Academy Services

Conversion and financial management support for academies

Our AIM

Making every pound count can maximise outcomes for our young people
Education isn’t just about the curriculum, like finance isn’t just about numbers.
We, at Education Evolution, believe in working together to achieve a common aim.
 
Whilst the conversion to academy process brings additional responsibility and workload to an already stretched finance team, you can seek to achieve capacity and efficiencies in the long term.
 
From conversion to financial system support and completion of statutory returns, Education Evolution will support you every step of the way, to ensure compliancy with the “must’s” and “should’s” of the Academies Financial Handbook.
Academy Services | Education Evolution | Strategy Business

What do you get?

What does the schoole service programme look like?
Academy Conversion Support

Simplifying the conversion process…

Whether you are thinking of becoming an academy or have already started the process, we will help you understand the requirements of conversion and ensure you follow the correct steps in order to make a smooth transition.

Converting to an academy brings greater financial freedom with increased responsibilities. Academies are charitable companies limited by guarantee, which means you need to comply with stringent financial governance and reporting requirements.

We provide comprehensive project management and supporting expertise to schools converting to academies and joining Multi-Academy Trusts (MATs). Our services include:

  • Advice to governing bodies, head teachers and school finance staff on the financial management implications of academy conversion
  • Advise on academy finance policies
  • New academy banking arrangements set up support
  • Support in choosing the right finance software for you
  • Assistance with preparation of financial data as part of application process to the ESFA
  • Liaising with Local Authority (LA) regarding transfer of finances upon conversion
  • Support the procurement and implementation of a new Academy financial system including set up of Chart of Accounts/coding structure
  • Register with Companies House
  • Completion of online land and buildings form due to ESFA
  • Review contracts with external providers
  • Agree final funding agreement with ESFA
General Finance Support

Financial systems & accounting

  • Review of existing accounting policies and procedures
  • Support and preparation of bank, payroll and control account reconciliations
  • Reconciliation of funds I.e. GAG, UIFSM, DFC, PE & Sports
  • Completion and reconciliation of rates relief claims
  • Completion of VAT claims
  • Advice regarding the treatment of revenue and capital expenditure
  • Preparation of monthly management reports
  • Set up and maintenance of fixed asset register including depreciation
  • Budget Forecast Return (BRF) submission to Education & Skills Funding Agency (ESFA)
  • Budget Forecast Return Outturn (BRFO) submission to Education & Skills Funding Agency (ESFA)
  • Interim and pre-audit support including accruals/prepayments and year end reserve provisions
  • Provision and liaison with external bodies e.g. audit, payroll, HMRC
  • Year-end financial system closedown

Other services

  • Ensure that ‘Best Value’ principles are applied to all appropriate purchasing decisions
  • Support with “Freedom of Information” requests
  • Assistance with finance staff interviews
  • Other compliance matters (e.g. other related parties)
  • Due diligence for growing MATs
  • Support in the presentation of financial reports to relevant staff i.e. Directors/Headteachers
  • Support and advice on completion of academies Financial Management and
  • Governance Self-assessment (FMGS)
  • Regular review of internal controls (internal audit)
Academy Internal Controls

“The academy trust must have sound internal control, risk management and assurance processes”

Education Evolution offer a flexible, tailormade service which supports you in establishing a robust control framework. Our service includes support to the Board of Trustees, Audit Committee and any other committee with this delegated responsibility.

Strategic Financial Planning
  • Setting annual and multi year budgets
  • Support in preparation of deficit recovery plans, where needed
  • Revenue – Income and expenditure forecasting and monitoring
  • Capital – Income and expenditure forecasting and monitoring
  • Income Generation
  • Assistance with financial bids
  • Costing of the School Improvement Plan
  • Curriculum costing
  • Cashflow monitoring
  • Strategic Planning Support
  • Training to relevant staff
  • Internal and external financial benchmarking
Multi Academy Trust Support
  • Support to set up of central MAT finance team
  • Consolidate budgets, financial returns and year end statements
  • Calculate MAT recoupment
  • Support the setup of the MAT central budget
  • Streamline processes and procedures to achieve efficient back office functions
  • Post payroll centrally
  • Administer and reconcile intercompany transactions
  • Calculate and transfer GAG funding
Academy Financial Health Checks

Good financial health is essential to delivering educational excellence. As with other public services schools are facing additional financial pressures, this means there is more need than ever for schools to improve their financial efficiency. Schools must ensure that their budgets deliver the best possible value for money and the best possible outcomes for children.

Education Evolution offer financial heath checks and can project manage the implementation of recommendations.

  • Evaluation of existing processes and procedures, for example:
    • Income and expenditure
    • Banking process
    • Reporting procedures
    • Statutory returns
  • Identify any skill gaps with finance team and delivery of appropriate training
  • Review of financial system setup

Arrange a no obligation survey with us

At Education Evolution, we see our role as extended members of staff, providing tailored support and a flexible approach.

What others are saying

Read reviews from our satisfied clients

“Not your average accountants”

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