Academies due diligence service
As the Government’s flagship policy of encouraging schools to become academies continues to gain traction, more and more schools are actively considering making the conversion. Even where a school is sceptical about conversion there is a view that this is an area that school Governors should regularly consider to ensure that they are operating in the best interests of their school and pupils.
What we offer
1. An initial, free-of-charge meeting with Governors, the Head and the school Finance Manager to discuss the issues surrounding conversion and assist in deciding whether academy status is, indeed, right for you.
We will be able to provide an independent view drawing on our experience of helping a number of local schools in their transition to academy status.
If you decide that conversion is not right for your school then we simply suggest you revisit in, say, 12 months. No charge. No commitment.
If you decide that conversion is right for your school then we recommend:
2. A fixed fee due diligence exercise to inform the final, formal decision. Whether you are a school considering academy status or a Multi Academy Trust looking to invite an academy into your group, we would be happy to help you. Once scoped, we would present a comprehensive report that covers the key areas for your MAT or school. These areas could include:
- Cashflow / Budget projections;
- VAT and Corporation Tax issues;
- Training and Governance for the school Governors and senior Management Team;
- Payroll / HR / IT implications;
- Statutory accounting implications;
- The role of an Internal audit function / Responsible Officer;
- The financial implications of land transactions.
Following due diligence, if you decide to convert to academy status, we continue to support you with our comprehensive range of services including audit, payroll, VAT and tax as well as our:
3. Free First Year Package for academies that includes:
- Consultation with an academy VAT specialist;
- Consultation with an employment tax specialist;
- A review of your financial control systems;
- Guidance regarding necessary governance policies;
- Advice relating to recommended financial reconciliations; and
- A review of non-core activities and the impact upon tax liabilities.
All completely free-of-charge.
Get in touch
If you would like to discuss any aspect of the above further please contact one of our specialist academy partners below:
Suffolk / Norfolk / Essex - Helen Rumsey or Barry Gostling
Cambridgeshire - James Francis
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