What to consider after deciding to become an academy

Have you decided to convert to academy status? We have outlined some questions below that you may wish to consider.

Academy policies

Will funding be pooled or kept separate for each school?

Service Level Agreement (SLA)

Will you continue with SLAs currently provided by the council when they expire?

Is there a better value alternative?

Finance expertise

What finance expertise do your staff currently have?

  • Do you need to recruit?
  • Do your existing staff need additional training?
  • Do you need external support, and to what extent?

Level of reserves

What level of reserves do you consider to be satisfactory?

How will you achieve this and over what time period?

Budget preparation

Who will be responsible for preparing budgets?

What support will they need to write them?

Accounting software

What accounting software will you use?

What training will your staff need to use the system?

Do you want to outsource any elements of the accountancy function?

Bank account(s)

Will you have one bank account for the whole trust or a bank account for each school?

Dealings

What would be dealt with at each school and what would be dealt with centrally?

Governing body

Does your governing body have sufficient expertise?

What sub-committees will you need to establish?

Any skills gaps?

Funding

Will funding be pooled or kept separate for each school?