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Friday 27 April 2012
The report is based on those Academies which prepared financial statements for the period ended 31 August 2011 and which were audited by Kreston UK member firms. The report focuses on five key benchmark areas and then compares these across the new converter Academies and sponsored Academies, many of which were the previously poorer performing schools.
The aim of the report is to assist Finance Directors, Business Managers, Headteachers and Trustees in understanding the financial performance of their Academy compared to other Academies within same category and stage of conversion and development. This is the first time the report has been prepared and the group’s intention is to produce this report on an annual basis.
Andy Jones, director and member of James Cowper Kreston’s specialist Charities and Education team, commented that "The interesting outcome from the report is the wide variation in all of the five benchmark areas, which highlights the level of diversity across all Academies and the financial issues and challenges many Academies will face going forward."
Andy went on to add "With the significant increase in the number of schools converting to Academy status in the latter half of 2011 and early part of 2012, it will be very interesting to see how the Academies compare across these benchmarks once the 31 August 2012 year end audit and financial statements cycle is completed".
Copies of the Kreston Academies Benchmark Report are available by contacting us directly by clicking here.
About the Kreston UK Charities and Education Group
The Kreston UK Charities and Education Group is a network of independent accounting and business advisory firms in the UK that share a common interest and specialisation in the charity and education sector. All firms are members of Kreston International, a global network of independent accountancy and business advisory firms.
The group advises over 1,300 charities across a wide variety of sectors, including more than 160 academies and 60 independent schools, and numerous other education related organisations. The group works very closely together to share experiences, knowledge, expertise and technical resources, to ensure clients benefit from a comprehensive range of specialist advice, services and resources.
Andy Jones, Director, James Cowper Kreston LLP, Tel +44(0)1865 200500 or email firstname.lastname@example.org