Academies positive about financial responsibilities, survey shows

24 May 12
More than eight out of ten academies believe increased financial freedoms will bring about pressure to spend money wisely, according to a survey.
By Vivienne Russell | 24 May 2012

More than eight out of ten academies believe increased financial freedoms will bring about pressure to spend money wisely, according to a survey.

The poll of 132 academies, conducted by Capita SIMS, also revealed that almost 40% are planning to hire more staff to help with their new financial responsibilities and 20% have already employed a qualified accountant.

Half of those surveyed said that over the next year or two they would be investing in training their finance office staff and purchasing accountancy services from external agencies. The majority (73%) said greater financial freedoms would help to raise school standards.

Commenting on the findings, Paul Metcalfe, academy sector manager at Capita SIMS, said an increased level of financial management was one of the biggest changes facing academies.

He added: ‘The legal requirements of becoming an academy make the financial accounting for an academy much more complex than that of a maintained school and it seems that this is translating into the school business manager, in particular, feeling greater responsibility for the school’s financial performance.’

Earlier this month, the Public Accounts Committee warned that arrangements for the oversight of public spending by academies were weak. Spacer

CIPFA logo

PF Jobsite logo

Did you enjoy this article?

AddToAny

Top