Area | Criteria | Suggested Evidence |
Financial Sustainability | Balanced accounts have been returned on time, adequate reserves and appropriate levels of cashflow are in place, and there is a balanced three-year budget forecast. | Annual accounts, budget forecasts, approved BFR, board minutes. |
Accuracy of Budgeting | Budgets are built based on planned need and planning is accurate. Budgets are reviewed regularly, and a robust reporting structure is in place. | Management accounts. current and previous years accounts, board minutes. |
Governance Oversight | Strong governance oversight is evident, with finance discussed at board meetings. governors/trustees have the necessary skills and understand the financial situation. There is a clear scheme of delegation. | Board minutes, scheme of delegation, terms of reference, skills audit, committee membership. |
Strength of Reporting | Management accounts are clear and useful for readers. Budget holders receive relevant, timely information and reporting to governors/trustees is thorough. | Management accounts, board minutes, board reports, internal audit reports. |
Implementation of ICFP | ICFP is understood by senior leaders and governors/trustees. ICFP is embedded in school operations and decisions relating to resources and ensuring VFM. | Budget papers, committee minutes, management accounts, SRMSAT/SFVS, staffing plan. |
Key Financial Benchmarking | SRMSAT/SFVS ratios are within expected range or variances justified. Benchmarking is used and purchasing procedures are in place. | SRMSAT/SFVS, financial procedures policy, credit card use policy. |
Audit Feedback & Findings | Recent audit report adjustments are not significant/material. Recommendations are reviewed and implemented in a timely manner. | Audit letter to management, internal audit reports, internal scrutiny report. |
Contribution to Sector Development | Other settings and the wider sector are supported in improving financial management. All filing deadlines have been met. | Board reports, DfE late returns publication. |
Staffing and Skills | Staffing and skill levels are appropriate, with CPD in place. The CFO has access to support and advice, and succession planning has been considered for key positions. | Organisation structure chart, staffing profile, training plans. |