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.

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.