What is Consistent Financial Reporting (CFR)?
CFR is a set of Income and Expenditure headings that the DFE requires all maintained schools to complete in order to submit an annual financial statement which will be held in a national database.
The burden on schools to supply financial information in various formats and to prove they are managing funding efficiently has brought about the DFE drive to introduce a single reporting structure that will result in:-
- One financial report that will meet the requirements of the LA, DFE, Ofsted, Audit Commission, School Governors and parents.
- Consistent school Benchmarking data that will allow for comparison between similar schools' financial performance.
The CFR database provides schools with detailed data and allows greater opportunities to compare and contrast financial decisions in relation to similar schools. It also provides schools with the opportunity to analyse specific areas of finance over time to help evaluate the direct impact on pupils' learning. CFR data reduces the number of demands made on schools to provide data and information.
CFR and Schools' SIMS FMS Structures
Schools' FMS coding structures are mapped to the relevant headings within the CFR framework. The SFS team carry out this work on behalf of schools that purchase Finance Service Level Agreement support.
The CFR framework places emphasis on the separation of curriculum and administration costs and Capital and Revenue income and expenditure. This ensures that CFR data can be used to compare similar schools’ financial performance. The existing SIMS FMS coding structure separates these costs.
SFST SLA Support Service
The SFS team offer a service to support schools with CFR which is included in the cost of their SLA. This service includes:-
- Liaising with DFE and Capita as the CFR framework is developed and expanded
- Updating FMS coding structures and mapping to CFR framework as developments occur
- Reconciling FMS data to annual CFR reports and transferring electronically to the LA
- Assisting with the correction of invalid CFR reports returned by the LA or DFE.
To contact the Schools Finance Support Team please use the details on the left of this page.
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