Education Business

The introduction of the Academies Act 2010 has instigated a dramatic increase over recent years, in the number of schools opting to convert to Academy status. The freedom from Local Authority control and opportunity to become more autonomous can be very appealing, however there are many issues to consider once the process to obtaining Academy status has begun.

The benefits that accrue from academy status are quite clear. Hence the rush we have seen for schools to convert. More strategic and operational freedoms and more funding are some of the plus points that are often cited. What many prospective academies have failed to appreciate however is the full extent of the extra responsibilities and liabilities that also materialise, mainly of a legal and financial nature.

This year has seen a further squeeze on school budgets, with school running costs increasing and funding being reduced. It’s a difficult time for schools, leading many to look for new ways of saving money. RM Education is issuing a Budget Challenge, an innovative new way of helping schools trim their spending on four key areas – internet connectivity, energy bills, management information systems (MIS) and printing costs.

Most secondary schools are as big as medium sized businesses, and as with any business, a school or academy has to deal with the day-to-day requirements of corporate life: HR, health and safety, and everyone’s favourite, payroll.

Caroline Carretta, Partner at Humphries Kirk Solicitors and experienced academy conversion specialist, provides some insight for schools post conversion.

Academy Accounting – Free First Year Package

eSlip are an established payroll bureau currently running in excess of 1000 payrolls per month for a wide variety of clients.  These include schools, local government, hospitals, charities and many commercial organizations.

Omega Payroll Services is a rapidly expanding, dynamic payroll bureau, developing a high reputation both locally and nationally. We pride ourselves in providing a high quality, cost-effective computer payroll service.

It is very difficult to determine whether a lease is an operating lease or a finance lease simply from the documentation presented to you. If you are engaging into a lease agreement as a public sector organisation you must ensure the lease is an operating lease and complies with the International Accounting Standards (IAS) 17 otherwise the agreement is ultra vires.(unenforceable). This allows for an operating lease to be accounted as revenue expenditure and not capital expenditure.

ARK Schools teamed up with Soprano Solutions in October 2010 to implement their centralised “purchase to pay” procurement solution for its network of eleven academies in London, Portsmouth and Birmingham, which cater for more than 6,400 pupils.

The Association of School and College Leaders (ASCL) is the only professional association and trade union in Britain to speak exclusively for secondary school and college leaders.

Shared services and collaborative working to be increasingly affected by the sector’s adoption of cloud accounting.

There is a history of performing arts within schools, ranging from drama clubs to Christmas pantomime performances. But how and why might the arts play more of a significant role within your schools strategic vision?

At Lloyds TSB, we recognise the distinctive contribution that schools play in enhancing the communities we live and work in, as well as the varied and ever changing nature of the sector's financial needs.

Syscap, the UK’s leading independent IT finance provider, recognises that, with the ever increasing demands on budgets, alternative methods of acquisition are critical in helping the Education Sector both maintain sustainable IT strategies and develop their vision.