financial benchmarking. benefits allows schools to make comparisons & raise questions about...
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FINANCIAL BENCHMARKING
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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
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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
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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
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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
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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
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YEAR END 2010/11(1/4/10 – 31/3/11)
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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
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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
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Receipts in Advance
• Income received and recorded in 2010/11 accounts, but this relates to goods or services to be provided in 2011/12.
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Payroll
• All year end adjustments will be carried out by the payroll section.
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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
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Year End Manual
• Manual and associated pro-forma’s are on the intranet.
http://intranet.kirklees/financialyearend