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When a school converts to academy status, it acquires a number of financial responsibilities. These include producing public financial statements, which are subject to statutory audit, registering for VAT if turnover is above a certain level, and procuring services to replace those previously provided automatically by the local authority.
The grant an academy receives is set out in the funding agreement. The agreement also defines the characteristics of the academy and the conditions that it must meet in order to be able to receive its grant.
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