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Managing funds to maximise benefits
30th September 2022
At this time of year, as the rest of the school settles into the new academic year, our SBMs and finance teams are frantically finalising our accounts for the previous year, and anxiously awaiting our annual external audit (a little like an Ofsted inspection for the Finance Team).
While we are still finalising the numbers for 21/22, we are pleased to be able to report that the finances across the trust are in good health, with most schools making a small surplus last year. We are all grateful to our SBMs, finance teams and budget holders for managing the funds carefully, ensuring that we use them wisely to the maximum benefit of our pupils.
Some of our schools have been able to use some of their historic reserves to invest in items such as building works (eg performance theatre at GCS, new staff room at Pirbright), new resources and computers. Where schools make a surplus, the funds remain with the school and are available to be spent on these sorts of projects in future – it therefore directly benefits schools where we are able to reduce waste and save funds.
Looking ahead to this year, we face an uncertain financial climate, with increasing costs and, as ever, finite resources. As things stand, many of our schools face the prospect of running an in-year financial deficit – this is never a position that we want to be in, and while we have reserves that will support us through this difficult period, we need to be especially careful to ensure that we use our funds wisely and to save resources where we can. Energy costs are a particular challenge this year, with costs rising hugely (as you will no doubt be aware from your own bills at home). All our schools will need to work to save energy this winter, as well as reducing expenditure in other areas - the support of every member of staff within the trust would be appreciated in this effort. By working together, we can ensure that we prioritise as much of our funding as possible into meeting the needs of our pupils.
However, I would like to reassure you that while some savings will need to be made, we will ensure that essential needs are met – schools will be heated during the winter, necessary resources will be purchased and our staff teams valued.
Our utmost priority is to ensure that we meet the needs of our pupils – please do ask for the resources that you need in order to do this, but also support your school in eliminating any unnecessary expenditure.
Patrick Overy, CFO, Learning Partners
At this time of year, as the rest of the school settles into the new academic year, our SBMs and finance teams are frantically finalising our accounts for the previous year, and anxiously awaiting our annual external audit (a little like an Ofsted inspection for the Finance Team).
While we are still finalising the numbers for 21/22, we are pleased to be able to report that the finances across the trust are in good health, with most schools making a small surplus last year. We are all grateful to our SBMs, finance teams and budget holders for managing the funds carefully, ensuring that we use them wisely to the maximum benefit of our pupils.
Some of our schools have been able to use some of their historic reserves to invest in items such as building works (eg performance theatre at GCS, new staff room at Pirbright), new resources and computers. Where schools make a surplus, the funds remain with the school and are available to be spent on these sorts of projects in future – it therefore directly benefits schools where we are able to reduce waste and save funds.
Looking ahead to this year, we face an uncertain financial climate, with increasing costs and, as ever, finite resources. As things stand, many of our schools face the prospect of running an in-year financial deficit – this is never a position that we want to be in, and while we have reserves that will support us through this difficult period, we need to be especially careful to ensure that we use our funds wisely and to save resources where we can. Energy costs are a particular challenge this year, with costs rising hugely (as you will no doubt be aware from your own bills at home). All our schools will need to work to save energy this winter, as well as reducing expenditure in other areas - the support of every member of staff within the trust would be appreciated in this effort. By working together, we can ensure that we prioritise as much of our funding as possible into meeting the needs of our pupils.
However, I would like to reassure you that while some savings will need to be made, we will ensure that essential needs are met – schools will be heated during the winter, necessary resources will be purchased and our staff teams valued.
Our utmost priority is to ensure that we meet the needs of our pupils – please do ask for the resources that you need in order to do this, but also support your school in eliminating any unnecessary expenditure.
Patrick Overy, CFO, Learning Partners
