The ESFA (Education and Skills Funding Agency) have produced guidance to help governors understand effective financial management.

Their top 10 planning checks are below and the full guidance can be accessed here

  1. Staff pay as percentage of total expenditure
  2. Average teacher cost
  3. Pupil to teacher ratio (PTR)
  4. Class sizes
  5. Teacher contact ratio
  6. Proportion of budget spent on the leadership team
  7. 3 to 5 year budget projections
  8. Spend per pupil for non-pay expenditure lines compared to similar schools
  9. School improvement plan priorities and the relative cost of options
  10. List of contracts with costs and renewal dates

Read the full guidance here