Whether you are a university, further education or sixth form college, academy school, independent school or private training provider, your board and management will be grappling with significant challenges, many arising from the continued structural changes in the sector and funding methodologies. Despite this backdrop, we believe there are opportunities for providers to develop and sustain our world-class education system.
Our team comprises partners and managers who are passionate about education and this gives essential focus to our service offering. Through all that we do, our aim is to help our clients achieve their ambitions.
Our services are designed to complement your existing resources and provide value for money, from ad-hoc assistance at year-end, through to comprehensive financial support packages performed on an ongoing basis. By truly understanding your establishment we are able to tailor our services to meet the needs of the school.
Converting to academy status creates both exciting opportunities and unfamiliar challenges. We offer practical support and reassuring advice to help you every step of the way – from making the decision to convert right through to dealing with day-to-day issues.
Meeting financial accounting and reporting requirements requires a new approach. Accounts must be prepared under a different format and will be open to far greater public scrutiny. Academies must produce a governors report, including statements about compliance with the Charities Act and Charity SORP (relating to the preparation of financial accounts), as well as statements explaining the academys results, plans for the future and its impact on the local community.
There are many other issues to consider too: corporate governance structures, regularity reporting in respect of accountability and transparency in the use of public funds, implications for teachers pensions, replacement of services previously supplied by the local authority, cash flow management for solvency monitoring and the adequacy of computer systems to support financial management and reporting.
We act for over 100 academies across the UK and we are approved Crescent Purchasing Consortium external and internal audit providers. With our deep understanding of Education Funding Agency (EFA) requirements, we can guide you through the transition process, making sure you are capable of meeting all your new financial and regulatory requirements. And once your academy trust is successfully established, we can provide further ongoing services tailored to your needs and the current sector issues at the time.
HE and FE institutions face pressure to create efficiencies in the face of reduced budgets, whilst maintaining the same standard of teaching and learning.
Our Education team advises colleges and universities on a wide range of services tailored to meet the needs of their organisation, and below is just a few of the areas where we could assist you.
Our audit approach is primarily risk-based and tailored to the college or university we are advising. Our internal audit offering provides assurance and identifies areas of improvement within key operations of the organisation, empowering management to enhance performance.
We will provide your finance team with support and guidance on the impact of new accounting frameworks, for example, FRS102 and the new FE/HE SORP, and assist with the development and implementation of a transition plan.
Every educational organisation is unique, with continually changing needs. Although many independent schools have been established for hundreds of years, they are no different. We have an in-depth understanding of the issues independent schools face, and offers a number of potential solutions.
Independent schools are up against fierce competition to maintain pupil numbers. It is therefore vital to ensure your school is performing to the highest standards, with the best financial controls in place to manage any potential risks.
Every penny is crucial, even to fee-paying schools, who are often viewed as having more funds than state funded schools. We understand that financial constraints can sometimes be a factor in decision making, so we ensure schools are making the most responsible choices.
We work with you to understand the ethos of your school, and to become part of your internal team. We understand your challenges to include:
· maintaining health, safety and child protection;
· safeguarding and making secure IT facilities and related databases;
· ensuring proper and safe premises management.
· maintaining pupil numbers;
· raising funds for expansion;
· managing finances effectively and adhering to best practice.
· ensuring trustees and governors understand their role and responsibilities;
· mitigating conflicts of interest;
· managing reputational risk.