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School resource management self-assessment: requirements

Date published: Date modified: 2022-10-25

Updated 27/01/2022

It is compulsory for academy trusts to complete the self-assessment checklist each year. The aim is to ensure that academy trusts are managing their resources effectively and identify any adjustments that need to be made.

The deadline for the school resource management self-assessment checklist is 15 March 2022.

What is the school resource

management self-assessment (SRMSA)?

The checklist helps governing bodies and trust boards review the following:

  • Financial management and governance arrangements
  • Check academy trusts are meeting the right standards and achieving good financial health 
  • Identify areas of improvement 

Local authority maintained schools should use the schools financial value standard, which you can read more about in our blog.

What will I be asked?

The checklist comprises a series of questions, to help assure the board that it's meeting the right standards. The questions cover 6 sections:

  • Governance
  • Trust strategy
  • Setting the annual budget
  • Staffing
  • Value for money
  • Protecting the public purse

Answers are multiple choice from 'yes', 'no', or 'in part'. You must provide further comments and a target date for completion.

Use the checklist support notes for further guidance.

What is the self-assessment dashboard?

The dashboard has been moved to the schools financial benchmarking website. Previously the return was called the school resource management self-assessment tool (SRMSAT) and consisted of the checklist and dashboard.

The dashboard can be used to help you complete your checklist.

The dashboard provides red, amber or green (RAG) rating against a school's data, which indicates how its spending and characteristics compare with similar schools or nationally recognised bandings and recommendations.

Self-assessment dashboard guidance is available if you need help using your dashboard.

What if I need support? 

Our consultants will gladly take the pressure away from you by supporting and guiding you through the process.

With our support, you will be able to produce everything you need for self-assessment checklist compliance, including:

  • Reviewing your self-assessment checklist
  • Assisting you with the completion of your submission
  • Preparing financial benchmarking reports for you to consider at your next trustee meeting, in accordance with the requirements of the self-assessment checklist

If you would like our assistance, then simply click here to get in touch.

Related Articles:

It's Time to think about your school financial value standard

By SAAF Finance
SAAF Education 340 110

27 November 2020



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