“Working and learning together to improve children’s lives”
Financial Structure and Organisation
Our experienced finance lead reports to the Accounting Officer, Don Parker, and the Finance, Risk and Audit Committee and Trustees. We have a strong team including qualified accountants who are very experienced both in education and the world of business. They monitor procedures, protocols and ensure compliance with the Academies Financial Handbook.
We have introduced a centralised finance system using Civica and our approach will have clearly segregated duties with appropriate internal controls. Our central finance team works very closely with the administrators in each school. Full training will be provided to all schools joining YCAT.
We are initially charging schools 3.5% of their EFA funding to pay for the centralised provision of school improvement, CPD, Finance, HR, Payroll, Health and Safety, Safeguarding, Well-being at work etc. The percentage of top slice is expected to decrease as the number of YCAT schools increase.
YCAT Finance- what we do…
The key objectives of our finance team are to:
- provide an efficient and cost-effective financial service to all our schools;
- ensure compliance with the Companies Act, Charity Law and the Academies Financial Handbook;
- provide timely, accurate and appropriate information to different levels of management (budget holders, headteachers, governors, trustees etc…) to support decision making;
- ensure all EFA reporting requirements are met and annual financial statements are prepared; and
- support the Accounting Officer in ensuring the schools achieve value for money, regularity and propriety in use of public funds
YCAT Finance.. How we do it
- We have a centralised finance team and central finance system (Civica). This helps us in achieving efficiency and consistency across the schools
- Our central finance team works closely with each of the schools and meets regularly with the local school administrators
- Our processes ensure each school has local autonomy for financial decision making whilst managing day to day transaction processing and accounting in one central location
- Our finance lead is a qualified chartered accountant with 15 years’ experience in a wide range of businesses and 7 years in education. She has also been a school governor for 8 years
- Our finance team is very strong, with many years’ experience and qualifications both in accountancy and School Business Management
- The finance team lead reports to the Financial Risk and Audit committee which consists of trustees with strong financial and business skills
- We are also establishing a regular independent review of our systems and processes by auditors in addition to the annual statutory audit
YCAT Finance.. Central charges
We charge a topslice from each school of 3.5%
This covers central costs including the following:
- School Improvement
- Cross school CPD
- Central Finance Services
- Health and Safety
- Health and Wellbeing
- Legal services
- Support from NYCC energy team
- ICT licences and support for Civica, Scholarpack and Budget Planning Software (Orovia BPS)
- Statutory Audit and internal audit charges
Register of Business Interests
A register of Business Interests is maintained for all trustees and members of YCAT.
Registered interests are as follows:
Judith Holliday, a member until April 2016, provides consultancy support for the Hart of Yorkshire SCITT which is part of YCAT. Charges for this provision are compliant with the Academies Financial Handbook Section 3.2 (Trading with Connected Parties)
There are no other business interests.