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:
The following Trust services are also available:
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.