Financial Health Checks are a valuable service for both schools and academies. Health checks allow headteachers and the governing body to evaluate their expenditure and help them produce a plan-of-action for the future so that they can use their budget more efficiently.
Initial financial checks include a minimum 2-day on-site visit, plus a written report which will be produced offsite and are available to maintained schools, academies, multi-academy trusts and free schools. Our consultants will check your financial systems and processes to advise on efficient procedures and identify if any finance training is required.
This would include a review of:
- Financial strategy
- Levels of spend on different areas of the curriculum
- Workforce planning & financial systems (Including forecasting, compliance, reporting and governance)
- Current and 3-5 year budget position and multi-year planning to ensure revenue & capital funding are utilised correctly.
- The leadership team and governing body's understanding of the budget, funding streams, financial process & reporting.
For Multi-academy trusts we can review additional areas, for example:
- Use of top-slice revenue
- Assessment of the efficiency of central office functions
- Evaluation of any proposed growth trajectory
All reviews & reports can be tailored to a customers' specific needs. Our report based on the initial review will address specific budget pressures and include recommendations to maintain or improve standards.
We can provide a further 3-5 days’ consultancy to carry out action planning sessions to identify appropriate ways to address specific financial budget pressures, highlighted in our report.
This can include, but is not limited to:
- Financial pressures (e.g. deficit, pupil numbers, restructuring)
- Review of budget management/strategy
- Reporting and governance
- Capacity building
- Curriculum led financial planning
- 3-5-year budget planning
- Staffing structures & workforce efficiencies
Following the strategy & action planning sessions, we can provide in-depth operational support to deliver any changes that have been identified.