Schools need to produce accounts that comply with the Companies Act. How are these different from current DfE returns via county, can you say a bit more about them?
The accounts are completely different from CFR returns and need to follow charities and company law requirements. The accounts are normally for an accounting period ending at 31 August. They can be completed by the school bursar but the school may need to buy in expertise if there is insufficient experience of doing such accounts. The software requirements really depend on the volume of transactions, and professional advice should be sought. Academies’ accounts have to be audited by an external auditor appointed and paid for by the academy; this takes place in autumn each year.
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