It is compulsory for all academy trusts with open academies as at 31 December 2020 to submit the checklist return.
The SRMSA should be seen as more than a statutory requirement though – it is a useful tool that can be used to reassure trusts that they are managing resources effectively and to identify any adjustments they need to make.
The tool once again consists of a checklist and a dashboard. Submission of the dashboard is not required, but it must nevertheless be completed.
The checklist asks questions of governing bodies and trust boards in 6 areas of resource management. The online form is accompanied by support notes which explain the basis of each question and what is expected in the response.
The dashboard compares a school’s data to thresholds on a range of statistics that have been identified by the Department for Education (DfE) as indicators of good resource management and outcomes. RAG ratings against a school’s data will appear once data has been entered indicating how its spend and characteristics compare with similar schools or nationally recognised bandings.
In addition to the online dashboard, the Education and Skills Funding Agency (ESFA) will send all academy trusts a dashboard pre-populated with the trust’s latest available data in advance of the deadline.
The SRMSA is an excellent review tool for trustees and finance committees. Trustees should review the results and ensure management have carefully considered the results for each indicator and assessed whether follow-up action is required where the school is an outlier. Of course there are often reasons why a rating sits as it is, but the important thing is to understand why and if the result was expected, or understood but there is little that can be done to change things, trustees have fulfilled their responsibility to challenge management.
To find out more and access the tool, please click here.
The next step
If you require any assistance completing your SRMSA checklist or help understanding your dashboard results contact your nearest UHY academy expert.
