Accountant’s academy report

A chesterfield based accountants has been tasked with producing a report on the financial performance of academy schools in 2014.

BHP Chartered Accountants worked with Kreston International, an association of independent accountancy firms, to produce the report.

Philip Allsop, partner at BHP, said: “The report considers the results of around 300 academy trusts throughout the UK.

“Many Academies are in a stronger financial position than last year, and are reserving funds for future expansion and also to help cover significant cost increases which are in the pipeline.”

Partner Mike Jackson added: “Academies know that their staff costs will increase by around 5 per cent over the next 18 months purely as a result of changes in the rates of pension and national insurance contributions.”