Language of money: How to read your audited accounts

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Part of the Somerset Education Breakfast Summit Series 2022 

Webinar on Friday, 27 May 2022, 7:00am—8:00am (AEST)
Presented by:  John Somerset, FCA, Director, Somerset Education, Australia

Best suited to School Principals and Board Members (but all welcome) 
Our obligation— School principals and many Board Members are not formally trained in finance and accounting, yet you need to understand the money to make an informed contribution to what seems to be constant financial decisions required for your school.

I totally understand people with ‘non-financial’ backgrounds
I did not study accounting at school, so in the first year of my Bachelor of Commerce I could not understand the strange language people were talking. A secret between you and me, the only subject I failed in my academic career was Accounting 101. Thankfully my repeat was led by a wonderful teacher, and I never looked back. So, for the non-financial people, I totally understand.

What I’ll cover in this Webinar
Now that you have the 2021 audited accounts, I thought training on how to read them would be timely.

In this 60-minute session we will cover:

  • Legal obligations concerning finances
  • Attributes of a financially sustainable school
  • Common reports  Financial Position, Financial Performance, Cash Flows
  • Cash verse accrual accounting
  • Turn information into knowledge using ratio analysis
  • How to confidently challenge financial information presented.

A recent presentation on this topic received a satisfaction rating of 4.6 out or 5 stars!
We covered these topics as part of a full-day financial literacy workshop conducted with Association of Heads of Independent Schools Australia (AHISA) in April receiving an average satisfaction rating of 4.6 out of 5 stars.

“I thoroughly recommend this course to aspirant and current principals. As a principal I am very protective of my time, this course was well worth the investment”.

About the Presenter:
John Somerset FCADirector, Somerset Education
John’s passion is financial viability and sustainability of non-government schools. He has 36 years Chartered Accounting experience, with 27 years specialising in schools including past President of Independent Schools Queensland and a past board member of the Independent Schools Australia. John runs the annual Financial Survey for Schools (FSS) which, with between 600 to 700 participants, is the largest in Australia and New Zealand.

About the Breakfast Summit Series:
The Somerset Education Breakfast Seminar Series was created in 2021 by John Somerset FCA, Director, Somerset Education. The aim of the ‘live’ webinars is to introduce school governors, principals, and business managers to the latest thinking, innovative concepts, and new ideas to ensure their organisations are making well-informed decisions about financial risk to ensure the financial viability and sustainability of their school. Post-webinar, all registrants receive 30-day access to the webinar recording and speaker slides.

Register here: Somerset Education Webinar 
Registration fee:
$99.00 AUD (inc gst) per Registrant*
*Note: Please register even if you’re unable to attend the ‘live’ webinar as the recording is available to all Registrants up to thirty days after webinar.

For more information about our Breakfast Summit Series, please do not hesitate to contact us via email or call on 1300 781 968.

Kindest regards

John Somerset is a Chartered Accountant. He has extensive knowledge of the independent school sector and is past President of Independent Schools Queensland and a past board member of the Independent Schools Australia.