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
Regulation
· 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
Governance
· 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.
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