This self-assessment checklist helps academy trusts check they are managing resources effectively and identify any adjustments they need to make.
The online form for 2023 to 2024 is now available. The deadline for the checklist is 15 March 2024.
Academy trusts must submit their return via the online form. The 2023 to 2024 checklist support notes provide guidance on the questions.
What is the school resource management self-assessment (SRMSA)?
All academy trusts which have an open academy must complete the self-assessment checklist each year. Academy trusts which have an open academy on 31 December 2023 are required to submit the 2023 to 2024 self-assessment checklist.
The checklist helps governing bodies and trust boards to:
- Check they have appropriate financial management and governance arrangements
- Check they are meeting the right standards to achieve a good level of financial health and resource management
- Identify areas for change to make sure resources are used to support high-quality teaching and the best education outcomes for pupils
As well as helping trusts to identify areas for potential improvement in their resource management, the checklist provides assurance to ESFA that trusts have the right processes, systems and structures in place to help them to achieve a good level of financial health and resource management.
The checklist was previously part of the school resource management self-assessment tool (SRMSAT).
Local authority maintained schools should use the schools financial value standard.
Updates to this year’s assessment:
There have been several changes to the SRMSA for 2023-24.
They have introduced two multiple-option questions to clarify expected practices.
The material changes are:
- Governance
- Updated language to reflect the requirement in the Academy Trust Handbook that trusts boards meet at least 3 times per year [Q7] and removed the follow-up question
- Updated language to reflect the requirement in the Academy Trust Handbook that audit and risk committees meet 3 times per year [Q11b]
- Added link to the Confederation of School Trusts’ guidance documents to the further information section
- Trust financial strategy
- Introduced a question on academy trusts’ reserves policy [Q19]
- Provided more information on deficit recovery. [Q20]
- Updated language to reflect the importance of integrated curriculum financial planning [Q21]
- Made Q22a and Q22b standalone questions to reflect the new emphasis which the Academy Trust Handbook places on good estates safety and management [Q23, Q24]
- Setting the annual budget
- Split question on whether income and expenditure in line with budget projections into sub-questions to aid clarity [Q29]
- Updated language to focus on in-year balances [Q30]
- Split question on in-year balances and plans to use any money held in balance into two separate questions to aid clarity [Q30, Q31]
- Staffing
- Clarified that trusts must publish the number of employees whose benefits exceeded £100k "for the previous year ending 31 August" [Q35]
- Value for money
- Introduced a multiple-option question to ask about the actions which academy trusts have undertaken after benchmarking [Q36]
- Removed the question on whether the trust has considered the results of the self-assessment dashboard or other DfE benchmarking tools
- Clarified language around trustees challenging “their trust’s plans” rather than “their staff’s plans” [Q38]
- Introduced a multiple-option question to ask about the actions which academy trusts have undertaken after reviewing plans for replacing contracts [Q39]
- Clarified language around use of DfE approved frameworks [Q41]
- Protecting the public purse
- Provided link to the Cyber Security Standards [Q44]
Need help with the SRMSA?
Download our recorded training session on the SRMSA below.
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