Running an Academy
Once the decision to achieve academy status has been taken, it is essential that Principals, Governors, Trustees and business managers look towards the practical implications of their decision and are aware of the steps required to make the transition a seamless one.
We can provide you with on-going support for the finance management function and can support your Responsible Officer duties, our specialist service covers the full range of requirements including:
Annual audit – each Academy will need to appoint external independent auditors, to provide annual audit assurance to the members of the charitable company running the Academy. As Academies will be of public interest we have taken advice from our Institute that the auditor needs to be independent of any strategic or advisory role. We are part of a group offering specialist services during and post conversion so we can work alongside another accountancy firm in order to retain the auditor’s independence.
Annual accounts - the annual accounts of the Academy will need to be prepared to comply with the Department for Education guidance, based on company and charity law. Whilst the preparation of accounts is the responsibility of the Academy, we see it as an important part of our role to help you in this complex annual exercise.
Financial systems - many Academies will decide that their current systems are inadequate in the light of the new requirements they face for financial reporting and control. We have a team of specialists who can advise on appropriate accounting systems and account structures, and provide training to finance staff.
VAT - We specialise in advising Academies on VAT regulation, compliance and planning.
Free consultation
Whitley Stimpson would be delighted to assist with any issues and challenges associated with creating and developing academies and would be happy to offer a free consultation. Please contact the head of our Education Team:
Martin Wyatt
Partner
Email: martinw@whitleystimpson.co.uk.
Tel: 01295 270200
