Academies

When a school moves to academy status, it has to contend with many new risks and responsibilities. Free from local authority control, the academy now becomes responsible for its own budget and pensions and must prove itself to be financially viable. However, it can also open up new prospects and benefits, such as increased freedom with regard to school management and the ability to innovate. 

Once converted, academies have new issues to take into account, for example considering new income streams and flexible financial planning to cope with uncertainty over funding levels, and ensuring that Governors have the required skills and capacity to deal with their additional responsibilities. Additionally, increased scrutiny from the Department for Education means that the academy will need to ensure it has robust procedures to demonstrate compliance.

Whilst academy conversion offers huge opportunities for schools, it also requires good business support and consultancy services to assist with this new change in status. As multi-academy trusts continue to grow and become the norm, we are ideally placed to advise on the centralisation of finance functions, pooling of funding and MAT-wide internal control assurance.

Our experience ranges from stand-alone academy trusts through to local multi-academy trusts and large national chains. Our highly qualified and committed team of professionals have a deep understanding of the sector and can translate that knowledge into value.

The services we can provide for your academy or MAT include external audit and regularity reporting accountant services, internal audit, outsourcing services, accounts preparation, VAT advice, payroll and annual audit of the teachers’ pension contributions.

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If you would like to contact a member of our Public and Social Sector team, please get in touch.

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