Our Specialist Sectors
Academies

The regulatory framework that Academies must operate within can be demanding, complicated and ever-changing, making it hard to keep up.  However, we know that change can mean opportunities, as well as obstacles and our dedicated team specialise in helping new and existing Academies identify their priorities and problems and find the best way forward.

Converting to an academy can be a daunting prospect and you need to feel confident that your advisor can and will provide a great deal of guidance and support both throughout the conversion process and beyond. 

As part of the UK 200 Group and the Academy Forum, we are part of a group of member firms who regularly exchange information and knowledge. Between us we act for over 10% of all Academies in the UK and have the expertise to guide you seamlessly through everything that is required.
 

Guidance on Conversion

One of the key areas to consider on conversion is establishing the opening balance sheet position with regard to transfers from the Local Education Authority, in particular the value of the assets and liabilities that will be transferred. The largest of these is often the value of the land and buildings and consideration of the period over which to depreciate these assets has a significant impact on the accounts. We are familiar with the key considerations and through discussions with you we can assist in establishing an appropriate opening position.

 

Preparation & Audit of Annual Accounts

Each year the Academy will be required to produce audited statutory accounts that are compliant with both the Charities SORP and the Academies Accounts Direction (AAD). Our specialist team are familiar with the relevant requirements and are able to efficiently produce the statutory accounts on your behalf which can then be audited by our separate audit team, as required by the AAD. Our audit ethos is to add as much value as possible whilst ensuring the minimum amount of disruption to Academy staff. 

Consideration of Pensions Issues

On conversion to an Academy, the Trust will inherit the deficit (or surplus) on the Local Government Pension Scheme (LGPS). An actuarial valuation is required to be obtained on conversion to determine the value inherited and a further valuation must be obtained at each year end from the Actuary involved in administering the scheme. The accounting and disclosures requirements in this area are complex and susceptible to error but we have the relevant expertise to take the hassle out of the process.

Assistance with Reporting as Required by the EFA

In addition to the annual audited statutory accounts, the Academy will be required to provide several additional returns to the EFA each year. These include:-
  • March Accounts Return
  • August Accounts Return
  • Budget Return
  • Financial management and governance self-assessment
Depending on the level of knowledge held internally by the Academy are able to assist in their completion to a greater or lesser degree, as required

VAT Advice

Each Academy must consider whether or not they are required to register for VAT and if it is not required, then whether or not it would be beneficial to voluntarily do so. Where VAT registration is not of benefit, Academies are able to reclaim their input VAT via the VAT 126 form. The best course of the action depends on the Academy’s individual circumstances and we can assess the situation with you to advise on setting up the right structure for the Academy. 

Independent Checking of Financial Systems & Internal Controls

As set out in the Academies Financial Handbook, each Academy must have in place a process for the independent checking of financial controls, systems, transactions and risks. There are a number of options that are available to Academies to conduct this work, however, it is often preferred that a supplementary program of work is carried out by the external auditor.  We can deliver a quarterly programme of work including a report for Governors with our relevant findings.  

Audit of Teachers Pensions End of Year Certificate

Each year Academies are required to submit an audited end of year certificate in relation to the Teacher’s Pension Scheme (TPS). Our team can complete this within the short timescale required and assist with submission to TPS.   

Company Secretarial Services

Ellacotts’ company secretarial service makes use of our extensive expertise in company incorporation, compliance and administration, and can provide a valuable company secretarial service to companies of all sizes. We can help you to comply with your statutory obligations under the Companies Act and ensure you avoid any penalties for late filing of annual returns, accounts and other documents.

Outsourcing your company secretarial services to Ellacotts will free up valuable time and resources to allow you to focus on running your business. Our value added, no nonsense service provides help and assistance in two important areas: company secretarial services and Registered Office provision.

We can maintain your statutory register and update this with any appointments or resignations of directors that you may wish, share allocations while also preparing the company minutes and resolutions that are needed along side these decisions. Annually we can also help with the preparation and filing of your annual return.

Registered Office

Ellacotts' Countrywide House address is used as your company’s Registered Office address. We will forward all relevant correspondence that has been sent to your company, and deal with any junk mail on your behalf. Competitively priced, this service will give you the peace of mind of knowing that you are complying with your legal, regulatory and statutory obligations.

Please note that this service does not include planning work or the making of recommendations or alteration or re-drafting of any memorandums or articles – prices are available on request for these and other additional services that we are able to offer.

 
We would love to hear from you!
Book a free meeting with us today.
David Stevens
Managing Partner and Corporate Services Partner
Charlotte Houghton
Partner

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