Academy schools enjoy much greater control over the way they operate and over their budgets but becoming independent of a local authority also brings with it new challenges.
In moving to this new structure, it is essential to work with experienced advisors. That’s where George Hay’s team of accountancy, audit, business development and tax professionals can help.
We are ideally placed to advise schools in planning and implementing the transition to an academy – including assessing, and advising on improving, the viability of the conversion – and assisting them in meeting the new responsibilities that come with academies status, including compliance with ongoing reporting obligations to the Education Funding Authority.
We provide expert accounts preparation and audit services to keep academies compliant with the Companies Act and the Charities’ Statement of Recommended Practice, as the status requires, drawing out key data to help schools operate more efficiently and effectively.
An important part of financial efficiency is professional management accounting, to keep track of how the schools is performing on an ongoing basis, to help with day-to-day decision-making and longer-term planning. Our expert team will prepare meaningful management accounts and assist in interpreting the information to maintain and improve performance.
We also offer expertise in specialist areas, including VAT registration and the reclaiming of VAT on non-business activities, any liability to corporation tax that may arise, for example on lettings income, and on pensions issues.
Academy schools’ control over their budgets means they can adopt a more commercially minded approach as they source external providers of goods and services. At George Hay, we offer a range of efficient, value for money, outsourced services to assist and support academy school business managers, including bookkeeping and our PayScheme payroll bureau.
For more information on our services for academy schools, please contact our academies manager Colin Airey.
George Hay is regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.