We have academy experts located throughout the country. Wherever you are based we will be able to provide you with support and advice.
We understand the issues and can help.
Statutory audit services
As auditors to over 100 academies, 85 independent schools and 90 further education colleges, we are highly experienced in providing high quality and informed audit services for all academies.
We are the number one auditor in the charity and education sector, acting for more charity clients than any other firm. (source: CaritasData 2010). Many members of our team understand your needs as they have also been bursars and governors. We also have a good relationship with the Young People’s Learning Agency (YPLA).
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There are a large number of financial, regulatory and compliance matters facing Academies. We can help identify key requirements that need to be addressed and the priority for each including:
- Establishing financial regulations, key finance policies and procedures, and procurement processes.
- Key board policies – risk management and internal controls, reserves and financial management, significant accounting policies, governor recruitment, selection, induction and training, conflicts of interest policy and related parties.
- Contributions to Local Government Pension Schemes and FRS 17 reporting requirements.
- Training and guidance to governors about their roles and responsibilities as company directors and charity trustees.
- Company secretarial obligations under company law.
- Understanding of and compliance with Charity Commission regulations if registered, or requirement of the principal regulatory if an exempt charity.
- Set up of accounting system including nominal ledger coding and fund accounting.
- Briefings to governors and Responsible Officers to help them understand the governance function.
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We can help you to fulfil the role of a stand-alone finance function supporting management, governance and external accountability requirements as follows:
- Preparation of budgets, submission of returns to YPLA such as Whole of Government accounts information, preparation of management accounts on a monthly or termly basis
- Transaction processing
- Payroll bureau services
- Completion of Teachers Pension Scheme and TR17a returns
- Preparation of Responsible Officer reports and extended areas of internal control beyond the minimum requirements of the Academies Financial Handbook.
• Briefing events for academy finance directors/business managers
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Preparation of the Academy’s year end Statutory Accounts is an important compliance obligation. We can prepare accounts from the academy’s year end trial balances and management accounts, assist management and governors in drafting their Trustees’ Annual Report and dealing with all aspects of accounts submission to YPLA, Charity Commission and Companies House, as needed. The accounts will fully comply with the requirements of any funding agreement with the DfE and the Academy’s Financial Handbook In particular. Each year we prepare an “erratum” to the YPLA’s (formerly DCSF’s) model accounts (Darlingbridge) to identify areas where new financial reporting requirements have been introduced. We can also train your team to undertake some of these responsibilities in the future.
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We can provide advice in respect to any opportunities to minimise the tax or VAT burden on an academy relating to its operations, or any future property developments, as well as advising the academy on any compliance risks in relation to employment tax matters and concerning income derived from trading and community activities.
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We can work alongside the academy’s senior management team to ensure that a robust financial framework underpins any future strategic developments. Our wide experience of independent education means we understand the practical operation of schools and the financial management implications.
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The recent announcements by the government have raised the prospect that many state schools will seek academy status under a new revised regime. For many school governing bodies and school head teachers this is an attractive opportunity but many are uncertain what this means financially for the school. We are fully aware of the issues facing you in considering this option and we can assist you in preparing for the conversion process and the challenges operating your school independent of local authority support and control.
The new approach to conversion to academy status has been streamlined and accordingly the timescales involved may be extremely short. Governing bodies will need to be properly informed what the implications will be to them and to the school of taking on the increased freedoms and increased responsibilities that come with academy status. To assist this understanding we can:
- Undertake a due diligence review of the financial, governance and funding implications of conversion.
- Support schools with financial deficits to identify alternative financial support.
- Assist governing bodies to establish endowment and other funds to support the new academy
- Provide guidance on the complex obligations attached to the Teachers Pension Scheme and Local Government Pension Scheme.