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The benefits and responsibilities of becoming an academy
Since the government offered state-funded schools the chance to become academies, hundreds of schools have already done so, and many hundreds more are looking to benefit from the freedom this brings.
Academy schools are directly funded by the government, which offers them greater control over both their budgets and the way they operate.
While this may seem like an attractive opportunity, academy status also brings with it certain responsibilities. As academies are private companies limited by guarantee, they need to comply with
the Companies Act.
There are also certain accounting requirements. Academies must prepare accounts that comply with
the Charities’ Statement of Recommended Practice (SORP), which must be audited by an external auditor and published.
All of this may be quite a challenge to schools new to managing their budgets, which is why tailored, professional advice can add real value to the process.
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of becoming an academy
