Bryan Slater

Director of Education

Distribution

Headteachers

All Non VA Schools

 

 

 

 

The attached document is provided for your information:

ACTION

Title

Devolved Capital Allocation Balances

Summary of contents

Letter

Associated documents

Formula Capital Allocation Schedule

Date

18 December 2003

Summary of action required

For information only

 

 

 

 

To be completed by

 

LEA Contact

Tim Collison

t

01603 222809

E-mail address

tim.collison@norfolk.gov.uk

 

Norfolk Self Review reference

 

8. How well does the school use its resources?

 

Document reference

MI 04/04

 

 

 

Dear Headteacher

 

FORMULA CAPITAL ALLOCATION

BALANCE BROUGHT FORWARD 1 APRIL 2003

 

As you probably know, there have had to be some changes in the way we give schools their devolved formula capital money in order to comply with the requirements of Consistent Financial Reporting (CFR).  CFR is the legal framework for the presentation of income and expenditure of all schools in the country and is designed to allow benchmarking at national level and help schools manage their resources more effectively.

 

I have now been able to clarify the accounting arrangements necessary to comply with CFR and am arranging for a journal transfer to be completed in period 9 (December 2003) to credit the amount of your formula capital balance brought forward from 2002/03 to your subjective (analysis) code 9705 and project code ECAPFM.  If you had spent from a future year’s capital allocation and consequently brought forward an overspend on formula capital, the amount of the overspend will be debited to subjective (analysis) code 4865.

 

Previously, we had included the amount brought forward together with the 2003/04 allocation in subjective (analysis) code 9897, but in period 8 this was amended so that code 9897 now shows just the current year’s allocation. 

 

In future, your accounts under project code ECAPFM should show the following information:

 

            Income                                                Code

Balance from previous year 9705

            Current year’s allocation                  9897

 

            Expenditure

            Overspend from previous year        4865

Building work                                     2350

Capital equipment/furniture  2351

Professional fees                              2352

 

I hope this helps to clarify the picture.  You can contact me on the above number or your Finance Support Officer if you have any further questions.

 

Would you please note that these procedures apply also to Seed Challenge and Specialist School Capital allocations.

 

Yours sincerely

 

 

Tim Collison

Senior Finance Officer