The Teaching Schools Council (TSC) is keen to ensure that all schools have access to peers who have excellent practice in strategic management of finance. Good financial management means that schools can focus a greater proportion of resources on pupils, to support delivery of better educational outcomes.
While the Government has protected funding for schools, schools will need to take action to improve value for money. Currently, schools with similar characteristics and levels of resource achieve very different outcomes for pupils. Good financial management means that schools can focus a greater proportion of resources on pupils, to support delivery of better educational outcomes.
All schools need to take a longer term view of their financial position, not a year on year approach. As a minimum, schools should set up a three year budget plan which is regularly reviewed and rolled forward; looking at how the school can remain sustainable and continue to deliver excellent educational outcomes. As part of this, schools will need to carefully consider their staffing mix, and plan how they will make most effective use of their staff.
There is already some excellent practice in schools, and the Teaching Schools and partners listed on this spreadsheet are offering their advice and expertise to other schools on management of finance and efficient use of resources, which is clearly linked to school improvement strategy. This advice is based on their practical experience and is distinct from any advice that schools may receive from the Department for Education.