Schools
Announcements by the new coalition government and the implementation of the Academies Bill have made the prospect of upgrading to Academy Status a real attraction. For many school governing bodies and school heads this is a great opportunity but they are uncertain what this may mean for the school financially. As auditors and advisers we are very aware of the issues you will face as you consider, prepare and implement the change.
We have therefore established a package of support to assist you to address all these challenges.
Financial Planning
- Budgeting
- Developing a 3 to 5 year plan
- Preparing Grant Claims
Business Transfer Issues
- Transfer of supplier contracts
- Capital asset register
Audit & Accounting
- Independent external audit service
- Preparation of accounting statements
- Transaction testing to support finance officer
- VAT registration and compliance issues
Financial Systems
- Systems procurement and implementation
- Chart of accounts set-up
- Input of opening balances
- Accounting policies
- Monthly reporting procedures and report formats
- Payroll service procurement and interface
- Bank account set up and reconciliation procedures
- Financial processes, procedure notes and controls
- Staff training in new processes
An effective accounts preparation service
Preparation of the Academy’s year end Statutory Accounts is an important compliance obligation. We will prepare accounts from the Academy’s year end trial balances and management accounts, assist management and governors in drafting their Trustees’ Annual Report including key board policies on risk and reserves, and deal with all aspects of accounts submission to YPLA, Charity Commission and Companies House, as needed.
The accounts will fully comply with the requirements of any funding agreement with the DfE and the Academy’s Financial Handbook. In particular, each year we will prepare the accounts using the Young People’s Learning Agency (YPLA) model accounts (“Darlingbridge”) and identify areas that may be deficient in relation to current financial reporting requirements. We shall also aim to train the finance team to undertake some of these responsibilities in the future.
View our other specialist services: charities | business performance | green issues
