Academies

The government has encouraged many schools to convert to academies in recent years with charitable status. Building on our experience gained with providing local charities with audit, accounting, payroll and VAT services for many years and the close links we have with many local schools we have been at the forefront of developing services to cater for the needs of academies and schools considering conversion.

Conversion can be seen as an attractive proposition as schools have greater control over choosing their curriculum, admissions policies and means of rewarding staff with greater freedom from local authority control. The latter allows access to funds previously not made available by the local authority enabling sourcing of goods and services from a broader range of suppliers leading to efficiencies and cost savings. Charitable status also allows schools to generate additional income through gift aid from local businesses, other charities and parents.

Academy status carries with it increased responsibilities for those in charge of governance. Established financial and reporting systems may require significant upgrading, with the introduction of more robust systems of internal control and compliance. Academy schools will require a statutory audit. Management and governors may also need support and direction in their new roles.

We can assist with a full range of services to provide:

Regulatory compliance

• Audit
• Annual Accounts Return preparation and audit
• Preparation of statutory accounts
• Company secretarial advice and assistance

Support services

• Finance department support and assistance, including carrying out aspects of the School Business Manager role
• Advice on your accounting system
• Onsite training of your team to help them develop their skills in their new roles
• Assistance with preparation of management accounts
• Assistance with preparation of budgets
• Completion of Teachers Pension Scheme return and audit
• Responsible Officer role and extending this beyond the minimum required by the Academies Financial Handbook
• Payroll bureau service and support
• Assistance with VAT returns and advice including partial exemption calculations
• Other taxation matters.

In addition, we have developed links with other local organisations with whom we can liaise to guide you through the conversion process and provide human resources support.

If you’d like to find how we can help you with academies, call us today on 01539 720465