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Revolutionise your school’s financial future with a click of a button!

By Somerset Education


 

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.

REMINDER | Early bird offer is closing — Complete your FSS now!

By Somerset Education

 

REMINDER| Early bird offer is closing — Complete your FSS now! 
By John Somerset, 19 September 2023

Why you need to participate in the Financial Survey for Schools (FSS) and why it makes a difference?
With over 25 years of expertise in school financial analysis, my current PhD research involves engaging with both consistently financially healthy schools and those facing challenges. My research continually reinforces the power of the the Financial Survey for Schools (FSS) to convert large amounts of data into actionable insights to underwrite school financial sustainability.

FSS EARLY BIRD OFFER CLOSING | Participate now
Even though the survey is always open and can receive participant data at any time until April 2024, schools are encouraged to complete their 2022 school-year data entry by 30 September 2023 in readiness for the 2024 strategy and budget season. Participation starts from $720 plus GST* or if less than 200 enrolments the price is halved to $360 plus GST* per school.
*Early bird price -– when survey completed and invoice requested prior to 30 September 2023.

AICD WEBINAR | Financial Governance for school boards: Unlocking the paths to sustainability
On Thursday 14 September 2023, in conjunction with Australian Institute of Company Directors (AICD), I facilitated an hour-long webinar covering the essentials of school financial governance along with AICD panellist, Ms Jane Crombie, Non-Executive Director, AICD Council Member, and Board and Governance Specialist. This supports my PhD research which highlights the importance of financial governance training for Boards.

🎥 To access the AICD webinar recording click here 👉🏻 https://www.aicd.com.au/courses-and-programs/all-webinars/EV165811.html

ASSOCIATION OF SCHOOL BUSINESS ADMINISTRATORS (ASBA) | National Conference, Melbourne
Somerset Education is proud to again support the ASBA National Conference by sponsoring the conference notepads and pens. For the first time in 25 years, I will not be at the conference, but we know ASBA members will warmly welcome our lead consultant, Jessica Schieren at the Laneway party on Monday 25th September. Also, many thanks to Westpac for their kind invitation to Jessica to join the Westpac evening function on Tuesday 26th September. Best wishes for an insightful and enjoyable conference and safe travels for all. Contact via phone 1300 781 968 or email info@somerseteducation.ne

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.

20 MINUTE CRASH COURSE ON SCHOOL ANALYSIS

By Somerset Education

The Schools Financial Survey has been operating for over twenty five years, using consistent definitions based on Government annual Financial Questionnaires, Staff census and audited accounts. This helps assure data accuracy and validity and therefore consistent comparisons with others in your benchmarking samples.

For participant security, all information is kept confidential to Somerset Education and report formats do not allow others to specifically identify your school.

With about 700 schools in the survey, you should find similar benchmarking partners. Participation starts from as little as $792 including GST or $396 including GST for schools of less than 200 students.

Through your individual somerset portal you have access to a suite of self-service tools

  1. Enter data into the current year’s survey which is available from April each year.
  2. Select samples of similar schools based on geographic, funding level, enrolments, religious/pedagogical affiliation, single sex/co-educational, primary, secondary, P-12, IB, Multi Campus. Or gather a group of similar schools and start a private benchmarking group.
  3. Generate Reports to analyse and quantify your performance with benchmarking partners in over 50 ratios to identify strengths and areas for improvement. Reports are available from August each year and include numbers, graphs and written interpretations.
  4. IT Benchmarking report compares key IT staffing, recurrent and capital expenditure with similar schools.
  5. Staff Estimator uses sample averages to indicate staff numbers for your school based on enrolments entered.
  6. Historical report in 50 ratios for your school for up to six years from past surveys.
  7. SKI Report which analyses a selection of key indicators for your school from the previous two years and up to five future years. On one page, this simple report compares your performance with similar schools as well past and future trends. An excellent strategic planning tool.
  8. GEO Mapping provides access to web based potential enrolment demographic mapping tools.  See instructions and video
  9. PeopleBench provides a unique Culture Tracker™ tool to assist in capturing data to assist you with the decision making processes for your school.  See instructions and video

 

 

FINANCIAL GOVERNANCE FOR SCHOOL BOARDS: UNLOCKING THE PATHS TO SUSTAINABILITY

By Somerset Education

Learn the language of finance. Join John Somerset, an esteemed graduate member of AICD and a seasoned finance industry professional, in a collaborative and enlightening webinar, tailor-made for school directors. Explore the intricacies of current and non-current assets and liabilities, decipher capital versus recurrent income and expenses, and navigate the nuances of accrual versus cash accounting.

The webinar will cover:

  • Legislation relevant to school financial viability
  • ACNC governance standards for transparency and accountability
  • Attributes of a financially sustainable school
  • Accounting principles  for non-accountant directors
  • Transforming data into actionable insights using ratio analysis

Walk away with practical takeaways that you can be immediately implemented to ensure the financial sustainability of your school.

Click here to purchase

Ray McKinnon, Business Manager of 35 years (retired) Positions at Brisbane Grammar School, St Peters Lutheran College, Fairholme College, Grace Lutheran College

By Somerset Education

John, I have always admired, in particular, your great gift of communicating financial information to Business managers and to lay people on boards! That’s a truly God- given ability/gift you have! So you have a “very well done” from me for all your life’s work and endeavours to date! Your professional and helpful service to the non- government schools’ sector goes far beyond the fees you charge and should be appreciated by all those you serve through your work!

Complete FSS and leverage data via AICD webinar

By Somerset Education

Why the Financial Survey for Schools (FSS) makes a difference?
My research continually reinforces the power of the the Financial Survey for Schools (FSS) to convert large amounts of data into actionable insights to underwrite the financial sustainability of your school.

It upsets me when I see schools get into financial difficulty when it could have been prevented by correctly using the FSS, associated tools, and a bit of advice. I have seen some wonderful financial turnaround, but sadly some not so. There is a catch — governors and management must be prepared to use the FSS and make changes. If you are a small school (say less than 300 students), you could be a higher risk and need the FSS even more.

So don’t be the “should have, could have, but didn’t”. Participate in the FSS now. 

FSS EARLY BIRD OFFER CLOSING | Participate now
Even though the survey is always open and can receive participant data at any time until April 2024, schools are encouraged to complete their 2022 school-year data entry by 30 September 2023 in readiness for the 2024 strategy and budget season. Participation starts from $720 plus GST* or if less than 200 enrolments the price is halved to $360 plus GST* per school.
*Early bird price -– when survey completed and invoice requested prior to 30 September 2023.

AICD WEBINAR | Financial Governance for school boards: Unlocking the paths to sustainability 
Date: Thursday 14 September 2023
Time: 11:30am to 12:30pm (AEST)**
Cost: AICD members: AU$69 | Non-members: AU$99
Registrations: https://www.aicd.com.au/courses-and-programs/all-webinars/EV165812.html
**Recording: Will be available within 48 hours after live session (expiry date: Monday 15 September, 2023).

Another key attribute of a financially sustainable school is governor and senior management financial literacy training.

In conjunction with Australian Institute of Company Directors (AICD), John Somerset is running a short, sharp, and effective webinar covering the essentials of school financial governance. Get the most out of your attendance by having the FSS reports in front of you while we work through the material together.

The ‘live’ webinar will cover:  
> Legislation relevant to school financial viability
> ACNC governance standards for transparency and accountability
> Attributes of a financially sustainable school
> Accounting principles for non-accountant directors
> Transforming data into actionable insights using ratio analysis.

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.netor mobile 0417 618 899.

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