FINANCIAL BENCHMARKING
Benefits Allows schools to make comparisons & raise questions about their income & expenditure Greater opportunities to compare and contrast financial decisions in relation to similar schools Can analyse specific areas of finance over time
Benchmarking Data DfE Website: funding/schoolfinancewww.teachernet.gov.uk/management/school funding/schoolfinance/ Has almost 20,000+ individual schools CFR data online Can compare schools not only within current boundaries, but also in neighbouring areas. Summarises school level financial information into agreed headings
How to Use the Website Comparable schools can be selected by choosing a combination of comparison criteria Comparator schools need to be fair & reasonable Can choose statistical neighbours, manual selection or specific schools
How to Use the Website Can be used to calculate the spend of each cost centre as a proportion of total school spend On a cost per pupil basis On a cost per teacher basis
Public Data Each school’s financial data now available to the public. Based on 2009/10 CFR return ie out-turn Includes key performance indicators for KS2 & GCSE’s Website: managementwww.education.gov.uk/schools/adminandfinance/financial management
YEAR END 2010/11 (1/4/10 – 31/3/11)
Creditors Goods/services received on or before 31 March where payment has not been made and therefore not included on final SEA return Utility bills: provided there is a full year’s charge in your accounts eg 4 quarters/12 monthly payments you do not need to apportion any expenditure between financial years. Exclude VAT Minimum amount of £250 against each financial code Separate forms for internal/external creditors & Standards Fund
Debtors Income due for goods or services provided on or before 31 st March which has not been received, and therefore not included on final SEA return Exclude VAT Minimum amount of £250 against each financial code Separate forms for internal/external debtors and Standards Fund
Receipts in Advance Income received and recorded in 2010/11 accounts, but this relates to goods or services to be provided in 2011/12.
Payroll All year end adjustments will be carried out by the payroll section.
Timetable SEA: balance to Thursday 31/3/11 & send in by noon on Thursday 7/4/11 Creditor/debtor/receipts in advance to be returned by Friday 15/4/11 Claims for teacher agency relief staff to be sent in by Monday18/4/11 Final correction journals Wed 4/5/11 Closedown Tuesday 10th May 2011 Excess balances proforma to be returned by 17 th June
Year End Manual Manual and associated pro-forma’s are on the intranet.