A single academy is the simplest type of academy. It consists of one school in a charitable company. The academy is an exempt charity and a company limited by guarantee.
Most schools converting since the Academy Act 2010 was passed will be converter academies. However, some academies, generally those set up to replace underperforming schools, will have a sponsor.
Single academies receive the same level of per-pupil funding as they would receive from the local authority as a maintained school, plus additional income to cover the services that are no longer provided for them by the local authority. However, academies have greater freedom over how they use their budgets to best benefit their students.
Schools looking to convert should read the steps to becoming an academy on the Education Funding Agency (EFA) website.