Governance & Compliance 26: Summer Term FRS Monitoring Reports
Posted on 21 August 2015 by education.finance
Many thanks to those how have sent in an FRS summer monitoring statement. However, there are almost 80 schools which remain outstanding.
Should the FRS report not be received by 4th September 2015, a letter will be sent to the headteacher reminding them of the rules under Section 2.1.2 of the Scheme For Financing Schools that it is a requirement to provide the authority with details of actual and anticipated expenditure and income set alongside their budgets.
This is first term where it has been compulsory for all maintained schools to submit an FRS report using the ‘allschoolsreport’ layout.
We have noticed, when processing these FRS reports, a vast majority of schools are still using incorrect ledger codes, or have ledger codes been correctly mapped to the relevant CFR codes.
Initially, we requested that schools amend the errors on their CFR mapping in FRS and journal the monies from the invalid ledger codes to valid ones. However, it has become apparent that schools would be required to re-load the current data from FMS and that the report would no longer match the information provided to the Governors.
We have therefore amended those FRS monitoring reports to enable us to use the data provided and assess the projected outturn position of the school. This has meant we have made the following changes:
- All incorrectly mapped ledger codes have been amended to the correct CFR code.
- Where an invalid ledger code has been used (for example 9111), for this report we have changed the ledger code to misc. income or misc. expenditure depending on the type of code that has been used.
Note: These changes have not taken place in either SIMS or FINEST.
A report detailing all incorrect ledger codes and/or all incorrectly mapped CFR codes will still be produced (an example of these reports can be found on the FRS website) to inform the school of the errors that will need amending within their records for the coming period. A report will also be sent back to those schools who have submitted a report using the wrong layout.
The school must act on the error reports and amend any incorrectly mapped CFR codes and journal any monies from invalid ledger codes to a valid ledger code within FMS.
Should the same errors exist in the autumn monitoring report, the FRS report will be rejected and remain outstanding, as we will not perform the corrections on any future reports.
All summer monitoring reports are available from SecureNet via the Finance Information Community to download today.
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