A Trust’s Guide to the 2025 Budget Forecast Return (BFR)

As we move through the 2024–2025 academic and financial year, academy trusts (MATs and SATs alike) are preparing for one of their most critical financial compliance exercises, the Budget Forecast Return (BFR). This annual submission to the Department for Education (DfE) is more than just a formality, it provides the government with a detailed financial picture of each trust’s position and sustainability over a multi-year horizon. 

In this guide, we walk through the key deadlines, submission requirements, and tools available to help trusts ensure compliance and accuracy in their return. 

Key BFR 2025 Dates 

Any academy trust that was open as of 30 April 2025 must complete and submit the BFR, including new academies and free schools that joined before this date. 

What Is the BFR? 

The Budget Forecast Return (BFR) is a statutory requirement for academy trusts, collecting information on actual and forecasted income, expenditure, and balance positions. 

It serves multiple purposes: 

• Enables the DfE and ESFA to monitor trust financial health. 

• Supports sector-wide financial benchmarking and planning. 

• Helps identify financially at-risk trusts early. 

What Does the BFR Include? 

The return covers multiple financial periods to give the ESFA a three-year view of your trust’s financial trajectory. 

Periods Reported: 

1. Historic Actuals 

• September 2023 – March 2024 

• April 2024 – August 2024 

1. Forecasted 

• September 2024 – March 2025 

• April 2025 – August 2025 

• September 2025 – March 2026 

• April 2026 – August 2026 

1. Summary Forecasts 

• September 2026 – August 2027 

• September 2027 – August 2028 

The first actuals period may be pre-populated using data from your previous BFR submission, check carefully for accuracy before submission. 

Who Needs to Submit? 

All academy trusts open on or before 30 April 2025 are required to complete the BFR. 

This includes: 

• Multi-Academy Trusts (MATs) 

• Single-Academy Trusts (SATs) 

• Free schools and studio schools 

• University Technical Colleges (UTCs) 

Accessing and Submitting the Form 

• The BFR is submitted via the DfE Sign-in portal. 

• Ensure the right roles are assigned: 

• Approver: Can submit the return. 

• Preparer: Can complete the return but cannot submit. 

• External Preparer: Optional — can assist but cannot submit. 

If your trust hasn’t used the portal before or needs to adjust roles, do this well ahead of the deadline to avoid last-minute access issues. 

Reporting Academy Transfers 

If your trust has gained or lost academies during the reporting period (known as re-brokerage), these changes must be accurately reflected in the return. This includes: 

• The date of transfer 

• Financials pre- and post-transfer 

The DfE provides a detailed guide on how to reflect re-brokerages depending on the transfer month. 

Tools to Help You Prepare 

The DfE provides offline Excel workbooks to help trusts prepare before entering data into the online system: 

• Single-page workbook: A simplified sheet for quick use. 

• Multi-tab workbook: Structured to mirror the online submission, ideal for larger or more complex trusts. 

Both options contain: 

• Built-in validations 

• Required input formats 

• Clear headings and notes 

Chart of Accounts (CoA) Integration 

If your trust uses the DfE’s Chart of Accounts (CoA), you can simplify the BFR process by: 

• Generating data more easily from your finance system 

• Reducing manual data entry 

• Increasing data consistency across returns 

The DfE is increasingly aligning all its financial returns (e.g. BFR, AAR) to the CoA structure to promote better data automation and governance. 

Support and Resources 

• DfE Customer Help Portal: Contact DfE 

• BFR Online Form Guidance: Guide to Using the Form 

• How to Register: Set up your DfE sign in service  

Final Tips 

• Start Early: Gather actuals and projections now, especially across your central team, individual academies, and finance system. 

• Review Carefully: Errors in BFRs can trigger ESFA scrutiny or follow-up questions. 

• Use the Workbook First: It’s easier to spot errors before going online. 

Submitting your BFR on time ensures your trust is demonstrating strong financial governance and helps protect the reputation and sustainability of the entire academy sector. 

Strategic Financial Management: Beyond Compliance 

Preparing your BFR isn’t just about ticking boxes, it’s a chance to align financial strategy across your trust. 

1. GAG Pooling: Centralising General Annual Grant (GAG) funding empowers trusts to allocate funds more flexibly across academies. Discover how this can shape your BFR in our article:
   What is GAG Pooling for MATs? 

1. Procurement Act 2023: New regulations around procurement could significantly affect your forecasts and compliance posture. Understanding and adopting compliant processes is essential as part of your BFR planning. Learn more in our guide:
   A Guide to the Procurement Act 2023 — What It Means for Your School or Trust