Your guide to schools’ financial benchmarking
What is financial benchmarking?
Financial benchmarking means comparing the schools finances with other schools and academies that have similar characteristics and challenges. Areas that schools often compare are their income, expenditure, balance and workforce with either schools of a similar size or within their Local Authority (LA).
Why is financial benchmarking so important for schools?
We’re all aware of the widespread funding shortfalls in the education sector, and it’s definitely a challenging time to be a budget holder in schools and Multi-Academy Trusts (MATs). In recent times especially, schools have had to be even more resourceful with their budgets to adapt to the challenges of Covid-19.
Managing the school budget is a balancing act between lots of different factors, with a high level of scrutiny from Governors, the LA, Ofsted and the DfE. To make the right decisions when planning an effective budget, it’s vital to see how this year’s spend not only compares to previous years but to other schools too, so you can see what’s working and where you could direct your resources more efficiently.
Financial benchmarking can also help you identify areas where you could cut back on spending (e.g. building improvement) in order to allocate more resources towards your curriculum initiatives or support for students and staff.
Financial Benchmarking links
Latest link as of 21.09.21
Latest downloadable in formation as of 21.09.2021