Author: Somerset Education

• Historical and Somerset Key Indicator (SKI) Reports to analyse past and future changes in your school’s performance.
• Financial Performance Report to compare over 60 ratios with similar schools and identify strengths and weaknesses.
• SKI Scenario Builder™ for real-time adjustments and financial forecasts and risk assessment — new for 2024
• IT Benchmarking Report 
• ELC Benchmarking Report — new for 2024
• Plus, enjoy the convenience of a 24/7, 365-day self-service portal, and rest easy knowing that 10 out of 10 participants recommend the FSS to others.

Many thanks for your support of the Financial Survey for Schools (FSS). Joining the Financial Survey for Schools (FSS) not only empowers you with data-driven decisions but also contributes to sector innovation and improvement. Every participant adds to the comprehensive dataset, benefiting all schools.

Key Dates 
In preparation to receive the 2023 school-year data, at 5pm Friday 19 April 2024 we will close Option 1 Enter Financial Data – 2022 School Year on the FSS portal. You will still have access to your 2022 school-year reports (Options 2 to 9 on the Somerset Education portal) until mid-July 2024. 

This means that after 19 April 2024, you will no longer be able to enter or change 2022 school-year data.

If you do not have a copy of your 2022 school-year data, please go to Section 10 of the survey (via selection 1 on the portal) to download a pdf version — see screen shot below:

For Australian schools, data input for the Financial Survey for Schools is based on the latest Commonwealth Financial Questionnaire which should be available soon. We plan that from Monday 22 April 2024 you will be able to enter the 2023 school-year data into the FSS. And we aim to have 2024 reports (2023 school-year) available from 1 August 2024.

Benefits of Annual FSS Participation
Identifying adverse trends in key financial ratios and responding in a timely manner by comparing with similar schools is crucial for financial sustainability. We therefore advise annual participation in the FSS. Most schools do participate every year and will now receive a discount in appreciation of their annual support of this valuable industry resource.

Therefore, if you have not yet completed the 2022 data there are several reasons for doing that now before we close off 2022 school-year data entry on Friday 19 April 2024.

Further Information
About our Survey | here is link: https://www.somerseteducation.net/survey/

🎬 To watch our video on the revolutionary financial forecasting tool — SKI Scenario Builder™ | here is link: https://www.somerseteducation.net/ski-scenario-builder-revolutionise-financial-forecasting/ 

We thank you again for your continued support of the Survey. If you have any questions, don’t hesitate to contact us either via phone 1300 781 968 or email survey@somerseteducation.net.

As a valued member of the non-government school sector, your contribution to the continual improvement of the Financial Survey for Schools (FSS) is invaluable.

Irrespective of whether your school participated in 2023, could I trouble you to please complete this six-minute Feedback Survey on the FSS .

Your feedback will directly influence improvements to the FSS and is a tangible way to contribute to the sector.

Thank you again for your support of our mission to help schools make confident financial decisions, maintain sector financial health, and positively contribute to the education of youth.

We look forward to our continual relationship with you and your school.

For more information about the FSS or our budgeting and reporting tools, please do not hesitate to contact Cathy or Jessica at survey@somerseteducation.net or call 1300 781 968 (from outside Australia +61 7 3263 5300).

If I can help in any way with the financial governance of your school, please contact me at john@somerseteducation.net or mobile 0417 618 899.

We look forward to your ongoing support, or if new to the survey, we warmly welcome you joining in.

• Case studies highlighting both sound and challenged financial health in schools
• Insights into maintaining financial sustainability for schools
• A recap of key performance indicators (KPIs).

• Utilise the Staff Estimator™ to compare 2024 staff numbers with similar schools
• Leverage our SKI Scenario Builder™ for forecasting likely financial outcomes to December 2024 and beyond
• Feel empowered to become an expert advisor and contributor to your school’s financial position.

For more information about the FSS or our budgeting and reporting tools, please do not hesitate to contact Cathy or Jessica at survey@somerseteducation.net or call 1300 781 968 (from outside Australia +61 7 3263 5300).

If I can help in any way with the financial governance of your school, please contact me at john@somerseteducation.net or mobile 0417 618 899.

We look forward to your ongoing support, or if new to the survey, we warmly welcome you joining in.

For over 27 years, Somerset Education has been dedicated to the financial sustainability of non-government schools. Our budgeting, reporting and benchmarking tools help identify areas to enhance performance and enable school management and boards to make informed financial decisions with confidence.

Commencing this year, Somerset Education is pleased to provide expert assistance to Queensland Independent schools to support capital grant applications with the Queensland Independent Schools Block Grant Authority (QIS BGA). In 2023 the QIS BGA provided financial assistance of $76.6 million across 41 schools representing an average grant of $1.8 million or 28.8% of project cost.

Capital Grant Application Assistance  
Somerset Education can assist with the preparation or review of applications in accordance with Australian and State government program guidelines. This help schools to:

• Ensure the project aligns with minimum viable project principles
• Develop project justification documentation
• Develop multi-year budget models
• Assess the financial capacity of the school
• Determine the requested capital grant in support of the project.

Irrespective of what budget model you use, Somerset Education’s new SKI Scenario Builder™ forecasting tool can support capital expenditure, funding and borrowing decisions that form part of the BGA application and assessment process. Our multi-year budget model is also be available as required.

