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
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:
- Trust strategy
- Setting the annual budget
- 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.