Value For Money Statement

Value for Money Statement

As Accounting Officer, the Principal has responsibility for ensuring that the Academy Trust delivers good value in the use of public resources. The Accounting Officer understands that value for money refers to the educational and wider societal outcomes achieved in return for the taxpayer resources received. The Accounting Officer considers how the Academy’s use of its resources has provided good value for money during each academic year, and reports to the Trust Board where value for money can be improved, including the use of benchmarking data where appropriate. The Accounting Officer has delivered improved value for money during the year by:

• Ensuring budget holders receive training in budget bid compilation;
• Ensuring each department with budgetary responsibility receives regular budget holder reports to ensure they remain within their allocated budget each year;
• Bulk purchasing where possible to achieve economies of scale, or negotiating set price discounts; Most purchases over £1,000 (see Finance Manual for exception) must have 2 separate quotes – a decision will then be taken which to use based on factors such as quality and price;
• The Academy benchmarks itself against schools of similar size, student numbers, staff numbers and costs whenever it can access the relevant information. The Academy is part of the Buckinghamshire Academies Business Manager Group where they meet to compare costs, share best practice and collaborate wherever possible;
• The timetable is reviewed to maximise teachers’ time in the classroom.