Academies

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 convert through to dealing with day-to-day issues.

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, regularity reporting in respect of accountability and transparency in the use of public funds, 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.

We act for over 100 academies across the UK and we are approved Crescent Purchasing Consortium external and internal audit providers. With our deep understanding of Education Funding Agency requirements, 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, we can provide further tailored services as and when needed.