Academies enjoy much greater control over their budgets and the way they operate than traditional state schools but independence from local authority control brings with it new challenges and responsibilities.
A Guide to VAT and Academies with Debra Dougal
When moving to an academy structure, working with experienced advisers is essential.
Haslers’ dedicated academies team has in-depth knowledge of academy issues, so that we are ideally placed to support schools through the transition process and with ongoing requirements and responsibilities following conversion
For schools planning and implementing the transition to academy status, we can advise and assist on issues including:
- due diligence, to establish the opening financial position of the school, including any surplus or deficit, valuation of assets such as land and buildings on transfer and the position of pension schemes
- financial issues that may hinder the conversion process
- governance policies and processes, including those on reserves, internal controls, risk management, investment and accounting
- the roles and responsibilities of governors, finance committees and audit committees
- advice on Companies Act compliance
- setting up an accounting system compliant with the Charities Statement of Recommended Practice or advising on improvements to strengthen and improve existing systems
- arrangements for monitoring cash flow, budgeting, financial projections and management accounting
- payroll services
- VAT issues, including registration and reclaiming VAT
- corporation tax issues arising from commercial and community activities
- pension valuations
- appointing and training a responsible officer or outsourcing this role
- completing returns for the Education Funding Authority
- auditing financial year end statements.
A Guide to Due Diligence for MATs with Michael Watts
A Guide to The Benefits of Academy School Conversions with Laura Ambrose
We also offer ongoing support to established academies, including added value audit services, to enable academies to operate more efficiently and to make informed decision-making.
For further information about our services for academies and the education sector in East London and Essex, please contact Laura Ambrose or Michael Watts or visit our dedicated website, www.haslersforeducation.com.
For more information about Haslers' specialist services for academies, please visit our dedicated microsite.