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Format of Final Accounts for Voluntary Secondary SchoolsEXAMPLESample SchoolVOLUNTARY SECONDARY SCHOOLAccountant’s ReportBOARD OF MANAGEMENT REPORT AND FINANCIAL STATEMENTSFOR THE PERIOD September 1, 20XX TO AUGUST 31, 20XXWe acknowledge receipt of the Annual AccountsSigned on behalf of the TrusteesDateTrustee Stamp
Sample SchoolCONTENTSPageGeneral InformationBoard of Management report34–5Accountant’s report6Income and expenditure account7Balance sheet8Cash Flow Statement9Notes to the financial statementsManagement Information1011 - 14
Sample SchoolGeneral InformationSchool NameSchool AddressRoll NumberNumberStudent enrolment for the ntantsNameAddressContact NameBankersNameAddress
Sample SchoolBOARD OF MANAGEMENT REPORTFOR THE PERIOD ENDED AUGUST 31, 20XXThe board presents its report and financial statements for the period ended August 31, 20XX.Principal ActivityThe principal activity of the school was to provide education in the context of the ethos of aCatholic Voluntary Secondary School in accordance with the founding intention, asarticulated by the Trustees.ResultsThe results for the period and the school’s financial position at the end of the period areshown in the attached financial statements.Board of ManagementThe board members and secretary who served the school during the period were as follows:Chairperson:Trustee Nominees:Teacher Nominees:Parent Nominees:Secretary:Review of activities and future plansThe level of activity for the period and the financial position were satisfactory. The Boardexpects that the level of activity will be sustained for the foreseeable future. In addition, thefinancial position is expected to be satisfactory on an ongoing basis.Health and Safety of Students and StaffThe school has adopted a safety statement in accordance with legislation.
Books of AccountThe measures taken by the Board to ensure compliance with the requirements of the Articlesof Management and the Education Act, 1998, regarding proper books of account, are theimplementation of necessary policies and procedures for recording transactions, theemployment of competent accounting personnel with appropriate expertise, and the provisionof adequate resources to the financial function. The books of account of the school aremaintained at the school premises.Board of Management ResponsibilitiesSection 18 of the Education Act requires the board to keep all proper and usual accounts andrecords of all monies received by it or expenditure incurred by it, and to prepare financialstatements for each financial period, which give a true and fair view of the state of affairs ofthe school, and of the surplus or deficit of the school for that period. In preparing them theboard are required to: Select suitable accounting policies and apply them consistently.Make adjustments and estimates that are reasonable and prudent.Prepare the financial statement on the “going concern basis” unless it is inappropriateto presume that the school will continue to operate.The Board is responsible for keeping proper accounting records, which disclose withreasonable accuracy at any time the financial position of the school and to enable them toensure that the financial statements comply with the Education Act 1998. They are alsoresponsible for safeguarding the assets of the school and hence for taking reasonable steps forthe prevention and detection of fraud and other irregularities.Auditors/AccountantsT. J. Healy & Co were appointed as accountants by the Board and they have expressed theirwillingness to continue in office in accordance with the requirement of the Board inpursuance of adherence to the Education Act 1998.On behalf of the BoardName) ChairpersonName) Board MemberApproved by the Board on November 18, 20XX
Accountant’s report to the Board of Management of (School Name)In accordance with the engagement letter dated . we have compiled thefinancial information for (school name) from the accounting records, information andexplanations supplied to us.The financial information has been compiled on the basis set out in Note . to the financialinformation. (Depreciation policy, treatment of State grants, etc.)The report is made to you in accordance with the terms of our engagement. Our work hasbeen undertaken so that we might compile the financial information that we have beenengaged to compile, report to you that we have done so, and state those matters that we haveagreed to state to you in this report and for no other purpose. To the fullest extent permissibleby law, we do not accept or assume responsibility to anyone other than the Board ofManagement of (School Name) for our work or for this report.We have carried out this engagement in accordance with the Rules of Professional Conductand the ethical guidelines laid down by our Recognised Accounting Body.You have approved the financial information for the period September 201- to August 201and have acknowledged your responsibility for it, the appropriateness of the accounting basisand for providing all information and explanations necessary for its compilation.We have not been instructed to carry out an audit. For this reason we have not verified theaccuracy or completeness of the accounting records or information or explanations you havegiven us and we do not, therefore, express any opinion on the financial information.SignedDate
Sample SchoolIncome and Expenditure Account for the year ended August 31, 20XX.2015/2016Total Income including School Generated IncomeTotal School ExpenditureSurplus / Deficit before other IncomeOther IncomeSurplus / DeficitOpening BalanceClosing BalanceOn behalf of the BoardName) ChairpersonName) Board MemberApproved by the Board on November 18, 20XX2014/2015
Sample SchoolActualActual2015/2016 2014/2015Balance Sheet as at August 31, 20XX1. Fixed AssetsNote 1Land and BuildingsFurniture, Fittings and EquipmentComputer EquipmentNote 22. Current AssetsDebtors and prepaid expensesCash at Bank and in handNote 33. Current LiabilitiesCreditors and accrued expensesNote 44. Net Current Assets (2 - 3)5. Total Assets less Current Liabilities (1 4)Financed by:6. Contribution towards the Cost of Fixed AssetsNote 57. Surplus/Deficit on Income and Expenditure AccountOn behalf of the BoardName) ChairpersonName) Board MemberApproved by the Board on November 18, 20XX
Sample SchoolCash Flow Statement for the year ended 31st August 20XX2015/20162014/2015Surplus (deficit)for yearDepreciationAmortisation of Capital GrantsNet Cash Inflow from school activities(lncrease)/Decrease in DebtorsIncrease /(Decrease) in CreditorsNet Cash Inflow before capital expenditureCapital ExpenditureLoan RepaymentsCapital Grants ReceivedChange in cash and cash equivalents inthe reporting period Increase in cashBalance at 1st September 20XX(note 7)Balance at 31st August 20 XX( note 7)On behalf of the BoardName) ChairpersonName) Board MemberApproved by the Board on November 18, 20XX
Sample SchoolNotes to Financial Statements1. Accounting Policies: Depreciation, Amortisation of State Grants, etc.2. Fixed Assets: Cost, Additions, Depreciation, Net Book Value3. Debtors and Prepaid Expenses4. Creditors and Accrued Expenses5. Contribution towards the cost of fixed assets: DES Capital Grants, Fund-raising,Donations, Trustee Contributions, etc.6. Analysis of State Grants7. Analysis of Cash and Cash equivalents for the periodLand and BuildingsUntil clarification is received from the Charities Regulator in relation to the SORP andFRS102 application to education, please continue to account for land and buildings as inprevious years.
