Value added services for academies

Our specialist academy accountants and business advisers provide a full range of accounting, taxation and advisory services for academies. We also offer the following value added services:

Support with your financial statements

Producing accounts in the required format may be new to your finance team.  There are technical areas that may be challenging and management may need help with day to day queries during the year. Our academy accountants and business advisers can work with the finance team to provide support and guidance throughout the process.

Financial systems

As an academy you will have new responsibilities under the Companies Act and Charities Act for keeping proper accounting records, and safeguarding assets against loss and fraud. It may be beneficial for the Academy to have an external review of the financial systems before the first set of annual accounts are prepared. Our academy accountants and business advisers can assist and advise improvements for the finance team to consider.

Fixed assets

Academies will need to include all of their fixed assets on their balance sheet, which may also include some freehold and leasehold property. Our academy accountants and business advisers have experience of the rates and policies used in the sector and can use our experience to advise the typical ranges for each class of asset.

FRS 17 – pension liability

The Academy will need to obtain a valuation of its share of the Local Government Pension Scheme.  The journal adjustments and extensive disclosure requirements are complex and prone to error.  Our academy accountants and business advisers can fully support the finance team by completing all the adjustments to the accounts and the detailed disclosure notes to account for FRS 17.

Responsible Officer

Academies are required to appoint a Responsible Officer to provide the Governors with assurances and an independent oversight of the Academy’s financial affairs.  Every quarter, the Responsible Officer will need to perform sample substantive testing and testing of control procedures to ensure the financial systems are operating effectively.  Our academy accountants and business advisers can provide ongoing support and advice to the Responsible Officer.

Quarterly testing

It may be difficult to recruit a Responsible Officer who can commit the time to perform the quarterly testing of financial controls, but can perform the other responsibilities of the role. Our academy accountants and business advisers can assist the Responsible Officer by performing these quarterly tests and preparing a report of our findings.

Further support for Responsible Officer

Our academy accountants and business advisers act as internal auditors to some of our Education sector clients, which gives us excellent, in depth knowledge of good governance and risk management systems.  We can provide recommendations to assist the Governors in complying with their responsibilities as an academy and under the Companies Act and Charities Act.

Teachers’ Pension Agency Return

Teachers’ Pension Agency returns are usually completed in April and audited within a short timeframe; our academy accountants and business advisers can audit your Teachers’ Pension Agency Return. 

Contact Us

If you are considering converting to an academy or have already achieved academy status, please contact one of our specialist academy accountants and business advisers in our Not for Profit sector team or send us an enquiry online.