UHY Hacker Young | Chartered Accountants

Are you a successful Academy Trust?

10 June 2019

The Academies programme is founded on evidence that trusts that provide good education for children with secure and robust financial management will have little intervention from the ESFA.

To be a successful academy trust, senior management should play an important role in ensuring teachers’ time is used effectively and efficiently. Good decision-making also needs to be made using accurate financial monitoring. This is achieved by:

  • a budget process that is robust and realistic;
  • control accounts that are balanced and reconciled monthly;
  • income and payroll that are reconciled monthly;
  • management accounts that are produced monthly with any variances from budget being investigated and actioned;
  • pupil number projections that are monitored against actuals;
  • prioritising performance data on the progress gap for disadvantaged pupils;
  • using national deals on items purchased regularly such as energy and printers to achieve savings;
  • controlling pay of the senior leadership team to reflect academy performance and the efficiency of the trust.

If you would like any help or advice on becoming a successful academy trust, please contact your local UHY office.