While academy status offers schools greater control over both their budgets and the way they operate, it also brings with it certain responsibilities.
As academies are established as private limited companies, they need to comply with the Companies Act, along with certain accounting requirements. They must prepare accounts that comply with the Charities’ Statement of Recommended Practice (SORP), which must be audited by an external auditor and published.
All of this may be quite a challenge to schools that are new to managing their budgets, which is why tailored, professional advice can add real value to the process.
At The Fish Partnership, we are committed to providing practical solutions for academies, enabling them to minimise their tax liabilities, increase their profits and improvement their management techniques for continued future success.
Our in-depth understanding of the compliance requirements of the Department for Education and the Education Funding Agency means we can provide the dedicated accountancy, audit and business advisory services required by academy schools.
During the transition process, we can assist governors and managers by reviewing existing financial arrangements and issues, and helping to put in place robust internal controls and procedures. We can also help implement appropriate accounting systems.
Once the conversion is completed, we can advise on all the academy’s financial needs, including specialist areas such as VAT registration, the recovery of VAT on non-business activities and any corporation tax liabilities that may arise. Our team can also assist with pension issues for teaching and non-teaching staff.
At The Fish Partnership, we can provide internal audit services that assist the RO in meeting their obligations.
If you would like to discuss your academy’s accounting or regulatory needs, please contact Martin Sheehy, or Michelle Hazell of our academies team.