Financial Benchmarking
What is Benchmarking?
The term financial benchmarking is used to describe the comparison of expenditure or income, under particular budget headings, of similar schools.
How do schools make best use of the data?
Use of the data can contribute towards improving the effective use of the schools financial resources. Resources should always be applied to best effect and benchmarking will allow schools to assess how close they are to achieving this.
The importance of benchmarking
Benchmarking is about ensuring that every pound is spent in the most effective way. It is not about saving money.
By comparing your school’s actual spending patterns with those of similar schools, on a budget line basis, and drawing on their practical experiences, you can identify and review alternative approaches to assist in focusing the schools resources to best effect.
Please note that each school will have a different spending pattern according to its particular circumstances and priorities.
The purpose of benchmarking is to stimulate schools to use the data to review their own expenditure.
Please also note that there are no school employees who have a gross salary of £100,000 or more.
You can view your school or academy trust’s financial data, see how it compares with others and use the information to establish relationships with other schools or multi-academy trusts.:
https://schools-financial-benchmarking.service.gov.uk/School?urn=121196