Converting to academy status creates both exciting opportunities and unfamiliar challenges. We offer practical support and reassuring advice to help you every step of the way – from making the decision to covert through to dealing with day-to-day issues.
Becoming an academy is no insignificant feat. While all schools must comply with regulations under the Education Act 2002, academies must comply with additional legislation in the form of the Charities Act 2006 and the Companies Act 2006. For trustees, governors and finance managers, this can be a daunting prospect.
Meeting financial accounting and reporting requirements requires a new approach. Accounts must be prepared under a different format, and will be open to far greater public scrutiny. Academies must produce a governors’ report, including statements about compliance with the Charities Act and Charity SORP (relating to the preparation of financial accounts), as well as statements explaining the academy’s results, plans for the future and its impact on the local community.
There are many other issues to consider too: corporate governance structures, implications for teachers’ pensions, replacement of services previously supplied by the local authority, cash flow management for solvency monitoring and the adequacy of computer systems to support financial management and reporting.
You therefore require expert help and support. At Moore Stephens we can guide you through the transition process, making sure you are capable of meeting all your new financial and regulatory requirements. And once you have successfully completed the transition to an academy, we can provide further tailored services as and when needed.