We’re proud to be one of the leading accountancy advisors to the education sector across Herefordshire, Shropshire and beyond. A large part of our role is helping schools with the financial aspect of converting to academy status and helping to monitor multi academy trusts to develop.
We offer services for Academies, Independent schools and local authority schools.
Our expertise Accountancy Advisors to the Education Sector
You may wonder how we have built such a solid reputation for accountancy excellence in the education sector.
You may wonder how we have built such a solid reputation for accountancy excellence in the education sector.
Simple really, by asking schools what help and support they want and then tailoring our service to providing exactly that and more, all at a competitive, fixed price.
Education leaders and decision makers tell us that it’s very reassuring to work with a team that has expertise and a deep understanding of working with academies, colleges and independent and local authority schools.
We undertake various year end returns, in addition to statutory audits, to ensure our education clients comply with the many evolving financial reporting requirements set by the Education and Skills Funding Agency (ESFA) and other regulation bodies.
Service Requirements
We will always promise to deliver on the following:
- A collaborative relationship where we become your trusted advisor
- Proactive assistance with identifying and (where appropriate/requested) completion of all statutory returns to ensure you meet your statutory obligations.
- Advice and guidance in respect of the audit and compliance matters – helping you to stay up to date whilst, at the same time, improving your understanding.
- An audit team that is familiar with, and has experience in, the education sector
- A sounding board function (at no additional cost) – a phone a friend type arrangement. Giving access to senior members of the team at any time.
- Annual “virtual” attendance at the Governors’ meeting where the financial statements and audit findings are discussed.
- A competitive fixed price
- An adviser who can provide other services if required.
- An adviser who works with a variety of different academies and not-for-profit organisations
- An adviser who is experienced in both, on site and remote audits.
- An adviser who understands the implications of the wider economy.
- A team who can offer support, training and advice where appropriate and relevant to the sector.
Along with this we would also offer you added value services such as the following:
- Payroll support
- Taxation and VAT support
- Grant audit work
- Governance guidance and support
- Business advice
- Assistance with Education Skills Funding Agency (ESFA) returns, including Budget Forecast Returns and Annual Accounts Returns
- Internal scrutiny (as long as TW aren’t your external auditors)
However, our services extend way beyond the annual audit. We understand that schools need a collaborative partner to support them.
What’s more, we know they prefer their partner to be readily available; someone they can phone whenever they need help, who is happy to meet to discuss whatever issues may arise; to act as a sounding board on a ‘phone a friend’ basis.
For more information about TW’s specialist services for the education sector, please contact lisa.weaver@thornewidgery.co.uk
Services for Academies
One of the main reasons that academy schools work with our practice is our simple, no nonsense, forward-thinking approach and our specifically tailored support.
Our academy conversion services include:
- Due diligence
- Advising governors and trustees on their new responsibilities
- Discussing financial issues that may affect the conversion process
- Advising on financial improvements
- Establishing internal controls and procedures
- Setting up a suitable accounting system
Once your academy is established, we can help you with the ongoing requirements of managing the school’s finances and compliance requirements including:
- Preparing accounts compliant with the Academies Accounts Direction, Charities Statement of Recommended Practice (SORP) and the Companies Act
- Auditing financial year end statements and regularity reporting
- Bookkeeping and payroll facilities
- Providing meaningful management accounts and helping to interpret the data
- Assisting with cash flow planning and budgeting
- Helping with VAT registration/VAT 126 as appropriate
- Providing company secretarial services
Services for Independent Schools
Our expert education team is able to provide specialist support to independent schools and educational establishments.
Our services include:
- Governance and risk management
- Year-end accounts
- Annual audits
- VAT and tax planning
- Charity and trust status advice
- Advice on mergers, acquisitions or restructuring including due diligence.
Services for Local Authority Schools
Our services include:
- Internal scrutiny/audit
- School fund audit
Does this sound like the type of
accountancy partner you’re looking for?
TW provide all of these benefits to our clients because this is what they want and we believe this is the reason we’ve become one of the leading accountancy advisors to the education sector in Herefordshire, Shropshire and beyond.
For more information about TW’s specialist services for the education sector, please contact Lisa Weaver and the team here.
For more information about X for Education (XfE), our unique online accountancy solution designed in partnership with leading software provider Xero specifically for schools, please click here.