Understanding School Finances - Thursday 13 June 2024 (Online)

This course is for: Heads and members of Senior Leadership Teams in HMC and other independent schools.

There are currently no upcoming dates for this course. Check back soon!

Description

This course is for:
Heads and members of Senior Leadership Teams in HMC and other independent schools.

What will you gain by attending?:

  • You will have an understanding of charity accounts as used in schools
  • Learn the basics of management accounting and have an insight into what questions to ask and how t identify potential red flags
  • Understand the importance of accurate budgeting, cash flows and forecasting
  • Learn some of the key terms used in school finance meetings
  • Discuss current financial challenges facing independent schools

Course Programme:

Time

Session

15.30

Welcome and introduction

 
  • Explanation of charities and accounting in schools
  • Principles of management accounts
    • Looking at and learning to read management accounts
    • Questions to ask
    • How to spot red flags of concern
  • Cashflow forecasting and why it is important
  • Balance sheets and how to read them
  • Budget setting – who is involved and why
  • Financial problems facing schools in 2023/24
    • Cost of living crisis
    • Spectre of VAT on fees and charitable status
    • Fee debt and how to manage it
    • Covenants and getting the best from you banking relationships
  • Benchmarking
  • Terminology
  • What information is in the public domain 

In addition there will be practical exercises and breakouts 

  • Q&A

 

18.30

Close

 

Course Director 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.