Accounting for Education
Hentons Specialist Accountants for Education
While helping you fulfil your legal and regulatory requirements, we also assist in developing your systems and processes to ensure good governance and strong controls, letting you take full advantage of your new found autonomy.
The advantages of greater freedom to transform and improve standards of education have seen the number of academies increase dramatically, from 500 in 2011 to more than 3,000 today. This significant rise has resulted in a Government keen to seek assurance that independent school funds are being utilised in the best way possible.
While conversion to academy status allows for greater independence in where funding is spent, it also comes with increased accountability and responsibility for finances, plans, payroll and more. In addition, because academies are viewed as 'charitable companies limited by guarantee', they are also bound to comply with company law, charity law and thus the requisites of the Charity Commission and its Statement of Recommended Practice (SORP) – Accounting and Reporting by Charities.
These are all daunting but exciting issues for the prospective or converted academy.
How Hentons Tax Advisors Can Help
Our accounting and tax advice to schools and educational bodies include:
- Business planning and forecasting
- Conversion to academy status (fulfilling legal and regulatory requirements, developing systems and processes)
- Audit and assurance
- Annual accounts
- Business support
- Payroll (including readiness for auto enrolment)
- Design and installation of systems
- Access to HR support