Posted by
Rouse Partners
31.01.2012
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Academies Update – January 2012
Here are our latest updates on news and developments affecting Academy schools. Please contact us if you have any questions regarding any area of this update.
Regularity audit
If you have been speaking to us in regard to the YPLA’s future ideas and plans, you will have heard us mention the fact that a Regularity Audit will be introduced. The details of the audit have not been released, but has been suggested that it will be a systems based audit and it will be introduced in March. However, one thing is known, it is not coming in for 31st March 2012, but may be in place for 2013. Watch this space!
Conversion grant changing
The £25k grant which is received for the conversion process we are pleased to say has been amended. Previously the full grant had to be used for the conversion process, but recent notices to Academies have confirmed that if you have not spent it all, it can be utilised for other purposes – this mean getting more value for money from your professional advisors and suppliers during your conversion is becoming much more important.
Academy deadline reminders
- FMGE Return – due at YPLA within four months after conversion
- Audited Annual Accounts
- due at Companies House in nine months after the year end, usually 31st May
- due at YPLA the December following the year end
- Abbreviated Accounts Return – due at YPLA the December following the year end
- General Annual Grant 2 Return (GAG2) – due at the YPLA within one month of your conversion date
Other brief Academy updates
Start grey area
Do you owe VAT?
The method or repaying VAT to Academies changed in September 2011 from a grant to cover the VAT, to being able to claim your educational VAT much like the Local Authority. However, the method was backdated to April 2011, meaning that some Academies have effectively received their VAT twice and the double-funding needs to be repaid. Guidance is available on the YPLA website, or you can speak to us.
Stop grey area
Start grey area
Same face, but with a different name?
From 1 April 2012, the YPLA’s functions will transfer to the Education Funding Agency (EFA)
Stop grey area
Start grey area
Do you know your registered office address?
It may be a simple question, but some Academies have found that their address has been changed without their authorisation. We and the YPLA would therefore suggest that you utilise Protected Online Filing (PROOF). Where we act as Company Secretary we use this as a matter of course, but if you are not using us, please ensure you sign up for PROOF or ensure that your adviser is using it if they are acting on your behalf.
Stop grey area
Please contact our Academy Team if you have any questions regarding any area of this update.
