In response to the Covid-19 outbreak, the budget forecast return three year (BFR3Y) is the only required budget forecast to be submitted for Academy Trusts this year.
The submission deadline for the BFR3Y has been extended by two months due to the impact of the coronavirus.
Key one-off changes in relation to the BFR3Y for 2020 are:
- Extending the deadline by two months to 29 September 2020;
- Removing the need to submit forecasts for academic years 2021/22 and 2022/23 for this year only; and
- Eight summary revenue fields have been included for figures relating to 2018/19.
The new summary revenue fields will allow the Education and Skills Funding Agency (ESFA) to understand the financial position of trusts before and after school closures.
An additional (optional) finance question has been included this year giving Academies the opportunity to explain how the coronavirus shut down has materially impacted upon results, forecasts and pupil numbers.
Future Year Forecasts
- This year, forecasts are not required to be submitted for 2021/22 and 2022/23;
- In BFR3Y 2021, the collection of future year forecasts will resume;
- Next year the summary forecasts will cover 2022/23 and 2023/24; and
- All academy trusts must still compile longer-term forecasts for their own internal financial planning as required in the Academies Financial Handbook.
Submitting the BFR3Y
- The online form for the BFR3Y will be available to use from 8 July 2020; and
- ESFA have prepared an excel workbook to clearly show the changes to the online form;
- Excel workbooks will not be accepted as a submission; and
- Further guidance about using the online form can be found here.