Converting your school to an Academy will allow you to be released from the controls of Local Education Authorities and give you greater control over your own finances.
The services we provide to academy schools from our Abergavenny office are as follows:
Transition to Academy status
To assist your school in taking on the increased freedom and responsibility that comes with becoming an Academy we are able to:
- undertake a due diligence review of the financial, governance and funding implications of conversion; and
- provide guidance on the obligations associated with the Teachers Pension Scheme and Local Government Pension Scheme.
Statutory audit and annual accounts preparation
UHY Hacker Young are one of the main providers of audit and accounting services to Academy Schools. This, together with our wealth of experience across numerous sectors, allows us to provide you with the specialist knowledge and quality advice that you need to operate efficiently.
Preparing the annual accounts to meet regulatory and statutory requirements is complex and time consuming. We have extensive experience of this process and so are able to produce your Academy’s annual accounts to a high standard in a cost effective manner. Our service includes:
- preparing accounts from your Academy’s year end trial balance;
- assisting your governors with completion of the Trustees Annual Report; and
- ensuring the accounts fully comply with your Academy’s Financial Handbook, including the latest updates.
Responsible Office service
Academies are required to nominate a responsible officer (RO) to take specific responsibility for overseeing the academy’s financial arrangements. The RO should be one of the governors (although not the Chair, nor a member of the Finance Committee), or an appropriate individual with the necessary financial skills to be able to perform the role competently.
The remit of the RO is to provide an independent oversight of the academy’s financial affairs, reporting to the finance committee in an advisory capacity.
Some academies may struggle to find a governor willing to take on this role. We are therefore able to assist, and can either take on the full RO role, or provide assistance to the RO by carrying out the recommended quarterly checks, as outlined in the Academies Financial Handbook. We are already working with a number of academies in these ways. After each session we provide the governing body with a written report to provide independent assurance that resources are being managed in an efficient and effective manner, and that sound systems of internal financial control are being maintained.
Other services UHY Hacker Young offer to Academy Schools
- establishing key financial policies and procedures including risk management and internal control;
- providing information for the Local Government Pension Scheme and FRS17 reporting requirements;
- assistance with setting up your accounting system;
- supporting your finance function, including assistance with budget setting and monthly maintenance of budgets; and
- the preparation of management accounts to aide reporting to governors.