Academy Schools

We're on hand to help lighten the load. You won't need us to tell that you that along with the increased freedom that comes with becoming an Academy, comes increased responsibility.

To meet the challenges ahead you will need a team both inside and outside of your organisation that are committed to your success.

At WKH we see ourselves as being a hugely important part of the team. We can make a valuable contribution to your Academy School all the way through its life cycle.

Click here to download the Academy Schools information leaflet.

The Transition Phase

Although you will already have a good overall feel for what is involved in the transition from LA control, the devil is always in the detail.
Some examples of where we can help are:

• Undertake an assessment of the existing plans for dealing with the financial, governance and funding implications of conversion. Where that assessment identifies a gap, we will make suggestions as to how to plug it. We can also identify alternative methods of financial support should an assessment indicate that the school has a funding deficit.
• Assistance in evaluating and/or developing a business plan including a full set of budgets and forecasts. Identifying the School's Key Performance Indicators (KPIs), and establishing a system of monitoring performance against budget and those KPIs.
• Development of policies, systems and controls for the Academy culminating in a financial handbook and an employee handbook.
• Providing guidance and training to governors in discharging their duties as company directors and charity trustees, and to accounts staff in recording transactions and reporting to management.
• The right choice of computer software can be a huge help in streamlining processes and improving the quality of information available to management. By the same token, the wrong choice can prove to be an expensive white elephant. Our business software experts can help you to make an informed choice in this area.

The Early Phase

In the early days of the Academy the list of tasks that need be ticked off in order to meet the requirements of the numerous stakeholders can be somewhat daunting.
Some examples of where we can help are:

• Bookkeeping and Management Accounts - We are able to offer assistance in bookkeeping services, the provision of temporary staff to cover sickness or a short term staffing gap, and the production or enhancement of monthly management accounts.
• Annual Accounts and Audit - Our services include:
  • Preparing accounts from your Academy's year end trial balance.
  • Auditing the financial statements with a heavy focus on the key risk areas such as the treatment of land and buildings, and the Teachers Pension Scheme.
  • Assisting in the completion of the Trustees Annual Report to ensure compliance with the Charities Statement of Recommended Practice and the Academy's Financial Handbook.
  • Dealing with all filing requirements of the various interested bodies (Companies House, Charity Commission, Local Government Pension Scheme etc).
• Payroll and HR - Within the WKH group we can offer an outsourced payroll function that takes a whole suite of administrative tasks away from you - please visit Payroll Services Centre to download a free fact sheet. We are also able to offer personal and pragmatic advice on HR issues, whether it's a disciplinary matter or on ways to retain and motivate key staff members.

The Maturity Phase

As well as the ongoing list of compliance tasks that are liberally sprinkled through the academic year, after the first couple of years there should be some breathing space to think about the School in a more strategic way. Whilst Academy Schools are not profit making entities, the Governing body nevertheless should be focussed on growing what might, in business, be called 'shareholder value'.
That value may be enhanced in a number of different ways:

• Through the safeguarding of the Academy's assets, e.g. physical assets, or key staff members.
• Through the identification of a fund surplus level (and cash position) that would stand the Academy in good stead to survive something like a funding cut.
• Through the development of strategies to achieve that fund surplus such as fundraising, grant applications, or a competitive process in procurement.

We look to use our extensive business development skills to assist you create this value, ensuring that as well as commercial factors, other areas such as tax have been fully considered.

At time goes on, the Academy will also want to make capital investment. We can help you to assess the impact of such an investment and ensure that the investment is financed in the right way at the right price.

If you're going to use a tendering process for choosing your professional advisers we would be delighted to be considered as an option. Alternatively, if you would like an initial no obligation chat with one of our expert team please contact WKH.

 

Our Academy Schools Team

Tim Maris FCA Partner tmaris@wkhca.co.uk Tim qualified as a Chartered Accountant in 1991 while working for Grant Thornton in Bedford. He then went on to gain invaluable experience working in industry before returning to practice in 1997. He became a partner in the firm in 2000, and is one of the firm's Senior Statutory Auditors. Tim has a portfolio of primarily owner managed businesses, and enjoys providing business and tax planning advice to both corporate and personal clients. Having been acting as an accountant to a number of SSCO's in the Hertfordshire area for a few years now, Tim has gained a natural interest in acting for academies.

James Price FCA Partner jprice@wkhca.co.uk James is one of the firm's registered auditors and provides audit and assurance services to businesses across a wide range of industry sectors, including the not for profit sector. In addition, James works with clients to ensure they have the right financing structure to achieve their strategic aims. James served as a Treasurer to a local charity so has a keen sense of some of the sensitivities involved in charitable organisations. You can also follow James's blog

Scott Rouse FCA Manager srouse@wkhca.co.uk Scott qualified as an accountant in 2005 and joined WKH shortly afterwards. For almost 6 years Scott has been a key member of the management team and thrives on building strong relationships with his portfolio of owner managed businesses. Scott's father was a bursar at a local school for nine years which has given Scott a greater understanding of the pressures placed on the financial side of the education sector.