Business Managers Masterclass: Financial Governance with John Somerset

I have 37 years’ experience in chartered accounting with 28 years specialising in the financial governance of non-government schools. My goal is to provide insight and reduce financial worries for school governors, principals, business managers and the broader sector - helping to govern with confidence. My experience in school governance and training includes financial viability/sustainability assessment and improvement, capital expenditure and borrowing analysis, budgeting, board reporting, and using key performance indicators (KPI's) to inform decisions and manage financial risk. 

For twenty-eight years, I have operated the Financial Survey for Schools (FSS) in Australia and New Zealand. About 700 schools participate each year with 10 out of 10 recommending it to others. Participation in the FSS helps owners, governors, principals, and business managers access simple, factual, trend and comparative financial information to identify changing circumstances plus areas that will have the greatest impact on improved financial performance.  

My 2017 masters research thesis identified a range of financial, non-financial, attributes of a financially sustainable non-government school. I am currently extending this research with a PhD to predict financial sustainability.  

Career highlights include serving as an industry expert in the financial governance of schools - helping establish a financial viability framework for the industry. Other highlights include director of Independent Schools Queensland for eighteen years  (seven years as chair), and director of Independent Schools Australia in which I sought to make a positive contribution to the broader community.