I have recently written an article for the new Academy Management magazine which covers some of the key points below:
Financial Reporting and Accounting
· Academies have greater freedom to use funds in line with their priorities but greater accountability in respect of financial reporting
· Statutory accounts will need to be prepared and available for public view via Companies House – they will also need to be audited by an independent auditor
· Academies are required to submit indicative budgets by no later than 15 February before the start of each financial year and are required to submit budget monitoring returns mid-year and a provisional final outturn statement
· It is important for new academies to establish robust financial controls
· The Young People’s Learning Agency (YPLA) is currently preparing a handbook for new academies to guide them through their first year
· The current Academies’ Financial Handbook is a comprehensive document used by Academies established before the Act which is a useful tool for academies waiting for the new YPLA handbook
· Whilst needing to comply with both company and charity law, academies will not be required to register with or report to the Charity Commission
· There needs to be a Responsible Officer who is suitably qualified and not on the academy staff
· Academies must seek the Secretary of State’s approval for any borrowing
· The governing body must ensure the academy has appropriate insurance cover
· Governors (of which at least two must be parents) need to be fully aware of their obligations, particularly where they previously acted as Governor of a maintained school and have limited experience of charity or company law
· A Finance Committee must be set up with an agreed terms of reference
· Governors must declare any business interests to avoid conflicts of interest
Please let me know if you would like a copy of the article or our Academies briefing sheet or anything else from our Education Unit.
Terms & Conditions
- Information and ideas shared in this blog are intended to inform rather than advise.
Circumstances vary greatly and if you feel that the information provided is beneficial
you should contact us before implementation. We will not accept responsibility for
any financial or other loss incurred as a result of the action you take from reading
these blogs and their comments.
- haysmacintyre reserves the right to delete or alter posts at its own discretion
and without notice or explanation. Comments posted on the site which haysmacintyre
deems to be unacceptable or inappropriate will be removed. This includes but is
not limited to:
Outside of UK office hours, comments will not appear on the site until they have
been accepted by the moderator.
Your name will be displayed by your comment. All other personal details will remain
private. haysmacintyre will not add your details to any of its mailing lists or
its database unless specifically asked to do so. (Please complete our newsletter
sign up form if you want to be added to our mailing list). Your details will not
be shared with third parties.
Material may not be copied, reproduced, republished, downloaded, posted, broadcast
or transmitted in any way except for your own personal non-commercial use.
While haysmacintyre will keep web links as up to date as possible, it cannot guarantee
the suitability or accuracy of content to any other sites.
If you have questions or concerns regarding the use of the haysmacintyre blog please
call our marketing team on 020 7969 5668 or email
Media right usage
- anything which is obscene, pornographic or otherwise objectionable or illegal;
- violations or infringements of any statutory, common law, copyright, design right
or any other intellectual property rights of any other person or entity;
- commentary which contains material which would be in breach of confidence or in
contempt of Court;
- viruses or other similar contaminating or destructive features.
If you seek permission to use these blogs or any of their content on your own website
or as the basis of an article you are writing, or to interview the author, please
contact our marketing department on 020 7969 5668.