Completed your Academies Budget Forecast Return (BFR) for the ESFA? Was it a bit of a struggle?
Having accurate asset data is a key element for accurate budget forecasting and sound financial planning. It lets you make more informed investment decisions, deploy your school funding more effectively and quickly and confidently complete your budget forecast return.
SG World offer AudIT Asset Management software and services developed especially for schools which help them keep on top of the school inventory quickly and easily. In addition to tracking your fixed and intangible assets, AudIT’s flexible, intuitive platform helps with estate management, school maintenance, tracking and recording service contracts, lease renewals and equipment inspections. The software will even help you calculate asset depreciation and track asset disposals. The Academies Budget Forecast Return Outturn (BFRO) guide identifies the information trusts need to gather to complete the BFRO workbook, AudIT's flexible reporting provides the data you need to complete these sections:
Academies budget forecast return outturn 2018
2.3.2 Capital Assets – value, disposals and expenditure.
Line 520 record the value of any capital donation of an asset from the ESFA for PSPB/Free Schools Programme
Line 570 track all other capital income such as proceeds from the sale of fixed assets
Disposal proceeds (lines 581-583) – include the value that all disposals are carried in the financial statements, i.e. cost less depreciation in the following categories - other fixed assets and intangible fixed assets
Line 572 capital assets transferred to academy on conversion – include the value of capital assets and liabilities received or receivable on conversion from local authorities on conversion
Line 573 capital assets transferred of an existing academy into the trust – include the value of capital assets and liabilities received or receivable following the transfer of an existing academy from another academy trust
Line 630 – 638 track cost of intangible assets additions (software), other fixed assets additions (lines 636-638) such as furniture and equipment, computer equipment, motor vehicles, assets under construction, etc broken down into the following categories:
- Line 636 funded by ESFA grants
- Line 637 funded by other capital grants
- Line 638 funded by reserves – including other revenue sources
Line 710 – track gain/loss on disposal of fixed assets – deduct the carrying amount of the asset and related selling expenses from the proceeds of the disposal.
Line 712 impairments – include the value of any impairment charges during the period.
Lines 715 – 717 - include all depreciation charges including depreciation charges for donated assets and other assets, excluding buildings or donated assets