Value for Money Statement
Organisation name: Green Lane Primary Academy Limited
Company number: 8919795
Following a change in instructions from the Education Funding Agency the Value for Money Statement is now included in the Annual Accounts and Financial Statement – and can be found by following this link Green Lane Accounts Information
I accept that as accounting officer of Green Lane Primary Academy Limited I am responsible and accountable for ensuring that the academy trust delivers good value in the use of public resources. I am aware of the guide to academy value for money statements published by the Education Funding Agency and understand that value for money refers to the educational and wider societal outcomes achieved in return for the taxpayer resources received.
I set out below how I have ensured that the academy trust’s use of its resources has provided good value for money during the academic year.
As the Accounting Officer, I am responsible, under the requirements of Green Lane Primary Academy’s funding agreement with the Secretary of State for Education and the Academies Financial Handbook, for ensuring that expenditure disbursed and income received is applied for the purposes intended by Parliament and the financial transactions conform to the authorities which govern them.
I set out below how I have ensured that the Academy’s trust of its resources has provided good value for money during the academic year.
The budget is set out to ensure that TLRs receive the correct level of financial support to deliver the curriculum in the most effective and efficient manner. These levels of financial support are agreed with TLRs at the beginning of the financial year so that realistic and achievable targets are met in line with the Academy Improvement Plan and Annual Work Programmes.
Financial Governance and Monitoring
The budget for the Academy is agreed by the Full Governing Body at the start of each academic year. A report is presented by the School Finance and Business Manager on the suggested allocation of funds across the various areas of spending and this has to be approved and submitted to the ESFA before the start of the academic year.
Budget and management reports are produced regularly and a summary presented to the Governing Body each term.
These reports are reviewed and analysed and provide a clear audit trail of spending over the academic year. Any large expenditure items are presented to the Full Governing Body which decides on the appropriateness of the spending suggested.
Purchasing
Green Lane Primary Academy operates a best value strategy for purchasing provision. Contracts and levels of service are reviewed on a regular basis to ensure that competitive pricing structure is in place.
An online management system is used to support the reviewing of contracts in place.
An approved Insurance Broker is used for transparency and best value purposes to ensure the most appropriate insurance cover for the academy.
We have previously applied to the ESFA for capital grants and received funding to make improvements to the building.
Financial Control Measures
Controls are in place to ensure all orders are authorised at the appropriate level.
Internal Assurance is carried out termly to review the Academy’s financial procedures and to report findings and recommendations for improvement.
Bank statements and reconciliations are carried out at least monthly and an external accountant attends the Academy as required to support and advise on the accountancy system.
External Auditors conduct year end audits and present their findings to the Governing Body.
All appropriate policies, including Risk Management and Emergency Procedures, are in place and reviewed regularly for updates.
All statutory inspections and reviews are carried out during the academic year and reports produced, recording findings and recommendations for improvement or change.
Name: Mrs Jackie Walsh
Academy Trust Accounting Officer
Date: December 2019
