Understanding School Finances - Wednesday 7 June 2023 (Online)

Course Objectives:

By the end of the course delegates will have:

• Gained an understanding of charity accounts
• Learned the basics of management accounting and have an insight into what questions to ask
• Understood the importance of accurate budgeting, cash flows and forecasting
• Learned some of the key terms used in school finance meetings
• Discussed current financial challenges facing independent schools, including post-Covid

Course outline:

• Explanation of charities and accounting
• Principles of management accounts
• Reading management accounts
• Questions to ask
• Cashflow
• Balance sheet
• Budget setting
• Financial problems facing schools
• Fee debt
• Covenants and banking relationships
• Benchmarking
• Terminology
• Practical exercises and breakouts
• Q&A

Course Bio: Nick is a Bursar of 35 years standing, having worked in day, boarding, single-sex and co-educational schools, and he is also a former Chairman of the Independent Schools’ Bursars Association (ISBA). He now undertakes consultancy and interim Bursar roles in the independent. He has been a Course Director for HMC PD’s Understanding School Finances courses for more than a decade. Nick is based in Anglesey, where he also runs a smallholding and holiday business with his wife, Suzi, a former Headmistress.