Helping MAT finance teams embed Integrated Curriculum Financial Planning (ICFP)
We have curated a set of free resources for MAT leaders to help them embed ICFP working practices into their trust.
Understanding
Integrated Curriculum Financial Planning
The focus on a MAT/school’s financial efficiency and sustainability has never been more important. A method of financial resource planning that is becoming increasingly prominent is Integrated Curriculum and Financial Planning (ICFP).
Tellingly, our straw poll in 2023 found that only 10% of trusts who were sampled have fully embedded ICFP across their schools. Over a quarter (26%) reported that they don’t do ICFP at all, and a further 54% are somewhere in the middle.
In a nutshell, some MATs have tried to implement ICFP and it’s working, some have tried and it’s not currently working, and others are still considering it. So, how can we enable more trusts to move from either thinking about ICFP to being able to embed it in an ongoing basis, and really get the benefits from what Integrated Curriculum Financial Planning allows? But first…
What does ICFP actually mean?
In short, ICFP (Integrated Curriculum Financial Planning) is a management process that helps MATs/schools to plan the best curriculum for their pupils with the funding they have available.
It involves measuring current curriculum, staff structure and finances, and using the data to create a three to five-year plan. By adopting an integrated curriculum financial planning approach, schools can link their curriculum and financial planning to achieve educational success and financial sustainability, whilst meeting the educational needs of their pupils. This, in turn, gives educators the best possible platform to support progress and attainment.
ICFP is valuable in that it can be used in any phase or type of school, and has been widely championed by the Department for Education (DfE).
Why don't more MATs adopt ICFP?
We’ve been speaking to lots of MATs over the past 18 months to understand exactly how ICFP works, what related processes and tools look like, and what parts of the jigsaw are making Integrated Curriculum Financial Planning much harder than it should be.
The common pain points faced by trusts are:
- No integrated solution that offers ICFP.
- A series of disconnected systems or spreadsheets create significant workload, reducing time spent on all-important analysis and discussion.
- Models are out-of-date as soon as they are created, so decisions can be based on inaccurate data.
- Existing ICFP tools have only generally provided a one-year horizon.
- Including ‘non-payroll staff’, for example sports coaches and peripatetic music teachers, is either not possible or open to error.
- MAT-level analysis is difficult due to differing subject codes, class/year group structures and non-comparable timetable profiles.
So why does ICFP matter to MATs?
Schools have been using this approach to curriculum financial planning for years to deliver an optimum, cost-effective curriculum for its pupils.
Now, the MAT Leadership Development CEO Content Framework requires leaders to ensure that sound financial management systems are in place by embedding an annual financial planning cycle, which includes Integrated Curriculum Financial Planning reviews at key points in the year that can inform recruitment and staffing plans. Leaders must direct the trust’s activities to achieve the most efficient and sustainable provision of education to the highest quality, prioritising and making the most effective use of public funds by embedding Integrated Curriculum Financial Planning.
Recently-developed DfE Trust Quality Descriptions highlight the use of financial data and intelligence to set a stable, accurate and sustainable long-term financial strategy for the trust, and a clear approach to delivering value for money through effective budgeting and risk management. ICFP is fast becoming a ‘must do’, rather than a ‘nice to have’, approach.
What are the benefits of ICFP?
In summary, making sure that resources are allocated as effectively as possible so the best possible education can be delivered. Depending on the insights and sources you read, there are many benefits to ICFP. These are the most common:
- Integrates a MAT’s teaching and learning ambitions and financial resource management into one approach.
- Helps trusts understand their school staffing structures, curriculum plans and associated spend.
- Delivers the best curriculum a MAT can afford that meets the needs of pupils in its schools.
- Ensures schools can be staffed efficiently and provides reasonable class sizes/groups.
- Achieves educational success and financial sustainability.
- Raises standards.
How King Edward VI Academy Trust implemented ICFP
What does embedded ICFP look like?
This is definitely an aspiration we should be working towards, but with MAT-focused technology trusts can ditch spreadsheets and embed an iterative approach to Integrated Curriculum Financial Planning. Embedded ICFP involves the following core principles:
- Allocation of resources are maintained and considered all year round, not just once or twice per year.
- ICFP analysis contributes to all staffing planning discussions and maximise a trust’s resources.
- Embedding ICFP as a principle enables a greater focus to be placed on the information provided.
- MATs can ensure that school improvement priorities set within the school/trust development plans are being treated as such, and receive the required resource allocation.
- Trusts can more easily adapt to changing economic conditions e.g. pay awards, energy prices etc.
Ready to see how embedded MAT-wide ICFP can impact your trust?
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Useful resources
Watch more about ICFP
Video resources
What’s stopping the sector from embedding Integrated Curriculum Financial Planning as a philosophy and underlying principle in the financial management process?
Warren Porter, IMP MAT Product Specialist, explains how IMP ICFP Tool can help MATs embed ICFP methodology into their financial management practices.
Deborah Cole, Head of Finance, King Edward VI Academy Trust Birmingham discusses the benefits of implementing Integrated Curriculum Financial Planning methodology within a trust and how the IMP ICFP Tool works.
