MAT Finance Benchmarking: What the Top 10% of Trusts Are Doing Differently

We all recognise that benchmarking matters, but without action, it's just numbers on a page. The top-performing MATs—the ones consistently in that top 10%—don't treat benchmarking as a tick-box exercise. They use it to shape strategic decisions and drive meaningful change.

In our recent blog, Benchmarking Financial Health: A Key Tool in Due Diligence for Schools and Trusts, we explored how benchmarking goes beyond compliance and can be a powerful decision-making tool.

But what sets the very best trusts apart? Based on what we've seen working across the sector, here's how they use benchmarking differently and more effectively.

1. They Look Beyond the Headline Numbers

The best MATs don't just glance at headline metrics like staff costs as a % of income or reserves levels, they drill down. They interrogate the details:

• How do support staff costs compare across phases?
• Are leadership structures lean and aligned to school size?
• What's the balance between teaching and non-teaching expenditure?

Top-performing Trusts take a forensic approach to these numbers, using them to spot inefficiencies or opportunities that others miss.

2. They Benchmark Across Multiple Data Sources

The top 10% of MATs aren't relying on one dataset. They pull insights from:

• DfE's Benchmarking Tools
• Internal trust-wide financial reports
• Local and regional peer comparisons
• Private benchmarking platforms

By layering these datasets, they build a clearer picture of performance, avoiding the blind spots that can come from relying on a single source.

3. They Use Benchmarking to Drive Conversations, Not Just Reports

In many MATs, benchmarking gets filed away after annual reporting. In the best Trusts, it fuels real conversations:

• Should we be restructuring leadership to align with sector averages?
• Are we investing enough in CPD or pupil-facing services?
• How do our estates costs compare to similar trusts—and why?

4. They Connect Finance to Educational Outcomes

It's easy to fall into the trap of seeing benchmarking as purely financial, but the top 10% link spend directly to outcomes.

They ask:

• Does our spending profile support high pupil attainment?
• Are we investing effectively in SEND or disadvantaged cohorts?
• Where can efficiencies create space for frontline improvements?

By connecting the dots between financial data and classroom impact, they ensure financial decisions support their educational mission.

5. They Bring in External Perspective

Finally, the most financially mature MATs recognise the value of external eyes. Whether through consultants, sector specialists, or peer reviews, they welcome challenge and fresh thinking.

At Keystone Knowledge, we work with MATs across the country to provide that independent perspective, helping multi-academy trust leaders benchmark with confidence, spot risks early, and identify where they can align with best practice.

If you want to see what your Trust could be doing differently, we can help.

Explore our CFO and Finance Support for MATs