School finance acronym glossary
The bursar's weekly conversation runs on acronyms. The list below is the plain-English version of the terms a UK school bursar uses with governors, auditors, the LA, ESFA, ISBA and ISI. Each term carries a one-sentence definition that is safe to quote in a board paper.
A to Z
| Term | Meaning |
|---|---|
| ESFA | Education and Skills Funding Agency, the DfE arm that funds and regulates academies. |
| ISBA | Independent Schools' Bursars Association, the principal professional body for the independent-sector bursar. |
| ISI | Independent Schools Inspectorate, which inspects ISC-affiliated independent schools. |
| ISBL | Institute of School Business Leadership, the principal professional body for state-sector SBMs. |
| ISC | Independent Schools Council, the umbrella body publishing the Annual Census. |
| IAPS | Independent Association of Prep Schools, the prep-school membership body. |
| HMC | Headmasters' and Headmistresses' Conference, the membership body for the larger senior independent schools. |
| SoH | Society of Heads, a senior independent membership body alongside HMC. |
| BSA | Boarding Schools' Association. |
| CSBM | Certificate of School Business Management, the entry-level SBM qualification. |
| DSBM | Diploma of School Business Management, the progression qualification from CSBM. |
| AAR | Annual Accounts Return submitted by academy trusts to ESFA. |
| GAG | General Annual Grant: the core revenue funding ESFA pays to an academy trust. |
| NFF | National Funding Formula: the DfE formula that drives GAG. |
| ICFP | Integrated Curriculum and Financial Planning: the DfE-recommended technique for aligning curriculum and budget. |
| SFVS | Schools Financial Value Standard: the annual return for maintained schools. |
| SBM | School Business Manager: the state-sector title equivalent of bursar. |
| COO | Chief Operating Officer: the senior MAT or large-independent equivalent of bursar. |
| CFO | Chief Financial Officer: the MAT trust-level finance lead. |
| MAT | Multi-Academy Trust. |
| SAT | Single-Academy Trust. |
| TPS | Teachers' Pension Scheme: the principal scheme for teaching staff. |
| LGPS | Local Government Pension Scheme: the principal scheme for school support staff. |
| NJC | National Joint Council for Local Government Services: sets the Green Book pay scales. |
| SCR | Single Central Record: the school's safeguarding-related record of staff vetting. |
| KCSiE | Keeping Children Safe in Education: the annual DfE safeguarding statutory guidance. |
| GEMS | Good Estate Management for Schools: the DfE estates-management guidance. |
| CIF | Condition Improvement Fund: the DfE capital fund for academies. |
| SCA | School Condition Allocation: the equivalent capital allocation for maintained schools. |
Sources for this page
AuthorOliver Wakefield-Smith, Founder, Digital Signet
Verified for academic year 2025/26
Last reviewed 22 June 2026