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Academy Schools

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Specialist Sectors - Academy Schools*

Background and Responsibilities of Academies

Academies are publicly funded independent schools. They have freedoms in excess of those granted to maintained schools, including additional freedom from Local Authority control; the ability to set their own pay and conditions; the delivery of curriculum; and the length of terms and school days.

Academies receive their funding direct from an agency of the Department for Education (DfE), rather than through a Local Authority, and are subject to a funding agreement with the Secretary of State for Education. This sets out a number of requirements in respect of how funds are applied; governance; and reporting.

Running a school as an Academy is very different from operating under the Local Authority structure. It will bring new responsibilities and provide challenges for those responsible for the running of the school.

Please see our PDF for more detailed information.

Services we can help with

We are able to provide academies with a comprehensive range of services to enable the governors to fulfil all their statutory obligations and to help them manage the finances of the school. This includes:

  • Financial Statements:
    • Preparation of financial statements compliant with DfE requirements; the Companies Act 2006; and the Statement of Recommended Practice "Accounting by Charities" ("the SORP")
    • Audit of the year end financial statements.
    • (in) All academies are required to have their financial statements audited under the terms of their funding agreement with the Secretary of State for Education
    • (in & n/p) The audited financial statements need to be filed with the YPLA by 31 December each year.
    • Assistance with the preparation of Whole of Government Accounts (WGA) packs
    • (in) Academies are classified as "central government public sector bodies" and as such are subject to reporting in relation to WGA. This requires them to prepare and submit accounts for the period ended 31 March each year
    • Preparation and audit of school fund accounts
  • Management Accounts:
    • Assisting or Acting as Responsible Office, as required by the DfE Guidelines
    • Preparation of management accounts for reporting to the governors
    • Preparation of budgets and cashflow forecasts
    • Design and monitoring of internal control and finance systems
    • Assume responsibility for typical Local Authority services, such as payroll and HR
  • Pension Schemes:
    • Audit of the Teacher's Pension Scheme (TPS) TR17A Return
    • Assistance with accounting for and reporting on the Local Government Pension Scheme (LGPS) assets and liabilities in accordance with Financial Reporting Standard 17 and the SORP
  • Corporate Services and Governance advice:
    • Legal and company secretarial assistance
    • Training and guidance to the governors about their roles and responsibilities
  • IT Support:
    • Design or set-up of new systems
    • Recommendations for suitable or more effective accounting software
  • Payroll Services:
    • Clear, easy-to-understand sealed or electronic payslips
    • Completion of monthly PAYE slips
    • Full RTI reporting from April 2013
    • End of Year P60 certificates
    • Completion of P45s for leavers
  • Business Advisory Services:
    • VAT and business taxation
    • Investment of surplus funds
    • Overhead costs review

For more information on how we can assist you please email Liz Horton or call 01494 552 148.

*Academies are classified as "central government public sector bodies" and as such are subject to reporting in relation to WGA. This requires them to prepare and submit accounts for the period ended 31 March each year.

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Liz Horton

Liz Horton is our Charity specialist.

Please visit our Services page for Charities >>