Financial management service

Our financial management support service is designed to give schools the confidence to manage their budget whilst meeting the statutory requirements that are expected from the Department of Education and Local Authorities.

The service takes a strategic approach to your school’s financial management and includes between one and nine visits to your school per year depending on your budget and individual requirements for support.

Included as standard in our Financial Management Support Service are:

1. Budget Setting

At the outset of our agreement, we will visit your school to gain an understanding of your current financial situation and future plans. At the turn of the academic year, we will build a sustainable 3-year budget forecast or review your existing budget to ensure that resources are being used efficiently. This will involve looking closely at your current staffing structure, funding streams and running costs.

2. Budget Monitoring

Once we have created a 3-year budget forecast, we can start to monitor actual spend to date against the set budget. Our budget monitoring reports will highlight any variances and give Governors an accurate forecast to year-end each month.

3. SFVS – Schools Financial Value Standard

We will visit your school to assist you in the completion of a pre-SFVS health check - we have experts who can then give you advice and technical support when completing the SFVS including supplying templates for the key documents where necessary.

4. Audit Support

We will visit your school and complete a pre-Audit health check before your scheduled Audit which includes ensuring that all previous Audit recommendations have been fully implemented.

5. Benchmarking

A full benchmarking report will be created at your school using the DfE benchmarking website using schools and comparators that you choose. This service also includes advice and guidance on how to best structure a benchmarking summary report to give to Governors.

6. Finance Training

We offer tailor made finance training for school finance teams and Governors - you select the areas you want us to cover and we create the training session for your school, delivered at a time that suits you and your Governors. The service includes two training sessions as standard.

7. Additional Support Visits

In addition to the standard three annual visits referred to above, we offer schools the option of selecting between one and six further visits to be used at the school’s discretion for assistance with all financial matters.

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