Description
Join AISWA and John Somerset, the founder of Somerset Education in this engaging and interactive workshop-style session.
This course is designed to enhance attendees’ understanding of financial governance. It covers how to use Somerset Education effectively reports and helps participants analyse their school’s financial statements with key takeaways. This interactive, workshop-style session will demonstrate how business managers and school leaders can leverage Somerset Education reports to make informed decisions about their school finances.
Participants will learn to analyse past and future changes in school performance to identify trends and prevent financial stress. Additionally, the session will explore some of the 60 financial ratios included in the key indicator reports, teaching attendees how to interpret them to pinpoint strengths and weaknesses.
What we will cover:
- War stories – financial distress to recovery
- Three key financial sustainability questions to ask
- Accounting for non-accountants
- Importance of working paper files to ensure accuracy
- Financial performance defined – relativity
- Ratio analysis
- Profitability
- Solvency
- Sustainability
- Setting target performance for your school – enshrine in policy
- “Dollarize” your school’s strengths and weaknesses
- Best practice budgeting and reporting
- Importance of financial forecasting and timely adaption
- Time to discuss key results for your school
Suitable for Business Managers, Principals and Board members.
Note this cost of this event is subsidised by the Commonwealth Governments Choice and Affordability Fund (CAF) Grant to AISWA.
Outcomes
- Gain valuable insight into the uses of the Somerset Financial ratio reports to assist you in understanding your school finances.
- Learn how to use ratios and Key Performance Indicators to identify strengths and weaknesses in your school results.
- "Dollarize" strengths and weaknesses
- Understand what financial sustainability looks like.
- Understand how to present reports and analysis to the Principal and Board to facilitate meaningful discussion and forward planning.
- Gain valuable insights as you compare your school to like schools in your demographic.
- Understand how to use the Somerset tool to forecast and report.
- Understand some 60 ratios calculated in these reports and how to make informed decisions around financial governance.
- Take the opportunity to workshop with John Somerset to look at your results if you are a Somerset subscriber.
- If your school does not subscribe, this session will provide insight on good practice financial reporting.
Presenters
John Somerset
With 37 years of experience in chartered accounting, including 28 years specialising in the financial governance of non-government schools, he supports school leaders in making confident and well-informed financial decisions. He operates the Financial Survey for Schools, engaging over 700 schools annually across Australia and New Zealand. He is currently extending his master's research on financial sustainability with a PhD. His career highlights include establishing industry frameworks and serving as director and chair within Independent Schools Queensland and Independent Schools Australia, making valuable contributions to the sector.
Terms & Conditions
Please click here to view our general terms and conditions
Segments
Business Managers Masterclass: Financial Governance with John Somerset
Date / Time
25 Mar 2025 Starts: 09:00 Finishes: 15:30Delivery Format : In Person
AISWA
Address41 Walters Drive
Osborne Park WA 6017
Australia
PL Hours : 6.50
Learning Area
- Administration
- Governance
- Leadership
School Area
- Leadership
- Business Manager