Annal Nayyar – Schools – Benchmarking Information

All local authority (LA) maintained schools are required to submit Consistent Financial Reporting (CFR) returns.

CFR is the national framework for maintained schools income and expenditure items and balances. It was developed by the Department, in partnership with the Audit Commission and Ofsted, and is the main source of information on how maintained schools spend their resources.

Schools Financial Benchmarking website is available to help schools in self-management and improving efficiency through financial benchmarking. There are over 20,000 school records available on the site to enable financial comparisons and to help schools to challenge how they spend money.

The data currently available on the website is for the financial year 2010-2011.

Benchmarking can be used to identify significant differences in the way schools manage their resources. Through comparison with other schools’ spending and patterns of service, schools can determine whether there is scope for doing things better: improving efficiency, reducing costs or identifying the potential scope for savings.

Financial benchmarking in schools is about more than just effectively managing the budget. It is about achieving value for money so that resources are applied to best effect. This means more than just picking the cheapest option.

 

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