Information
Finance
It is Mighty Oaks belief that each school should have control over their own budget. Therefore, our trust will delegate 95% of the funds back so they can achieve the best for our children. Additionally, the trust will seek best value on contracts and Service Level Agreements for all of our schools so we can see the benefit of working together as a team in a larger group. The trust will also ensure that reporting requirements are fulfilled as set out by the ESFA.
Mighty Oaks will:
- Ensure compliance with the funding agreement (Master and Supplemental).
- Ensure compliance with the Academies Financial.
- Ensure all policies relating to finance are compliant and implemented.
- Ensure the Trust financial procedures manual is compliant and implemented appropriately.
- Provide day to day support with VAT accounting, submission of monthly returns to HMRC and dealing with queries raised by HMRC.
- Support capital funding bids and provide management of capital projects.
- Provide strategic procurement reviews to ensure best value and economies of scale across the Trust.
- Provide insurance arrangements, including procurement of insurance cover for the Trust.
- Manage banking facilities for the Trust.
- Prepare management reporting for Trustees.
- Support schools with annual budget setting and three to five year financial planning models.
- Hold termly budget review meetings with schools.
- Arrange and manage internal audits, including reporting to Trustees and ensuring recommendations are implemented.
- Arrange annual external audit of the Trust.
- Provide training for schools as required.
- Prepare DFE/ESFA financial returns.
- Prepare annual financial statements to ensure compliance with the Academies Accounts Direction issued by the ESFA annually.
- Submit of annual financial statements to the ESFA and Companies House.
- Ensure corporation tax returns and payments are accurately completed and submitted on time.
Interested in Joining Mighty Oaks?
We are always happy to hear from academies looking to join a Trust and maintained schools considering converting to an academy. We want to work with like-minded schools, that share our vision and aspirations for our children, and as such we are more than happy to have informal and formal conversations with schools considering joining a Trust. It is our policy to not ‘cold call’ schools or force ourselves upon anyone, as we are only interested in schools that really want to work with us and share our values.
How does the process work?
In the first instance we would be happy to come and have an informal discussion about how our trust operates and what our schools get from being a member. If you so choose, we will then arrange further information to be provided to you or arrange a more formal meeting to discuss membership in greater detail.
Each interested school will be discussed and considered by our trustees. If they feel that it is of mutual benefit for your school to join our trust at this stage a due diligence activity on the interested school will be undertaken. Throughout this whole process the school and trust have opportunity to ascertain whether this is a mutually beneficial relationship and good fit for both parties.
If all parties agree that the best outcome for all is for the school to join the trust, then a full consultation period will begin that will include all stakeholders. Members of the trust will spend a day in school for a consultation day and meet parents, governors and staff.
Finally, the school will apply for an Academy order once governors have made a final decision. Mighty Oaks will support schools throughout each stage.
