Finance Service for Academies

Photo: Financial ServicesThe Academies Finance Service provides a range of finance services that are essential to the short-term and long-term success of both new and existing Academies. We are highly equipped to support Academies due to the breadth and depth of our experience providing Schools Finance services and our specific Academies knowledge and expertise.

 

Summary of service

Becoming an Academy provides a range of opportunities and freedoms but with this comes extra responsibilities for Governing Bodies which include:

  • ensuring that the Academy Trust’s finance and property are managed properly
  • ensuring that the Academy Trust complies with charity and company laws; and
  • operating the Academy in accordance with the Funding Agreement that has been signed with the Secretary of State.

The Academies Finance Team is ideally placed to provide excellent support for Schools and their Governing Bodies that are going through the conversion process or existing Academies.

The Academies finance service provides a comprehensive range of pre and post conversion services that can be tailored to your individual needs.

 

Pre-conversion services

  • Produce Academies budget in line with Funding Agreements
  • Review governance structures and advice on best practice in line with the Academies Financial Handbook and Charity Commission guidance
  • Review of procurement and supplier arrangements and support assessing contracts and SLAs for other outsourced services
  • VAT registration with HMRC
  • Support in setting up an effective Financial system account structure
  • Develop policies and procedures for financial systems and produce a finance manual

Post-conversion services

  • Full Budget planning and monitoring support, which will also include preparation of annual budgets and Medium Term Financial Strategy in line with statutory and regulatory guidance
  • Cash flow forecasts preparation and analysis of cash flow positions
  • Reconciliations and day-to-day financial support
  • Risk management and corporate governance support, as part of this service we will deliver a risk workshop and training session and support the development of a risk management strategy and risk registers.
  • VAT returns services will include timely and accurate submissions of VAT returns
  • Internal Audit services will support in meeting the requirement of independent checking of financial controls, systems, transactions and risks.
  • Preparation of statutory annual returns, Annual Report and Statutory Accounts. This will also include production of returns to Companies House and the DfE per regulatory requirements
  • Preparation of Whole of Government Accounts return

 

Benefits of the Service

  • A co-operative, not-for-profit service for local schools
  • Highly skilled team of individuals with relevant Academies experience
  • Highly competitive and discounted pricing for subscription to multiple services
  • Tailored and transparent delivery of services
  • Service continuity to ensure a seamless transition to Academy status
  • Hands-on and regular involvement of professionally qualified and experienced staff
  • Proven track record of providing Schools Finance services for many years Service standards

 

The Oldham Academies Financial Service are fantastic! They are a team of experts, very understanding, who provide challenge, sound guidance and extensive support. I have no hesitation in recommending this service to anyone undertaking, or considering, academy conversion.
Peter Burnley
Headteacher of St Chad’s Church of England Primary School

 

Service standards

The team has many years of experience of delivering financial services successfully and professionally within the education sector. Services are provided by a team made up of highly skilled finance professionals with the necessary expertise, acumen and contacts that are key to the success for any Academies.

The Academies Finance Team are from a wide range of backgrounds including public sector, charity and commercial, bringing you a breadth of experience. The team ensure they are up to date with any Academy sector developments and as part of the service there will be easy access to the team who are keen to provide an added value service.

The commitment, dedication, knowledge and professionalism of the team will underpin our work and ensure you achieve your desired aims and objectives as a successful Academy.

 

Contact. Prices & ordering

If you want to discuss any of our services, or require support for other areas of financial administration, management or costing please contact Liz Caygill on 0161 770 1012, or use the form below.