A new benchmarking tool has been released by the DfE, my financial insight tool, which will enable academies to compare their financial performance with 30 most similar schools (based on either pupil characteristics or premises characteristics) in order to analyse data from nine cost categories. The data has been provided from the benchmarking data submitted by trusts in their 2018 to 2019 accounts returns.
The cost categories are:
- Teaching and teaching support staff
- Non-educational support staff and services
- Educational supplies
- Educational ICT
- Premises staff and services
- Administrative supplies
- Catering staff and supplies
- Other costs
The tool uses financial data to identify areas for further investigation in either individual academies or across a MAT. The tool also includes links to advice, guidance and frameworks that the DfE provide as part of their commitment to supporting academy trusts in effective financial management.
Trusts can access their pre-populated school resource management self-assessment tool form within the portal.
The tool includes areas of analysis including:
- Top 3 areas to investigate
- Trust dashboard with RAG rating
- Academy dashboard with RAG rating
- My comparator academies
- Commercial resources
Anyone in the trust with an IDAMS account can access the new tool through the View your education data portal.
If you require support with this
SAAF finance consultants can provide support to help you understand the data and plan for improvements if necessary.
Financial Benchmarking and why you need it