Converting to Academy Status
Converting your school to an academy releases you from the control of the Local Education Authority and gives you a greater say in the way you run your affairs. But there are some important issues which can be potential hazards without the right professional advice and guidance. And that's where we come in.
Helping you make the transition
From undertaking Due Diligence reviews of your governance, finances and funding, looking at methods of financial support - particularly if your school currently has a funding deficit, to providing guidance on Pension Schemes and making sure the assets to be transferred are correctly valued from the outset - we can support you every step of the way.
And when you have made the transition we'll be right at your side:
- Financial and regulatory compliance
As part of our audit we will critically review your financial regulations, key finance policies and procedures and procurement processes and provide constructive recommendations for improvement where appropriate. We will also make recommendations on key board policies, including risk management and internal controls; reserves and financial management; significant accounting policies; governor recruitment, selection, induction and training; conflicts of interest and related parties.
We can also provide guidance to governors on their roles and responsibilities as company directors and charity trustees.
We are also able to undertake the testing required to be carried out by the Responsible Officer.
- Support for the finance function
We can assist with the preparation of budgets, the submission of returns to and the preparation of management accounts on a monthly or termly basis.
We can also provide a BACs registered payroll bureau service and assist with the completion of Teachers' Pension Scheme EYOC/TR17a returns.
- Accounts preparation
- We can assist in the preparation of the school's year end statutory accounts, ensuring full compliance with the Accounts Direction and guidance from both Companies House and the Charities Commission. And we can support you in the production of both your Whole of Government Accounts (WGA) Return, due by 31 March each year, and your Trustees' Annual Report.
We can advise in respect of opportunities to minimise the tax or VAT burden on the school relating to its operations. We do also actively look for such issues as part of our normal audit function.
Our aim is to provide you with the quality of financial support and guidance that enables your leadership team to focus on delivering your educational objectives.