The introduction of the Academies Act 2010 have seen many schools opting to convert to Academy status in the last couple of years. The opportunity to be released from Local Authority control and become more autonomous has been largely responsible for the upsurge in schools converting to Academy status.
Clearly the freedom from Local Authority control is one major enticing feature of converting to Academy status, but there are also many issues which need to be dealt with before the process can even begin.
Many schools that have converted to Academy status have found the increased responsibility somewhat overwhelming in terms of reporting and financial related issues. This is where LWA has the expertise to help. LWA are experts in the financial aspects of Academies, in particular:
- The accounting and auditing requirements.
- Academies: Accounts Direction 2010/11 (previously Section 5 of the Academies Financial Handbook)
- Company Secretarial issues such as annual returns and the appointment/resignation of the Academy’s officials.
- Tax and VAT issues.
- Corporate Governance reviews and assisting with the preparation of the Finance Manual.
- Conversion issues such as:
- selection of an accounting package
- creditor payment processes
- staff training
- payroll services
- valuation of transferred assets
- pension issues
- returns to YPLA (soon to be the Education Funding Agency
- Cash flows and budget planning.
- Grant applications.
LWA also have networked services which can also offer a range of services, including:
- Legal services
- HR and personnel
- Financial investment advice
- Utility brokerage
- Commercial insurance
- Pensions advice / fund management services
If you are considering conversion we would welcome an opportunity to discuss the services we offer and talk you through the initial conversion issues.