YEAR END CLOSURE OF ACCOUNTS
Year-end closure is a critical process for schools to ensure accurate financial statements, compliance with statutory requirements, and readiness for audit. Our service provides a structured, stress-free approach to closing accounts, reconciling balances, and preparing for external scrutiny.
Pre-Closure Planning
• Develop a year-end timetable with key deadlines for reconciliations, adjustments, and reporting.
• Communicate requirements to budget holders and finance teams.
Ledger Reconciliations
-
Complete reconciliations for all control accounts (bank, payroll, VAT, debtors, creditors).
-
Verify balances against supporting documentation.
Accruals and Prepayments
-
Identify and post accruals for outstanding expenses and income.
-
Allocate prepayments accurately to future periods.
Fixed Asset Register Updates
-
Record additions, disposals, and depreciation for the year.
-
Ensure alignment with capital funding conditions.
Grant and Restricted Funds Review
-
Confirm grant income recognition and expenditure compliance.
-
Prepare schedules for restricted vs. unrestricted funds.
Trial Balance and Financial Statements
-
Produce a clean trial balance ready for audit.
-
Draft year-end financial statements in line with academy trust or local authority requirements.
Audit Readiness
-
Compile evidence packs (contracts, invoices, payroll reports, grant conditions).
-
Liaise with auditors and respond to queries promptly.
VAT SERVICES
Precision VAT Reporting
Expert preparation and submission of VAT returns, ensuring schools maximize recovery while maintaining full HMRC compliance.
Strategic VAT & Year End Compliance
Navigate complex UK tax regulations for educational institutions with proactive advice on VAT exemptions and partial exemption calculations. Our specialist team ensures your Year End closure is seamless, accurate, and fully compliant with ESFA requirements, protecting your financial resilience for the future.