14 education & business A time of change for independent
schools and academies The General Election and change in government may well bring change in regulation for independent schools and possible changes in funding for academies and free schools. No doubt both sectors wait with bated breath as to the changes to come, writes Kerry Gallagher of Baker Tilly
Items already trailed in the run up to the election include OFSTED taking over independent school inspections and the potential removal of business rates relief for charitable independent schools. Discussion over greater collaboration between the independent, academy and maintained school sectors will no doubt continue, irrespective of the outcome of the election.
Recent case law and technical guidance has also impacted those charitable independent schools and academies with trading subsidiaries.
On October 31, 2014, the ICAEW issued its technical release, Guidance on donations by a company to its parent charity, which considers the accounting implications of legal
advice that donations of taxable profits by a subsidiary company to its charitable parent constitute distributions rather than donations.
It is expected that HMRC will publish guidance on the tax impact in due course.
In a recent tribunal case, HMRC has also challenged the VAT exempt status of sports facilities operated via trading subsidiaries.
Many schools have set up subsidiaries in order to maximise lettings income from sports and other facilities but now need to ensure their subsidiaries remain fit for purpose and are being operated correctly.
The Charities: Statement of Recommended Practice (SORP)
Press ’print’ for a wall
Two students who have designed a robotic machine that can ’print’ walls without human intervention have been shortlisted for The Telegraph 2015 STEM Awards.
Ali Bobaker and Pablo Arcelino de Lima, both second-year civil engineering students at the University of Portsmouth, have been shortlisted in the ’Design in the Built Environment’ category.
The national awards aim to inspire undergraduates to play their part in securing the country’s future as a leader in science, technology, engineering and maths (STEM). They invite STEM students to present their ideas to some of the most influential companies across five different industry sectors: automotive, technology, energy, pharmaceutical and design in the built environment.
Bobaker and Arcelino de Lima have designed a machine to build walls without using labourers.
Bobaker said: “Our machine is like a 3D printer which uses concrete.
www.businessmag.co.uk
We know there are already some machines out there that can do this but ours is different because it has no limitations – it can work with any size or shape of construction.“
The students’ design is one of five to be shortlisted. They will present their ideas to Atkins, the company that has sponsored their category, and if they win they will present their ideas in London later this month. The overall winner will be selected from the five category finalists and receive a prize of £25,000 and a bespoke mentoring programme.
Arcelino de Lima is a Brazilian student on the ’Science without Borders’ scheme, a Brazilian government scholarship programme which sends students to study overseas. This year the University of Portsmouth has taken 165 students, the second highest number of students in the UK.
has been reissued and came into effect for accounting periods commencing on or after January 1, 2015. The SORP affects academies and charitable independent schools and will first be adopted for their 2016 financial statements. With many areas impacting the comparative (2015) period, schools should be thinking about how the SORP will impact them now rather than later.
Particular areas impacting schools include, accounting for fees in advance, accrual of untaken or carried forward holiday pay, or the opportunity to revalue buildings.
For academies, the new SORP will be incorporated into future editions of the Academies Accounts Direction, issued by the Education Funding
Agency to assist academies in preparing their annual accounts.
One positive piece of recent legislation that could benefit some schools is the recent raising of the charity audit threshold from £500,000 to £1 million. This will reduce the regulatory burden (and cost) for smaller charities which could include fundraising foundations and parents’ associations that raise funds for schools. This came into effect on April 1, 2015.
Details: Kerry Gallagher 0118-9554195
kerry.gallagher@
bakertilly.co.uk www.bakertilly.co.uk /sectors/ education
University of Portsmouth collaborates with banking giant
The University of Portsmouth has signed a partnership agreement with Santander Universities to support scholarships, travel bursaries and internships.
The three-year agreement, which amounts to over £150,000, will also provide the opportunity for Portsmouth to actively engage with the international network of Santander Universities.
The funding means students will be able to take part in international exchange programmes and entrepreneurial activities. It will also help current students in receipt of a bursary to progress to postgraduate study and will offer travel bursaries for PhD students to visit overseas universities which are partners of Santander Universities.
In addition, Santander will part- fund 10 internships in local small and medium enterprises for students or recent graduates of the University.
The agreement was signed by Professor Graham Galbraith, vice- chancellor of the University, and Simon Bray, managing director of Santander Universities UK, at an event hosted by the University’s Innovation Space.
Galbraith said: “The University is committed to forging strong relationships with business and industry so I’m delighted to join the international network of Santander Universities. This partnership will enhance the student experience, provide support and opportunities for students and staff to broaden their research activities and extend the impact of our world-class research.“
Bray added: “It is a pleasure to welcome the University as a new UK partner. The collaboration will open the doors to many students to study and carry out research overseas. This is a long-term agreement and we look forward to working together to make a difference on this campus.“
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – MAY 2015
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36