EFA focuses on academy trusts and independent schools that use solid financial planning and oversight. At the end of October 2014, we published a series of filmed presentations, webinars and supporting materials on your funding for the 2015-2016 academic year. With almost 4,000 views and almost 1,000 downloads of the materials, your response is already very encouraging.
These materials looked at the introduction of the Minimum Funding Level, which will provide an additional 390 million per student to local authorities with historically low funding. The DSG funding per student has also been protected for 4 years and will remain so for the 2015 to 2016 school year.
There is a minimum funding guarantee (MFG) that secures your funding per student, and a separate new tiered protection for any cuts in your education grant (ESG).
All of this is in place to support your vital role in transforming education and opportunities for our young people.
You may not be aware of the wide range of support and helpful financial modeling tools that are available to you. The representative bodies are happy to assist you with your financial planning, for example. There is also a review of the efficiency of the school system by the Ministry of Education to identify opportunities to get even better value for money.
We also expect benchmarking data to be made available in the coming weeks and will notify you in our e-bulletin.
We recommend that you take full advantage of all the information available, as well as the help and good advice of your representative bodies. If you have modeled your finances from 2015 to 2016 and have significant concerns, now is the time to take action to review costs and make sure you are solidly positioned for the year ahead. Links to representative bodies are listed below.
Links to representative bodies
Association of School and College Leaders (ASCL) Finance Directors Forum Freedom Autonomy in Schools – National Association (FASNA) Independent Academies Association (IAA) National Association of Headteachers (NAHT) National Association of School Business Management (NASBM) SSAT (The Schools Network)