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Making Tax Digital masterclass - Thetford

February 2019
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Making Tax Digital masterclass - Thetford

February 2019
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Charity and not for profit

Academies

Academies

Academy Accountants Norwich


The number of academies and multi-academy trusts (MAT's) in the UK is growing as more and more state schools are converting to academy status, or joining MAT's.
Academies have greater freedom in managing the staffing and running of the school. Direct receipt of funding from the Education Finding Agency gives some more autonomy on how the money is spent. However, the academy has to procure services previously provided by the local authority and comply with requirements for application of funds, governance and reporting.

Schools converting to academy status
If you are going through the process of converting to academy status, or joining an MAT, we can help:

  • assess whether conversion to an academy is a viable option. We can advise on the financial differences, conduct due diligence on transferred balances and detail reporting requirements.
  • design appropriate systems and controls to meet the requirements of the funding agreement. We work with you to select the most appropriate accounts software to meet statutory and government financial reporting needs as well as internal management reporting needs.
  • advise on accounting issues relating to property and leases; employment law, TUPE and pension arrangements; payroll and human resources; VAT and other taxation, and general governance.
  • due diligence work for MAT's and joining schools
  • strategic advice to management and trustees
  • advice on financial staff team requirements and central accounting in MAT's


Ongoing support and service
Once you have attained academy status, we provide you with a full range of accountancy and audit services:

  • Preparing accounts to comply with Academies Handbook, Charities SORP, Charities Act and Companies Act
  • Audits
  • Payroll bureau
  • Human Resources
  • Advice on internal control procedures
  • Governance including responsibilities of governors
  • Financial projections and business plans
  • Advice on computerised accounting systems; we are Sage accredited agents
  • Ongoing alerts.


Expert taxation advice
Our taxation specialists advise on all issues facing academies such as VAT exemption, PAYE and benefits in kind, use of trading subsidiaries and Gift Aid.

Our team


With the unrolling of academy status to a much wider range of schools, our team has been undergoing training in how best to meet the needs of this sector. Mark Proctor is our lead partner co-ordinating services to our academy and school clients. He spends much of his time advising charity trustees and school governors. He is a non-executive director of the Norfolk & Norwich Festival Ltd.
Call us on 01603 663300        Email us

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Helpful documents

Services to academies
Services to academies.
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"Lovewell Blake help us with much more than just the year end accounts and tax. They facilitated a valuable strategic planning exercise for us and also provide independent input at board meetings, ensuring these remain business focussed."
 
 

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