Sample School: Management InformationBoard of Management OnlySample Income and Expenditure Account for the year ended August 31, 20XX.IncomeActual2015/20161. Department of Education and 0CapitationDEIS Grant (To DEIS schools only)Support Services Grant (Including Equalisation Grants)Secretarial GrantCaretaker GrantBook GrantSpecial Subject GrantHome Economics GrantTransition Year GrantLeaving Cert Applied GrantGrant for Traveller Students.Computer / IT GrantSupervision/SubstitutionSubstitute TeachersDES Exam IncomeHome School Liaison GrantDES Minor Works Grant (Capital Grants NOT included here)Other DES Grants – Specify2. School Generated 003450-1003490-1003495-1003500-1003510-100Fees (Fee Paying Schools)Transition Year Students ( Payments to schools for all Transition Year activities)Book Rental ReceiptsClassroom BooksHall Rental IncomeLocker ReceiptsJournals & Year Book IncomeSchool Administration ChargesAdult Education IncomeCanteen IncomeTuck Shop IncomeUniformsReligion - (Income for Retreats etc)StudyExam IncomeGamesBus IncomeActual2014/2015
3530-1003535-1003550-1003570-100School ToursStudent InsuranceReimbursable IncomeOther School Generated Income3. Other -1003800-1003850-100Voluntary SubscriptionsIncome from Parents Councils / Association.Fund Raising- restrictedFund Raising - non restrictedInsurance ClaimAmortisation of Capital GrantsBank Interest ReceivedOther Special IncomeTOTAL INCOMEExpenditure1. Education – Teachers’ / Supervisors 70-1004190-1004191-100Substitute TeachersPrivately Paid TeachersTeachers Salaries ( Paid directly by Fee paying school to DES paid teachers)Supervisors SalariesExam AidesAdult EducationStudyPAYE/PRSI Education Salaries2. Education – Other -1004590-1004610-1004620-100Teaching AidsReligionArtHome EconomicsScienceComputers / ITWoodwork / Building ConsMetalwork / EngineeringTechnologyOther Subjects – SpecifyLeaving Cert AppliedLCVPTransition YearLearning SupportTeacher Inservice & Train
-1004910-100Career GuidanceLibrary (Purchase of books, magazines, etc. for library use; not textbooks; TV Licence)Physical EducationGames (excl. travel)Games TravelBus HireSchool ToursSchool Musical/DramaSchool BooksExamination FeesTrophies & PrizesHome / School / LiaisonStudent CouncilOther Educational Expense3. Repairs, Maintenance and Establishment (s): WagesCaretaker Pension (SchoolCaretakers PAYE/PRSICleaners' WagesCleaners PAYE/PRSIContract CleanersCleaning MaterialsRepairs-Buildings/GroundsGrant Aided Minor eHeatingLight and PowerRent and RatesLicence Fee to TrusteesOther Repairs & Maintenance.4. 006450-1006500-100Secretarial WagesSecretarial: PensionSecretarial PAYE/PRSIStaff RecruitmentAdvertising / Public RelationsPostageTelephonePrinting & StationeryPhotocopying ExpensesOffice EquipmentAccounting / Auditing FeeOther Professional FeesTravel & Subsistence
80-1006800-1006830-1006860-1006900-100Principal's ExpensesBoard of Management ExpensesAnnual SubscriptionsIn-School AdministrationSystemDonations / CharityMedical and 1st AidStaff Room ExpensesHospitalitySchool Tuck-shopSchool CanteenOther Administration Expenses5. 0-100LeasingLoan ChargesFundraising ExpensesBank ChargesBank InterestReimbursable Expenses6. 00Buildings – Annual DepreciationFurniture and Fittings – Annual DepreciationMotor Vehicles – Annual DepreciationComputer Equipment – Annual DepreciationOther – Annual DepreciationTOTAL EXPENDITURESURPLUS / DEFICITN.B. The code numbers used above correspond to theAccounts designed for the Sage 50 package. All schools,accounts packages, are required to classify all items ofaccordance with the layout shown above. Please note alsoMiscellaneous Income or Expenditure.codes used in the Chart ofincluding those using otherincome and expenditure inthat there is no heading for
4640-100 Library (Purchase of books, magazines, etc. for library use; not textbooks; TV Licence) 4650-100 Physical Education 4670-100 Games (excl. travel) 4671-100 Games Travel 4690-100 Bus Hire 4710-100 School Tours 4720-100 School Musical/Drama 4730-100 School Books 4750-100 Examination Fees
