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Financial Notice to Improve
The EFA have issued a Financial Notice to Improve as a result of the Academy missing the deadline that the annual accounts needed to be submitted to the EFA. This letter was issued on 18th March 2016. The full letter is here
The DfE have said that the trustees need to have an independent review of the procedures to show that the Trustees/Governors are in a position to ensure that this doesn't happen again and have robust procedures in place.
In essence as a school we have 4 months to file the accounts compared to the normal companies 9 months. The audited accounts have been produced and have a clean audit report with no issues apart from the late filing. They have been submitted to the DfE and are published on our website here.
They have given us a timeline for the review and we have been ahead of every step so far.
The Trustees have asked David Owen and Co Chartered Accountants and Auditors to perform the review which will be completed by 24th June and will be presented to the EFA together with an action plan by 22nd July.