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Effective Financial Management in Schools: Best Practices for Governance and Reporting

This guide focuses on the financial management practices essential for schools. It covers internal financial structures, budgeting, and the procedures necessary for effective reporting to Governors. By analyzing management accounts and current financial positions, school leaders can prepare robust verbal reports addressing concerns from parents and stakeholders. Key topics include budget assumptions, cost-saving options, and strategies for increasing income. This resource is perfect for school finance committees and bursars looking to enhance their financial oversight.

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Effective Financial Management in Schools: Best Practices for Governance and Reporting

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  1. School Finances Putting Theory into Practice

  2. Finance • Internal financial structures • Procedures • Management / Committees

  3. Finance • Management Accounts • Review • Reading the accounts • The Big School - ..\IPD finance course - monitor figs.xlsx • Reporting to Governors • Report exercise

  4. Finance • Report exercise • Your Bursar has been run over by an irate parent in the car park and you have finance meeting of the Governors coming. You have to prepare a verbal report on the current state of the finances based on the management accounts as at the end of the October. Prepare a verbal report lasting 5 minutes (work in three groups – split areas) to present to the Governors (the rest of the group).

  5. Finance • Report exercise • Some background • The school is a London day school • Fees were held down this year • The fee does not include lunches – they are provided by an external contractor. Staff meals are paid for if the person is on duty

  6. Finances • Budget setting • Assumptions • For 2013/2014 – what assumptions on should we be making bearing in mind the current climate? • Interest rates • Salary increases – teachers – other staff? • Utilities • And, of course, pupil numbers

  7. Finances • Growth forecast (CPI) – Bank of England

  8. Finances • Cost saving • Options • Cutting costs • Increasing income • Diversification

  9. Finance • Statutory Accounts - ..\arcollege.pdf

  10. Finance • The Trustees Report • Charity Commission • The Public • SIR (Summary Information Return)

  11. Finance • Public Benefit • Judicial Review

  12. Nicholas Marten njm@nicholasmarten.org www.nicholasmarten.org Tel. 07770234946

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