Academies update 2024

09:00-09:05

Chair’s welcome

Anjali Kothari, Moore Kingston Smith 

09:05-09:30

Building Valuation Issues: RAAC/Contractor Failure & Impairment
During 2023, a number of Academies had property/building related issues arising from either contractor failure or reinforced autoclaved aerated concrete (“RAAC”). This session considers the financial reporting implications with a focus on impairment.

Vincent Marke, Crowe U.K. LLP 

09:30-09:55

Going concern and changes: practicalities of growth
This session will focus on the key assessment of going concern amid continuing challenges for the Academy sector, along with practical and accounting elements of transfers and mergers.

James Saunders, Moore Kingston Smith 

09:55-10:20

Internal and external audit: working together effectively
Internal Audit is often seen as another compliance exercise. Can we go back to the drawing board and focus our work on risk, complementing the work of other assurance providers to give the board comfort across the organisation?

Laura Waycott, Griffin Chartered Accountants 

10:20-10:30

Coffee break

10:30-10:55

Accounts Direction and Trust Handbook
Looking at the main changes in the recent edition of the Academies Accounts Direction 2023 to 2024 and an update on the Academy Trust Handbook 2023.

Nicola Tilley, Bishop Fleming 

10:55-11:25

GAG Pooling – is this the better way to fund improvements?
We will consider what GAG Pooling means: what are the requirements; is it effective; accounting implications and practical issues.

Bianca Silva, MHA 

11:25-11:50

Pensions update
An update on topical issues in pensions including current market conditions, the treatment of surplus under FRS 102 and the outlook for the 2025 LGPS funding valuations.

Sarah Abraham, First Actuarial LLP 

11:50-12:05

Coffee break

12:05-12:30

Legal Update
An update on the Companies House changes and governance.

Stephen Ravenscroft, Stone King LLP 

12:30-12:55

ESFA Update: LGPS in the Academy sector
An overview of the Local Government Pension Scheme (LGPS) in the Academy sector, including how the DfE Crown Guarantee operates, supporting the Academy sector to manage costs by extending the Guarantee to pass-through arrangements. We will outline ESFA’s approach to operational policy around Academy transfer and closure, and the agency’s engagement with Academy and LGPS sectors.

Jamie Callaghan, Education & Skills Funding Agency (ESFA) 

12:55-13:00

Chair’s closing remarks

Anjali Kothari, Partner, Head of Education, Moore Kingston Smith
Anjali is Head of Education in Moore Kingston Smith's dedicated schools sector and a senior partner in their nonprofit group. She has over 25 years’ experience of the schools and the nonprofit sector, the last 20 with Moore Kingston Smith. Her experience includes working with independent schools and academies ranging from preparatory schools, senior schools and boarding schools, as well as international schools, MAT’S and complex groups. She regularly provides training for heads, aspiring heads and bursars as well as speaking regularly at seminars and has a detailed understanding of the issues affecting schools. She works with a number of the main sector bodies such as GSA, CISC and ISBA and regularly speaks and advises at their conferences. She Chairs the ICAEW Academies Forum and is involved with several of their committees. She also looks after a variety of non-charity clients which range from research institutes to grant-making charities. Anjali is also a Governor of a large Independent Prep school in NW London and is an executive member and treasurer of the Charity Law Association.

James Saunders, Partner, Moore Kingston Smith
James is a key member of Moore Kingston Smith’s Non-Profit Sector Group. He has been providing expert advice on technical, accounting, governance and strategic issues to charities and schools for nearly 20 years, handling everything from core financial services to best practice and ongoing improvement for trustees and governors. James has built up an extensive group of sector-specialist contacts in many legal, banking, investment, fundraising, governmental and grant-making bodies, which proves invaluable to his clients. He is also a school governor and a Multi Academy Trust non-executive board member.

