Consistent Financial Reporting (CFR)

Consistent Financial Reporting (CFR) is being introduced as a framework of income, expenditure and balance headings. One of the main aims of CFR is to allow schools to benchmark expenditure at a national level. By comparing spending and consumption patterns of services, all schools will have the tools to promote self-management and value for money.

The CFR framework summarises school level financial information into headings. Some of these headings have been designed for benchmarking and some are included to meet the wider commitment of CFR - that it would be the main source of information about how schools have spent their resources. The framework aims to meet the needs of all users of school financial information so that schools do not have to supply information about their spending to a number of different audiences.

A CFR return will be required for all schools maintained by LEAs at the end of each financial year. After the first full year, 2002-03, there should be over 20,000 school records available for comparisons. This will cover all types of schools that are maintained by Local Education Authorities (LEAs): nursery, primary, secondary, middle and special schools and PRUs.

Extract taken from DfES School Finance Pack, Promoting benchmarking and accountability in schools.