Academies

The Government’s Academies Bill received Royal assent in 2010 and allows more schools to become Academies, publicly funded independent schools, free from local authority and national government control. Other freedoms include setting their own pay and conditions for staff, freedoms concerning the delivery of the curriculum and the ability to change the length of their terms and school days. For many schools the possibility of seeking academy status is an attractive opportunity. Schools opting out enjoy considerable freedoms in the way they operate, set policy and innovate.

However, this new freedom brings more accountability and additional responsibilities. Academies are exempt charitable companies limited by guarantee and as a result will need to comply with the accounts and filing requirements of the Companies Act 2006, the charities SORP and follow the directions of the Secretary of State for Education who was announced as the new Principal Regulator in March 2011. In addition there will be a need to manage payroll and VAT and to implement systems of financial reporting to deliver monthly management accounts and cash flow management.

 How can we help?

Thompson Jenner LLP is an established practice with over 50 years experience in advising businesses and charitable organisations to meet their legal and financial obligations. We have been involved in advising Local Authorities and Schools as well as specific educational projects involving grant devolved funding and BECTA. For schools and colleges considering transferring to Academy status, we can provide support and a full range of services.  In particular we provide:

• Advice on Academy conversion for schools and colleges
• Audit services and preparation of year end accounts
• Budget preparation and management accounting
• Cash flow management
• Design, implementation and testing of internal controls
• Payroll services
• Advice on selection and implementation of accounting software & IT
• VAT and taxation compliance
• Supplier selection, financial and commercial probity
• Assistance in regulatory compliance
• Open book accounting

If you decide to apply for Academy Status, our team can assist you with expert advice and guidance throughout the process. To arrange a free of charge initial meeting please contact one of our team below to discuss your requirements:

David Tucker Tel: 01395 279521

Simon Lewis Tel: 01395 279521