Bianca Silva, Partner and Head of Education, MHA
Bianca heads the firm’s Schools & Academies sector, leading a team of Partners due to her specialist knowledge and expertise developed over 30 years; initially supporting a number of schools in the 1990s which became Grant Maintained, then moving on to support independent schools as well as schools converting to Academy status, and today advising established and growing Multi Academy Trusts, often with complex structures and individual needs. Her diverse portfolio includes many charities, schools, academies, and religious organisations as well as owner-managed businesses. Bianca holds the ICAEW Diploma in Charity Accounting, which acknowledges expertise and experience in charity accounting and finance at the highest level and is regularly referred to by Partners of the firm to provide guidance on the complex and regulated accounting requirements faced by the Academy sector. Bianca takes a personal interest in her clients' success and is proud to support the many dedicated individuals and organisations to achieve their goals.

Stephen Ravenscroft, Partner, Head of Charity, Stone King
Stephen is the Head of the Charity Sector at Stone King and advises a wide variety of charities on their affairs, from charity formation and governance to operational matters, including management of major transactions and restructures. He is well known for his work with charities operating in the education sphere. This includes not only education providers and funders but also charities providing essential education infrastructure and sector bodies at the forefront of education policy. He has been involved with academies since their inception back in 2001.

Sarah Abraham, Advisory Lead on Auditor Support Services, First Actuarial LLP
Sarah is a senior actuary with over 20 years' experience in working in pensions. She was a Scheme actuary for 8 years before moving to an in-house role at the Co-op Group and subsequently to PwC. She has specialist knowledge of pensions accounting and her experience at PWC and Co-op means that she has seen the audit process from all angles. At First Actuarial, Sarah leads the Auditor Support Services offering and sits on the wider Pensions Cost Accounting Group which provides guidance to the business in relation to the financial reporting of pension scheme. As part of these roles, she monitors current issues in pensions accounting, including the impact of changes in market conditions, and she has a specialism in resolving technical questions relating to the application of FRS 102 and IAS 19. Sarah is also acts as a MAT Trustee and is head of the Finance and Resources Committee.

Vincent Marke, Partner, Crowe U.K. LLP
Vincent is an external audit partner in Crowe’s Social Purpose and Non-profits team. Vincent has over 10 years of experience of working with both single and multi-academy trusts.

Laura Waycott, Partner, Griffin Chartered Accountants
Laura trained and qualified as a Chartered Accountant in a large regional firm where she worked for 14 years. From 2010 Laura specialised in the not for profit sector working with Academies, Charities, Community Benefit Societies and CICs. Laura left this role in January 2020 and went to work for a large regional Charity as their Head of Finance. This role has given Laura a valuable insight into the internal workings of a complex not-for-profit entity and extensive experience of working with employees and volunteers at all levels, regularly presenting information in an understandable way to people of all levels of financial literacy. Laura then joined Griffin Chartered Accountants in January 2023 where she has continued to work with a large number of not-for-profit organisations and in particular numerous Academy Trusts of all shapes and sizes. Laura is an RI on a number of academies audits and works extensively with multiple internal audit clients.

Nicola Tilley, Senior Audit Manager, Bishop Fleming
Nicola is an experienced Senior Audit Manager, specialising in the Education, Charity and Not-for-Profit sector. She returned to Bishop Fleming after working in industry for over 10 years and is particularly enthusiastic about the education sector having worked with schools throughout her career. Nicola helped build the academy portfolio at Bishop Fleming in 2010, advising schools through the conversion process, assisting with the introduction of new systems and procedures, and preparing for year end audits. Her recent experience includes working as a CFO for over 5 years in a growing Multi Academy Trust. Managing a portfolio of large Multi Academy Trusts and charities, Nicola is now able to transfer the knowledge and skills that she gained whilst working in education to provide an insightful service to her clients. She also provides her industry expertise to both Bishop Fleming’s academy technical and marketing teams.

Jamie Callaghan, Head of LGPS Operational Policy Team, Education & Skills Funding Agency (ESFA)
Jamie is a chartered internal auditor and part-qualified management accountant who has worked in DfE since 2001 and as part of ESFA since 2012. He has extensive operational policy and delivery experience in various roles overseeing the Academy sector, including financial frameworks, assurance, and intervention and restructuring of academy trusts / FE colleges in financial distress. Jamie’s current portfolio also includes oversight and development of operational policy for LGPS for academy trusts and FE colleges, including management of the DfE LGPS Guarantee.