Academies and Independent schools
academies
The opportunity for schools to convert to academy status, or launch as academies under the Free Schools programme, comes with many challenges. Amongst these, academies will need to consider their accounting, payroll, and audit procedures. Although all academies are charities, they have exempt charity status and aren’t regulated by the Charity Commission. However, they’re required to produce accounts compliant with the Charities’ Statement of Recommended Practice (SORP).
How can TC Group help?
- Training for the finance department
- Assessment and valuation of assets and liabilities to be transferred
- Calculation of the surplus or deficit on transfer and assistance with negotiations with the Local Authority
- Formulation of appropriate accounting procedures and policies which meet the Department for Education (DfE) requirements
- Selection of accounting software
- Set up of outsourced payroll services
- Advice to governors and appointed officers
Ongoing accountancy and business advisory services:
For established academies, we offer business advisory, tax, and compliance services, including:
- Preparation of budgets, cashflow forecasts, and management accounts
- Provision of outsourced payroll services
- Advice on VAT and Corporation Tax, including treatment of property transactions and trading activities
- Accounts preparation to SORP specification
- Annual audit
independent schools
Independent schools operate in a highly regulated environment -they’re facing challenging times with economic pressures and regulatory changes.
Here at TC Group, we provide our specialist services to Independent Schools through our charities team, experienced in advising you on the changing regulatory and reporting requirements. We make it our priority to provide you with the necessary technical support required to meet the financial challenges independent schools face.
Independent schools need advisors that look beyond compliance and take time to understand their school. We do just that, and this allows us to deliver solutions that meet your specific needs.
How can TC Group help?
TC Group has extensive experience working for schools, both on a large and a small scale. We recognise the diversity of the education sector and tailor our services accordingly. Alongside our auditing and accountancy services, we also offer the following services:
- VAT advice
- Consultancy advice
- Gift Aid advice
- Corporation Tax planning
- Risk management
- Payroll
- HR Advisory services
- Property Advisory services
We have excellent knowledge and experience in the Not-For-Profit sector, with clients ranging from large charities to smaller voluntary organisations. We help these clients with the challenges they face to manage the financial wellbeing of the school by advising on strategic planning and dealing with the Charities Commission.
With our help, you’ll be better equipped to manage the finances of your school and deal with any changes that come into place set by the Charities Commission Act. We’ll be there to help you make the right decisions.