Education is crucial to the shaping of future society. Money however is a necessary enabler of school business because it pays the wages of our teachers and support staff, repairs and replaces buildings and equipment, and enables all things associated with the operation of schools.
Over twenty five years of working with schools, Somerset Education has developed a deep understanding and appreciation of the educational, social and spiritual objectives of schools, and the need to balance these with financial necessities.
We apply our skills to help schools be sustainable – our contribution to achieving student dreams.
If your school wishes to improve its financial health, or if you are planning a significant capital development involving new borrowings, call us to assist with the risk assessment.
Typically, our work involves one or all of the following
- School participates in the latest School Financial Survey
- Benchmarking performance with a sample of similar schools
- Quantifying and dollarizing differences in operating surplus, income, expenses, staffing, cash reserves, asset maintenance, debt and debt servicing
- Completion of the SKI Report (accessed via somerset portal) with a minimal amount of financial and operational data from the past two years and future (budgeted) five years
- We peruse your school’s budgets if required
- We review a six-year historical benchmarking report (depending on the number of years school has participated in the survey)
- Prepare a Powerpoint presentation designed to inform the board and senior management on
- Background theory concerning school financial viability
- Basic understanding of financial statements and key ratios
- Financial sustainability cycle
- Assessing your school’s performance – solvency, profitability, sustainability
- Concluding remarks
- We present this as professional development/training service to the board via video conference or in person
Estimated professional fees are dependent on the scope of work and quality of information. For further information please email us using the contact form here.
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WHAT SCHOOLS SAY ABOUT OUR FINANCIAL TRAINING
John Somerset is an excellent presenter whose work on school financial management is well researched, school specific and rich in detail. John presents in a manner that is easy to follow and understand, particularly for those not well versed in school finances. Those who are, will be pleased with his commitment to analysing and presenting the detail of the School’s financial history and his no nonsense approach presenting the outcomes of his extensive experience in researching and benchmarking Financial Management and Progress in the independent school sector. I am happy to heartily recommend that all School Boards and Executive Management Teams, invite his financial commentary on your school.
2021, Karen Spiller OAM CF, Principal John Paul College, Chair Independent Schools Queensland
An excellent presentation which explains the complexity of schools and data well. 10 out of 10 rating.
2021, Brian Kennelly, Principal/CEO The Essington School Darwin
John was absolutely incredible, so balanced, great at communicating and also answering questions. His budget modules and board reporting modules will also be invaluable. Thank you so much.”
Julie Williams, Chair Cooloola Christian College
John Somerset would be amongst Australia’s most knowledgeable professionals with regard to independent school finances and sustainability. AHISA has valued his passion, knowledge and experience in delivering financial literacy workshops for aspirant and new heads of schools and, by so doing, supporting their professional understanding and leadership.
Beth Blackwood CEO AHISA
John Somerset has the ability to communicate what many people perceive as complex (accounting and financial business management topics) in a simply and understandable manner. Our School Board and its Executive Management Group have been enlightened by the Somerset Education benchmarking and SKI report tools via the School’s Business Office over recent years. Most recently, add John’s governance training elaboration to our five (5) year data set has been invaluable to generate ongoing, knowledgeable discussions amongst our governing and management teams, about our current and projected financial viability and sustainability.
Hugh Castledon / Calrossy Anglican College
The average satisfaction rating for our presentation is 9 out of 10