Working with you towards achieving educational excellence
Academies have been hailed as a potential breakthrough in raising the educational standards across the country to world-class levels.
According to the Department for Education an academy is a publicly-funded independent school that provides first-class education outside direct local authority control. The extension to the Academies programme late last year allowed every successful primary and secondary school the opportunity to become an Academy. Today over one thousand schools have taken steps towards achieving Academy status.
The main advantages include:
- financial incentives and ability to source services using the "local authority central spending equivalent" (LACSE);
- freedom from local authority control;
- freedoms around the delivery of the curriculum;
- the ability to change term and school day duration;
with the ultimate aim of raising educational standards.
The conversion to Academy status brings new responsibilities as well as regulations with which you must comply.
Here at Jerroms our specialist team can guide you through this process, supporting you every step of the way.
Our previous experience with those converting to an Academy means that we understand the difficulties and complexities that you may find.
We can offer you help and advice so that together we will overcome these steps.
We will work with you as you match a business-based approach to achieving educational excellence.
Our tailored services help provide you with support in the following areas:
i) Management of the conversion process
We understand that the conversion process may be daunting for you, but we are here to help. We can offer you:
- advice on your legal structure;
- advice on your governance structure; and
- advice on managing your funding shortfalls.
We know that effective governance lies behind every successful Academy and we shall assist and support you in the following areas:
- accounting policies, controls and risk management;
- providing information for the Local Government Pension Scheme and special accounting reporting requirements for pensions;
- providing guidance with training governors in their responsibilities as company directors and charity trustees;
- company secretarial obligations; and
- setting up your accounting system.
iii) Annual accounts preparation
We have the experience in undertaking this work in a cost effective manner. Our service includes:
- preparing your accounts from your Academy's year end trial balance;
- assisting the governors with completion of the Trustees Annual Report;
- ensuring your accounts fully comply with your Academy's Financial Handbook, including the latest updates; and
- dealing with all the aspects of accounts submission to the Department for Education and Skills, Young People's Learning Agency and Companies House.
iv) Statutory Audit
We are an audit provider for Academies. In addition to this, our wealth of experience in auditing across a range of sectors allows us to provide you with specialist knowledge and quality advice that supports the day-to-day running of your business.
Academy status means that you are now eligible to make your first VAT claim from 1 September 2011 and to backdate this claim to April 2011. We can therefore provide advice and assistance with your VAT registration and other methods of making this VAT reclaim.
vi) Support for your finance function
We can provide you with all the support you need for your finance function, including:
- assistance with budget setting so that resources target the specific needs of your students;
- budget preparation and reporting to governors;
- transaction processing;
- completion of Teachers Pension Scheme and TR17a returns;
- interim financial management services, for example standing in for staff on holiday, sickness etc;
- helping you to develop your own business / educational strategy; and
- payroll services.
We are committed to working with you to deliver educational excellence.
We would be delighted to provide a free-of-charge, one-on-one meeting with you to discuss your needs and see how we can help. Contact Richard Horton on 0121 693 5000.