Value added service for academies

Our specialist academies team can provide you with the following value added services:

Support with your financial statements

Producing accounts in the required format may be new to your finance team. There are technical areas that may be challenging and management may need help with day-to-day queries during the year. We can work with the finance team to provide support and guidance throughout the process.

Financial systems

As an academy you will have new responsibilities under the Companies Act and Charities Act for keeping proper accounting records, and safeguarding assets against loss and fraud. It may be beneficial for the Academy to have an external review of the financial systems before the first set of annual accounts are prepared. We can assist and advise improvements for the finance team to consider.

Fixed assets

Academies will need to include all of their fixed assets on their balance sheet, which may also include some freehold and leasehold property. We have experience of the rates and policies used in the sector and can use our experience to advise the typical ranges for each class of asset.

FRS 17 – pension liability

The Academy will need to obtain a valuation of its share of the Local Government Pension Scheme. The journal adjustments and extensive disclosure requirements are complex and prone to error. We can fully support the finance team by completing all the adjustments to the accounts and the detailed disclosure notes to account for FRS 17.

Responsible Officer

Academies are required to appoint a Responsible Officer to provide the Governors with assurances and an independent oversight of the Academy’s financial affairs. Every quarter, the Responsible Officer will need to perform sample substantive testing and testing of control procedures to ensure the financial systems are operating effectively. We can carry out the work of the Responsible Officer and can provide on-going support and advice.

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