Making a Difference
Academies have different financial reporting requirements to those of Local Authority schools. Academy Trusts are charitable companies and therefore have to comply with charity and company law as well as comply with reporting requirements to the Education Funding Agency. Funding mechanisms are also different for Academies to those of maintained schools.
Wellspring Academy Trust has a small Central Finance Team, led by a Chartered Accountant. The team supports Academies and takes care of statutory reporting requirements. The Trust has established accounting systems and procedures that ensure Academies fully comply with financial requirements and that their finance operations run efficiently.
Wellspring Academy Trust provides the following for Academies:
- Support through the conversion process, assisting Business Managers and Principals with the financial transition
- Prepare and submit all annual reports required by the EFA and Company legislation
- Strategic procurement reviews to leverage economies of scale
- Internal and External audit functions, reporting findings/recommendations to Academy Governing Bodies
- Assistance in strategic financial planning and financial management advice
- Implementation of accounting and budgeting software and training of staff. The Trust has established reporting packages which assists Governors and Principals in financial monitoring and decision making
- Core finance policies and financial regulations, providing confidence to Academies that they are fully compliant
- Regular financial information sharing
- A network of Business Managers and finance experts
- Business Managers’ Finance Handbook
- Support for Governors financial management
- Finance staff job specifications
- Support from the Central Finance Team
The following Trust services are also available:
- Budget monitoring and forecasting
- Month end support
- Cash flow management
- Invoicing/ payment support
- Grant applications/ funding bids
- Additional training/ support on finance systems and procedures
- Adhoc support/ reporting, as the need arises
- Support with the recruitment process and interviewing staff within Academies
- Additional short term day-to-day finance support
The Trust aims to support its Academies in reducing the financial burden by improving the efficiency of the finance function.
Wellspring Academy Trust prizes teamwork at all levels throughout the organisation. We recognise the importance of teamwork in good financial planning and management. We offer an experienced finance support network that will grow as the Trust grows.