An academy is an independent, state funded school but is also a registered company and an exempt charity. It is subject to the same legislation for school admissions, special education needs and exclusions.
Academies have much greater freedom in terms of curriculum, school times, term dates, and most importantly can decide how to allocate funds. An academy will know best what is needed by its local community and the children they serve and will have the autonomy to enact changes and procure services in the most efficient way.
Academies receive the same level of per-pupil funding as they would receive from the local authority, plus additions to cover the services that are no longer provided for them by the local authority. Ultimately, more resources should be available to ensure good teaching and a great learning experience for every child.