The opportunity for schools to convert to academy status, or launch as academies under the Free Schools programme, provides these organisations with many challenges. Amongst these, academies will need to consider their accounting, payroll and audit procedures. Although all academies are charities, they have exempt charity status and are not regulated by the Charity Commission. However, they are required to produce accounts compliant with the Charities’ Statement of Recommended Practice (SORP).
Converting to academy status
Our specialist charities and education team has the expertise to advise schools that are either launching as academies or considering converting to academy status.
Our guidance and support can include:
- Training for the finance department
- Assessment and valuation of assets and liabilities to be transferred
- Calculation of the surplus or deficit on transfer and assistance with negotiations with the Local Authority
- Formulation of appropriate accounting procedures and policies which meet the DfE requirements
- Selection of accounting software
- Set up of outsourced payroll services
- Advice to governors and appointed Officers
For established academies, we can provide a number of business advisory, tax and compliance services, including:
- Preparation of budgets, cashflow forecasts and management accounts
- Provision of outsourced payroll services
- Advice on VAT and corporation tax, including treatment of property transactions and trading activities.
- Accounts preparation to SORP specification
- Annual audit
Independent schools operate in a highly regulated environment, they are facing challenging times with economic pressures and regulatory changes.
Here at taylorcocks we provide our specialist services to Independent Schools through our charities team who are experienced in advising you through the changing regulatory and reporting requirements. We make it our priority to provide you with the necessary technical support required to meet the financial challenges independent schools face.
Independent schools need advisers that will look beyond compliance and take time to understand their school. This allows us to deliver solutions that meet your specific needs.
How can taylorcocks help?
Taylorcocks has over 14 years of experience working for schools both on a large and a small scale, we recognise the diversity of the education sector and tailor our services accordingly. Alongside our auditing and accountancy services taylorcocks can also offer the following services:
- VAT advice
- consultancy advice
- gift aid advice
- corporation tax planning
- risk management
We have excellent knowledge and experience in the not-for-profit sector, our clients range from large charities to smaller voluntary organisations. We can help our clients with the challenges they face to manage the financial wellbeing of the school by advising upon strategic planning and dealing with the Charities Commission.
With our help you will be better equipped to manage the finances of your school and deal with any changes that come into place set by the Charities Commission Act 2006. We will help you make the right decisions.