How to use financial benchmarking

Last reviewed on 20 January 2022
School types: All · School phases: All
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Get a handle on how to use the DfE's financial benchmarking website, so you can see how your school compares with others and ask your school business manager the right kinds of questions.

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Contents

  1. What is financial benchmarking?
  2. Use the benchmarking site to give yourself an overview
  3. How to use the site, and questions to ask about your findings
  4. Arrange to discuss your questions with the SBM
  5. Prepare for your next meeting

This article is for you if you're on the finance committee/you're the finance or data link governor, and you've been delegated responsibility to look in more detail at your school's finances.

Other governors shouldn't need to look at the financial benchmarking website, but might still find this article helpful to understand how the finance committee/link governor carries out this kind of scrutiny.

What is financial benchmarking?

Financial benchmarking is when you compare your school's finances with other, similar schools.

It's crucial data to ask senior leaders about, to hold them to account and monitor your school's finances. 

The FFT also has a benchmarking service where you can compare things like workforce data and income per pupil Academies can also use 'view my financial insights' (VMFI) to compare their data with similar academies. Head over to The Hoot to read this blog post

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