Feedback from last year’s FSS indicated 91% of participants rate the survey excellent/very good (5 or 4 stars), 10 out of 10 recommend it to others and will use it on an on-going basis. Schools love the format and on-line portal requesting no change.
What our clients say | A selection:
“Somerset is invaluable financial data for governance purposes. It highlights areas of potential concern and gives rise to confidence to reinvest. John and the team are a great asset to the independent school sector. Thank you.”
2023 | Andrew Lowry, Business Manager, Covenant Christian School
“The information in the report is very specific for the school, but also setting up our place within the broader community. This enabled the Board to think more laterally with confidence about exactly where the school stands now and could be in the future.”
2023 | Barry Scolnik, Business Manager, Elonera Montessori School
“It’s a must have for any Business Manager or Bursar who wants to keep pace, if not ahead, of the industry and market.”
2023 | Richard Luxford, Business Manager, Brigidine College
Responding to sample selection
We sometimes receive comments about sample selection. With over 650 schools in the survey, participants can be quite specific about types of schools to include in benchmarking samples. Start with the Historical Report to identify and warn the Board of changes in your school’s ratios. The Comparative Report then identifies and quantifies improvements — like a map and compass one providing direction the other context. The Survey portal is self-serve, but we are always happy to help select samples.
The Somerset Key Indicator SKI Report focuses on a selection of key ratios for the past two years and future five years plus comparative ratios — an excellent strategic tool. A comment that we couldn’t agree more with is the need for regular financial literacy training for management and board. We love doing this with schools using your results from the FSS making the session very effective.
This video will help explain the power of the FSS “20 minute crash course on school analysis”
SURVEY NOW OPEN | 2022 School Year
The Financial Survey for Schools is now receiving 2022 school-year data. Although the survey is always open, please aim to complete data entry by 31 July 2023 so that you and others can generate reports with adequate sample sizes from 1 August 2023 to inform strategy and the 2024 budgeting process.
Single report participation starts from AU$792* — including GST (AU$396* for schools with less than 200 enrolments). A discounted package price for the Financial Performance Report (compare with peers), Historical Report (your trends 2017 to 2022) and SKI Report (your future trends to 2027) is AU$1,738* — including GST (AU$869* for schools with less than 200 enrolments). *Note: Early bird prices apply if survey completed before 30 September 2023.
For more information about the FSS or our budgeting and reporting tools, 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.
Disclaimer: We publish this article only for non-government schools in Australia. All material should be regarded as information only and individuals should rely on their own enquiries when formulating decisions for themselves or their clients. In no way do we warrant or guarantee any changed circumstances for a school from use or non-use of this material. As a member of the Institute of Chartered Accountants Australia and New Zealand, the firm participates in a national liability capping scheme. Accordingly, our liability is limited by a scheme approved under professional standards.
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