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 a number of 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 wider range of suppliers leading to efficiencies and cost savings. Charitable status also enables 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 require support and direction in their new roles.
We are able to assist with a full range of services to provide:
- Preparation of statutory accounts
- Company secretarial advice and assistance including advice to governors of their roles and responsibilities as directors
- Advice to management
- Advice on structuring/coding your accounting system to provide you with the reports you need (whether your records are based on Sage, Excel software etc or are even manually maintained).
- Onsite training of your team to help them develop their skills in their new roles
- Assistance with preparation of management accounts
- Bookkeeping services
- Assistance with preparation of budgets and submission of returns to YPLA
- Completion of Teachers Pension Scheme and TR17a returns
- 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.