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News > Lang Bennetts – launches Academy Schools Service Date: May 2011 Lang Bennetts Academy Schools Service We are pleased to announce the formation of Academy Schools team which has a track record of providing accounting and related services to commercial businesses and the charity / not-for-profit sector in Cornwall, . The team has the skills to meet the needs of Academy Schools and currently acts for a diverse range of charity and not-for-profit clients in Cornwall, including activities hived off from local government. We operate a payroll bureau and Sage / Quickbooks accounting software support business of long-standing. Freedom with responsibility The Government’s Academies Bill received Royal assent on 27 July 2010 and allows more schools to become Academies, state funded independent schools exempt from local authority control. The government has proposed all schools will be able to convert to Academy status without the formal approval of the local authority. This is an exciting time for schools and the ability to opt out of local authority control is clearly being enthusiastically embraced. Schools opting out enjoy considerable freedoms in the way they operate, set policy and innovate. However, this brings more accountability and responsibility. Academies will be created as charitable companies subject to the guidance of the Academies Financial Handbook. Each new Academy will need to appoint independent auditors and their accounts will have to comply with Company Law and the Charities Statement of Recommended Practice, as set out in the handbook. In addition there will be a need to manage payroll and VAT for the first time and to implement systems of financial reporting to deliver monthly management accounts and cash flow management. This will entail the use of proprietary software such as Sage or Quickbooks and the consideration of outsourcing for payroll management. Schools need to recognise that they will be operating sizeable “businesses” which will require the adoption of many of the disciplines from the business world, however we recognise that many management teams and Governors will lack day to day exposure to business practices. In order to flourish and deliver the school’s organisational objectives there will need to be a greater focus on cash flow management and budgetary control. In relation to the payroll, academy schools will depart from the National Teachers Pay Agreement, giving them the power to reward success. What can Lang Bennetts offer? Our proven track record of delivering cost-effective and appropriate services to businesses and charities in Cornwall is built on a team we have developed who have the expertise to support schools and their Governors in meeting their responsibilities, as they develop and implement a plan to convert to Academy status and ongoing requirements after conversion. In particular we provide:
We can assist you in developing and implementing systems of financial reporting and control, we support both Sage and Quickbooks accounts software, which are the predominant providers to the small and medium size business market. Whilst we are exposed to a wide variety of other accounting software, we strongly believe in these very cost effective, tried and tested solutions, which can deliver the information you are used to receiving, as well as the additional information now required. Above all we have the expertise to act as a trusted adviser and mentor to your Governors and management team. It is important that you understand our costs and these will be clearly communicated to you before we do any work. To arrange a free of charge initial meeting please contact our team to discuss your requirements and how we can provide best value. The Lang Bennetts team Jonathan Mashen FCA Partner Jonathan is a Chartered Accountant with many years of experience with the specialist “not for profit”, charity sector. His current portfolio of clients includes some of the best known of Cornish charities and he is a member of the board and finance committee of a large local charity and operating in the health sector. Helen Hood FCCA Manager As well as being a highly experienced accountant with over 20 years experience in practice and business, Helen is a school Governor with finance responsibilities with an in depth knowledge of the Academy conversion process and the changes necessary to financial management processes to satisfy the Academy requirements. Paul Burrows FCCA Manager Paul Burrows is responsible for Lang Bennetts’ charity audit clients. Aside from routine work, Paul is also actively involved in helping new and established businesses with strategic planning and achieving funding aims with the preparation of financial projections, and the implementation of systems of reporting and internal control |