bear in mind the following:
·  Capital Claims: Please ensure all DFC claim forms are completed and returned. Georgina Nash is responsible for DFC issues. Please contact her email: or telephone 020 7641 1832
·  Closing open purchase orders: Please check all open orders on WIMS as accruals are automatically generated at year end. Where goods have been received please ensure all open orders are closed
·  Recoding expenditure: CFR categories are important. Please ensure all expenditure is coded to the correct account code. All schools can do journals within their cost centre to recode expenditure
·  Cheque Imprest and Petty cash: Please ensure all disbursement journals are sent in and petty cash reimbursed and reconciled. Bank reconciliation must be done on monthly basis.
Finance Training Academic Year 2010-11
Please refer to training dates on the finance website to see all courses for the remainder of the year. We will reschedule Economy and Efficiency in schools course which were cancelled last term.
For schools not bought into the Finance traded services there will a charge of £70 for any course attended.
Notice of cancellations received less than 24 hours before the start of the course non attendance or unauthorised substitution of nominees will incur a penalty charge of £70 per person. All cancellations must be in writing, by email or fax.
If you are interested in attending a course please contact Dannette Davies on or 020 7641 3445 or Andrew Hutton on or 020 764 3277 or fax 020 7641 5060
From: Dannette Davies Schools & Commissioning Finance Team / Action / Response
Contact Name: Dannette Davies
Telephone: 0207 641 3445
Fax: 0207 641 5060
Email: / Address: !3th Floor SW
City Hall
64 Victoria St
London
SW1E 6QP