Schools Statutory returns

Schools Finance Support will monitor and challenge schools' financial performance, maintain all statutory return forms to ensure they are fit for purpose, distribute cash to schools, carry out general accounting functions and year-end processes, and provide policy and process updates.

Timetable can be found on our website at:-

Accounting Timetable 2020-21

All statutory return forms are free to download from our website here.

No, all statutory returns should be submitted in the LA required forms to ensure robust financial monitoring and minimise the risk of fraud. Please refrain from altering the statutory return forms. If you employ a service provider to complete this for you, can you please ensure they use the correct form. This is in line with our Fair Funding Scheme. If the schools cannot comply with the requirements, a chargeable consultant visit will be required.

We publish our guidance notes on our website for each statutory return.

You can buy into our telephone support or visit support. Please contact Schools Finance on 0115 8765053 or email schools.finance@nottinghamcity.gov.uk for details. We also offer finance training to all maintained schools. It is free for schools that have bought into one of our visit packages or £75 per delegate for schools that have not bought into our visit package, details can be found on our website 'Finance Training and Support' page.

For schools that have bought into our telephone and email support package or any visit package, we will contact EMSS payroll on behalf of the school and obtain all the information.

For schools that have not bought into Schools Finance support package, you will need to contact EMSS payroll directly about the incorrect posting and obtain the information about the correct recipient.

Either way, an Oracle Amendment Form should be completed and submitted to Schools Finance Support. If it involves transferring costs from one school to another, an Oracle amendment from should be completed by the transferring school, sent to the receiving school and then forwarded to Schools Finance Support to effect the transfer in the Oracle system.

If REC1 remains out of balance, the school will be required to continue to submit supporting information until any discrepancies have been corrected. If the school is still unable to provide a balanced REC1 a chargeable consultant visit will be required.

Deficit must not exceed the greater of 5% of the school budget share or £35k for Primary and the greater of 2.5% of the school budget share or £70k for Secondary, unless approved by the Corporate Director of Children and Adults and the Chief Finance Officer. Schools Finance Support will assess and approve the deficit budget plan.

Maximum repayment period is 3 years, in exceptional circumstances 5 years if approved by Corporate Director of Children and Adults and Director of Resources.

As schools are not allowed to incur an overdraft on their local chequebook accounts, the LA will temporarily support a school's deficit subject to the deficit level agreed by the Corporate Director of Children and Adults.

You will need to contact Schools Finance Support immediately and explain the reasons for the deficit. A statutory visit will be arranged and you will be required Monthly outturn report will be required. Schools Finance Support will also require the deficit school to use the LA budget planner to complete their monthly outturn and 3 Year Financial Plan and Deficit Recovery Plan where appropriate.

Financial procedures can be found on our website. Revised Financial Procedures for Schools Converting to Academies – 2017

We will visit the converting school 3 months prior to the conversion, or when we are notified if this is less than 3 months to explain the process.

Schools Finance Support will provide the final balance to Head Teacher within four months of the date of conversion and School Funding Team will release the agreed final balance within one month following the agreement.