Value for Money Statement
Academy trust name: SEATON ACADEMY
Academy trust company number: 07343156
Year ended 31 August 2018
I accept that as accounting officer of Seaton Academy 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.
The Board of Trustees have applied best value principles to ensure that:
- resources are allocated to best promote the aims and values of the Academy
- resources are targeted to improve standards and maintain attainment
- resources are best used to support the individual educational needs of all students
Maintaining high educational achievement is our main priority, this is achieved by employing sufficient staff to ensure all pupils have the opportunity to raise their individual levels of attainment by:
- monitor attainment and progress to identify those who require early intervention and support
- working in small and individual groups
- providing individual support for pupils who fall behind their peers
Effectiveness of this can be quantified by our Key Stage 1 SAT’s results. Pupils achieving the expected standard and above were: Reading-87%, Writing-80% and Maths-83% with a high percentage of pupils achieving greater depth: Reading-63%, Writing-46% and Maths-51%.
The board of trustees are responsible for ensuring that the Academy:
- Keeps proper accounting records during the year which will disclose, with reasonable accuracy and at any time, the financial position of the academy.
- Maintains and operates an effective system of internal control to safeguard all the resources delegated, granted or otherwise entrusted to the academy and ensure they are used cost effectively.The system of internal control has been developed and is co-ordinated by the head teacher. It aims to provide as much assurance as is reasonably possible that assets are safeguarded, transactions are properly authorised and recorded and that financial errors or irregularities are either prevented or can be detected promptly.
- Our review of the effectiveness of the systems of internal control is informed by:
- Our regular scrutiny of financial and other performance monitoring data
- Regular reports from the Head teacher and Finance Director to the board of trustees.
- Information and reports received from the auditors. Contracts are reviewed as required. We have utilised the services of a purchasing consortium for our photocopier lease, our insurance and the rental of a modular building to ensure best value. We have installed solar panels to reduce our carbon footprint. We have taken steps to ensure we can accommodate all children by creating three smaller class groups in each year by utilising a modular building as our Nursery.
- We employ staff directly so that we can cover cleaning and catering in house, this enables us to manage these services more effectively providing better value for money.
- We are, therefore, satisfied that the internal control systems in operation at the academy during the year are adequate and effective.
The Academy’s system of internal financial control is based on a framework of regular management information and administrative procedures including the segregation of duties and a system of delegation and accountability.
The trustees have reviewed the key risks to which the Academy is exposed together with the operating, financial and compliance controls that have been implemented to mitigate those risks. There is an on-going process for identifying, evaluating and managing the Academy’s significant risk. This process is reviewed by the Trustees.