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:www.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:• www.education.gov.uk/schools/adminandfinance/

financialmanagement

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 31st 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 17th June

Year End Manual

• Manual and associated pro-forma’s are on the intranet.

http://intranet.kirklees/financialyearend