What you must include in monthly budget monitoring reports
Your trust's internal control framework must include the preparation of monthly budget monitoring reports.
These must include:
- The financial performance and position of the trust
- A variation to budget report
- An income and expenditure account
- A cash flow forecast and balance sheet
See paragraph 2.18 of the Academy Trust Handbook (ATH).
Automate this process where possible
Automate the monthly accounts preparation process as far as possible, so that it takes less time. Your accounting software may be set up to help with this.
This is explained in section 6.1 of the DfE guidance on academy trust management accounting. As part of this guidance, the DfE also provides a suggested management accounts layout you can download and use.
Other requirements you need to follow
You must share the management accounts with your chair of trustees every month (for all trusts, irrespective of size).
Consider the accounts when it meets,