With the growing pressure on schools to convert to academy status as part of multi-academy trusts (MATs), it’s important to ensure that existing MATs already have robust systems in place to manage their growth. It’s probably also a good idea to consult with professional advisers sometime during the process to ensure that you don’t miss anything.
I’ve listed below a few key areas that you may wish to consider when reviewing your current systems and processes to ensure successful growth:
- Can the management structure in place deal with trust wide issues and not just issues at each individual school? This includes issues on a financial level; there should be someone responsible for overseeing the finances of all schools within the MAT.
- Do you have a clear goal in mind regarding the size you aspire to grow to? There are many examples of MATs getting far too big for their current management structure to handle, and this is when controls end up being thrown out of the window and standards start to drop.
- Do you have a structured process in place for bringing new schools into the Trust, ensuring this incorporates a process for recognising the assets and liabilities of the school on conversion? This is an area which is quite often overlooked until the year end audit process is well under way, which can cause significant headaches when trying to sign off the accounts prior to the Christmas holidays. Completing financial due diligence work at the point of considering a new school will ensure you are clear of their financial position and what you are taking on from the outset.
- Do you have appropriate levels of delegated authority across the Trust as a whole and at each school?
- Do you have an audit committee to oversee the financial reporting process?
- Are there common systems of control across all schools in the MAT?
- Are all schools on the same accountancy software?
- Do all finance staff receive training to ensure that income and expenditure are accounted for consistently across the MAT?
If your school is interested in becoming a multi-academy trust, or if you have plans to grow your existing MAT, please feel free to get in touch with one of our academy experts at your nearest location, who can guide you through the process and ensure that the necessary controls are put in place.
Alternatively, download our whitepaper on multi-academy trusts here.