🎬 SKI Scenario Builder™ | Link to video

Somerset Team Experience   
John Somerset | John is a Fellow of Chartered Accountants Australia and New Zealand (FCA) with qualifications in Commerce plus a Master of Business by Research on the topic of school financial sustainability. John has over 37 years’ experience in chartered accounting with the past 27 years focused on the Independent Schools sector including benchmarking, financial analysis and governance.

David Reed | David is a Fellow Certified Practicing Accountant (FCPA) with qualifications in Business, Finance and Accounting plus a Master of Business Administration. David has over 11 years’ experience as a school Business Manager including a concurrent role on the finance advisory committee of ISQ BGA for five years.

Next Steps
If you would like Somerset Education to support or review your 2024 Round Application before Section 1 of the Application closes on Wednesday 1 March 2024, please contact:

John Somerset | via email john@somerseteducation.net or phone 0417 618 899
David Reed | via email david@somerseteducation.net or phone 0412 262 877

Q | Any questions?

For more information about the FSS or our budgeting and reporting tools, please do not hesitate to contact Cathy or Jessica at survey@somerseteducation.net or call 1300 781 968 (from outside Australia +61 7 3263 5300).

If I can help in any way with the financial governance of your school, please contact me at john@somerseteducation.net or mobile 0417 618 899.

We look forward to your ongoing support, or if new to the survey, we warmly welcome you joining in.

This year, your active participation in the Financial Survey for Schools (FSS) has been instrumental in not only contributing to valuable benchmarks but also in played a crucial role in shaping the educational finance landscape. To each school that participated, thank you for your commitment to financial excellence. Your dedication fuels our mission to empower educational institutions for sustained success.

For those yet to embark on the survey journey, it’s not too late! Your unique perspective is vital in creating a comprehensive understanding of the financial dynamics within the education sector. The survey for the 2022 school-year data remains open until April 2024, and we welcome your input.

We’re excited to cap off the year with a groundbreaking development—the launch of the Somerset Key Indicator (SKI) Scenario Builder™. This powerful tool will revolutionise financial planning for schools, and we can’t wait for you to experience its potential.

BREAKING NEWS | Somerset Education is thrilled to introduce the Somerset Key Indicator (SKI) Scenario Builder™, a game-changer for schools navigating financial viability.

In today’s competitive educational landscape, financial health is crucial. Our innovative SKI Scenario Builder™empowers school leaders to make well-informed decisions, ensuring long-term economic sustainability and preventing financial stress.

This tool, an extension of our Annual Financial Survey for Schools (FSS), offers features like scenario forecasting, benchmarking, and a user-friendly risk shading system. With around 600 schools in Australia and New Zealand participating in the FSS, the SKI Scenario Builder™ provides dynamic insights for decision-makers.

Now, schools can explore different scenarios by adjusting key drivers, instantly recalculating outcomes and assessing potential impacts on financial health. It’s about giving schools the tools they need to thrive!

At Somerset Education, we are dedicated to enhancing the financial well-being of non-government schools. The SKI Scenario Builder™ leverages over 37 years of financial expertise, now at the fingertips of principals and business managers.

OUR MISSION IS CLEAR | To empower schools to Govern with Confidence.

Somerset Education is committed to supporting schools in achieving financial sustainability and making informed decisions that contribute to the education of our youth.

WATCH | The video for how Somerset SKI Scenario Builder™ will revolutionise your school’s financial health.
🎬 Here is link: SKI Scenario Builder™ Video 

Not registered for the Survey?
For more information and to register, here is link: Survey 

Q | Any questions?

For more information about the FSS or our budgeting and reporting tools, please do not hesitate to contact Cathy or Jessica at survey@somerseteducation.net or call 1300 781 968 (from outside Australia +61 7 3263 5300).

If I can help in any way with the financial governance of your school, please contact me at john@somerseteducation.net or mobile 0417 618 899.

We look forward to your ongoing support, or if new to the survey, we warmly welcome you joining in.

Somerset Education is thrilled to share with you a groundbreaking development that’s been three years in the making—theSomerset Key Indicator (SKI) Scenario Builder™. This isn’t just a tool; it’s a game-changer for enhancing school financial viability and sustainability.

Explore the future today | If you’re already part of the Financial Survey for Schools (FSS) and subscribe to the SKI Report, great news! Log in now to unlock exclusive access to this cutting-edge predictive tool.

Your experience matters | Your feedback will be instrumental in fine-tuning this tool to cater precisely to your and school’s needs. Let me know your thoughts on its usefulness—it’s your chance to shape the future of school financial management!

Stay tuned for more | Do read the attached media release for all the details. In the next few days, I’ll follow up with a brief video delving into the SKI Scenario Builder™. It’s an exciting journey and a quick email response outlining your thoughts would be fantastic. (Read media release here: Somerset Education Media Release)

Thank you for being a vital part of this innovation. Together, let’s revolutionise how schools navigate their financial landscapes with confidence towards a more sustainable future!

Not registered for the Survey?
For more information and to register, here is link: Survey 

Q | Any questions?

For more information about the FSS or our budgeting and reporting tools, please do not hesitate to contact Cathy or Jessica at survey@somerseteducation.net or call 1300 781 968 (from outside Australia +61 7 3263 5300).

If I can help in any way with the financial governance of your school, please contact me at john@somerseteducation.net or mobile 0417 618 899.

We look forward to your ongoing support, or if new to the survey, we warmly welcome you joining in.