education finance and academies

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Managing risk in academies

By Kerry Ace,  Finance and Policy Manager, CIPFA

On 3 March 2014, some 500,000 children in England heard if their application to their first choice of secondary school had been successful. My son was one of those 500,000. Many parents like me are constantly impressed by academies. Their facilities are amazing; I should also mention the impressive exam results. However, worryingly, stories of governance failures, mismanagement of funds and even fraud at various academies continue to appear in the national newspapers. Sadly, despite good work going on at so many academies, there is a serious risk that such instances could taint the whole sector. So what lessons can academies, free schools and other stakeholders learn from these problems?

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The academies, colleges and universities panel serves finance professionals across the education sector. The panel meets four times a year, and reports to the Institute's Public Finance and Management Board.

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