What is financial benchmarking?
Financial benchmarking enables us to compare our finances with other schools and academies with similar characteristics and challenges. Areas that schools often compare are their income, expenditure, balance and workforce with either schools of a similar size or within their Local Authority (LA).
Why is financial benchmarking so important for schools?
It is a challenging time to be a budget holder and in recent times especially, schools have had to be even more resourceful with their budgets to adapt to the challenges of Covid-19.
Managing the school budget is a balancing act between lots of different factors, with a high level of scrutiny from Governors, the LA, Ofsted and the DfE. To make the right decisions when planning an effective budget, it’s vital to see how this year’s spend not only compares to previous years, but to other schools too, so we can see what’s working and where we might direct our resources more efficiently.
The following link will take you to the dedicated benchmarking page for our school: