Resource Management Self-Assessment Tool – New Mandatory Requirement

From Autumn 2019 all academy trusts will have to complete the school resource management tool and submit this to the ESFA by 14 November 2019, and annually thereafter.

This is a new requirement, although the form itself has existed for a year or so, previously in the guise of a self-help tool and voluntary.  Now, not so.

The ESFA update states that the online capacity to submit the checklist will be available in October 2019.

The Autumn term is one where financial teams are under pressure, with the annual external audit season and financial accounts preparation underway, as well as the ongoing monthly management information preparation for the trustees.

It could come as an unwelcome additional task to an already very busy financial team.

Those of you acquainted with integrated curriculum financial planning (ICFP) will see some familiar metrics and data requested.  Here, this is coupled with other details and matters of financial governance.

The information asked for is not onerous and covers the appropriate self-evaluation well-managed trusts will find familiar, and help provide trusts with assurance that they are meeting the basic standards necessary to achieve good levels of financial health and resource management.

There is a declaration to signed by the chair of the trust board to declare the outcomes of the exercise, agreed actions and a timetable for reporting back.

The tool

The management tool is in two sections.

The first is a checklist to be completed from trust level, and covers: governance, trust financial strategy, budget setting, staffing, value for money, protecting public money and an action plan.  This checklist cannot be completed in isolation as in order to answer the final question, which states that the results of the self-assessment has been carefully considered and that potential follow-up actions have been identified, the dashboard must be fully completed. It is, however, the only section required to be submitted.

The second part is the dashboard containing more detail and should be completed on a school level, ensuring all schools in any multi academy trust (MAT) are represented. 

The dashboard itself does not currently need to be submitted and covers:

• financial information of spending as a percentage of total expenditure,
• reserves/balances as a  percentage of total income,
• school characteristics (such as average teacher cost, pupil to teacher ratio, average class size etc.),
• outcomes (Ofsted rating, progress scores etc.) and an open text opportunity to comment as deemed appropriate.

The data input then should follow through to RAG rating for the schools to highlight areas for focus.

As things are at the moment and for the 2019 audits, the process will not fall under the current audit requirement, but going forward this could well change. It is unclear at the moment what consequences there will be if the deadline is not met, but, clearly, every effort should be made to comply.

At the busiest time in the finance teams calendar, this additional submission should not be overlooked.

Having undertaken a significant number of ICFP and governance insights, if your trustees or your finance team would like guidance, help or support in the completion of this school resource management self-assessment tool, please contact one of the education team.