A valuable community resourceThe Institute’s 2007 School Annual Report Awards have been decided. Allan Newman reports. Allan Newman FCA is chairman of the New Zealand Institute of Chartered Accountants’ School Annual Report Awards judging panel. The awards are sponsored jointly by the Institute and the Ministry of Education to encourage appropriate and informative financial and community reporting. High Schools and CollegesThe award was shared jointly by Auckland Grammar School and Mt Maunganui College. The two colleges were awarded First Equal Prize, even though their reports were distinctly different. Auckland Grammar’s financial reports were the best presented, especially in terms of layout and clarity. Their analysis of variance was comprehensive; somewhat clinical, but impressive and more like a corporate annual report than an all-encompassing school annual report. In comparison Mt Maunganui College focused on their particular audience, addressing issues of concern to the community, providing in-depth departmental reporting and a significant focus on student achievement while also meeting all of the requirements of financial reporting. The two winners represent both ends of the scale of work sought by the judging panel—that of a comprehensive financial report and of an education and community focused report on the achievements of the school. Primary and Intermediate Schools (more than 100 pupils)This award was also shared, by Richmond School (Nelson) and Sutton Park School (Mangere East). Richmond School provided an education-focused report with a summary of highlights at the front of the report creating the most impact. The financials were relegated to an appendix, illustrating the importance placed by the school on community reporting. The report is a very engaging document using graphics, pictures and illustrations of students’ work. The inclusion of a principal’s appraisal report and curriculum self-review added to the community reporting. Sutton Park School impressed the panel with its upfront and honest community reporting, and the parents’ feedback section was especially brilliant. The summary of student achievement explained what children of different ages and years were good at and why. The report was written for the school community audience and the financial reporting represented the requirements of good, strong and sensible financial management. Primary and Intermediate Schools (less than 100 pupils)This award went to Dunedin’s Liberton Christian School. The report focussed on what the management and the board were doing for self-review, carried an emphasis on future strategic direction, published their strategic plan, presented an easily read five-year financial comparative summary page and provided graphical analysis of results and trends that established a good medium for audience involvement. The report was smartly laid out, met the financial reporting requirements expected of the school and emphasised its special character as an integrated school. What the judges look forThe judging panel endeavour to provide feedback of a generic nature to the participating schools. This part of the article suggests ways that those involved in school annual reporting can improve and impress the judges. The collection of information from various parts of the school environment (for example marketing, principal appraisal, student achievement, the yearbook etc) all form part of a document that can be combined with financial reporting to make a school annual report. The annual reporting is as much about student achievement and discussion on community issues as the financial reporting. The financial reporting must be strong and robust to indicate appropriate financial management and meet the reporting requirements of the Ministry of Education and the Public Finance Act. Items that captured the attention of the judges were:
The great reports were those that could be seen as a community report rather than the mere production of compliance requirements to satisfy financial and audit responsibilities. Reports that were not short-listed showed many deficiencies of a basic nature. These shortfalls included:
In recent years, participation in the awards has declined, with many schools saying that they do not have the time or the resources to complete an all-encompassing financial report. However, collating information from various areas and merging it into a single document complemented with financial reports prepared either internally or by service providers (including Chartered Accountants in public practice) is not an onerous task. Schools need to consider that the reports produced are not just a compliance report for the Ministry of Education, but more a valuable resource for the community and those considering the school for prospective students, or for those who support the school by way of donation, sponsorship and assistance with fundraising. You can easily future-proof that support for the school with a simple, all-encompassing school annual report. Many members in public practice are involved in the production of financial report and/or auditing and we encourage those members to promote the concept of a community-based school annual report document to their clients. The continued development of and participation by members in school report is important to the Institute and the public. The Chartered Accountants Journal, November 2007 See also: |