New Governor Finance Induction: School Funding Team Information
Explore the responsibilities, key messages, and key actions of the School Funding Team in the induction process for new governors in finance. Understand the strategic roles of governors in maintained schools and trustees/directors in academies. Learn about financial management, academic performance, funding system changes, and key actions in both maintained schools and academies. Discover essential information to ensure effective financial management and academic success in educational institutions.
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Presentation Transcript
New Governor Finance Induction School Funding Team * Insert name here * * Insert date here *
Induction Topics School Funding Team Your Finance Responsibilities Key Messages Key Actions / Frameworks and Reporting Formula Funding How to Learn More
School Funding Team What do we do?
Governors Maintained Schools What do you do? Governors have a strategic role, focusing strongly on 3 core functions: Set the vision and strategic direction of school Hold educational performance the headteacher to account for its Ensure financial resources are well spent
Trustees / Directors - Academies What do you do? Responsible under the Academy Trust s Articles of Association to: Direct the affairs of the Academy Trust Ensure that the Trust s charitable outcomes are delivered Ensure that the Trust is compliant, solvent and well run
Weak financial management and weak academic performance often go hand in hand (National Audit Office Report Oversight of financial management in local authority maintained schools October 2011)
Key Messages - All Funding system changes > National Formula Focus on Pupil Premium and Vulnerable Groups Tighter Financial Times and Efficiency Self Sufficiency (services and expertise) Bradford s Sector-Led School Improvement Model
Key Actions Maintained Schools Set and monitor the school s budget Establish sound internal controls Establish a written scheme of delegation Determine staff complement & pay policy Determine other school policies e.g. lettings Ensure that accurate records are kept Oversee private and voluntary funds Ensure adequate insurance arrangements Publish business interests finance procedures and
Key Actions - Academies All the key actions of governors of maintained schools apply to Academy Trusts. In addition: Annual audited accounts, filed with Companies House, with a statement on regularity, propriety and compliance and a governance statement Must appoint a named accounting officer Must appoint a chief financial officer Must establish a finance committee (and a dedicated audit committee if > 50m).
Framework Maintained Schools Financial Year runs 1 April to 31 March Reporting (accountable) to the Council Payment of funding directly from the Council Bradford s Scheme for Financing Schools SFVS reporting (annual self assessment) CFR reporting / coding framework Council provides reporting templates Council has key protocols in place Control of surplus balances mechanism
Framework Academies Academic Year runs 1 September to 31 August Reporting (accountable) to the EFA (funding agreement) Payment of funding from the EFA (some funding from the Council) Accounting records in line with SORP for charities Academies Financial Handbook EFA reporting templates Freedoms and Delegations set out by the EFA Annual Dear Accounting Officer Letter
The Financial Year Cycle Spring Term Autumn Term January Census S251 Budget Statement Q3 Budget Monitor Preparation for Year End Use of Balances Reporting SFVS Reporting Review School Policies October Census Financial Benchmarking Pupil Premium Statement PE Sports Grant Statement Q2 Budget Monitor & Budget review Private Funds Audit Funding Consultations Summer Term May Census Governor Approved Budget Year End CFR Outturn Report Q1 Budget Monitor
The Academic Year Cycle Autumn Term Spring Term October Census Year End & Accounts Pupil Premium Statement PE Sports Grant Statement Funding Consultations January Census Annual Accounts Published with Governance Statement & Statement on Regularity, Propriety and Compliance Summer Term May Census Preparation for Year End Budget Forecast (TBC) GAG Statements
Formula Funding Section 251 Statement (maintained) GAG Statement (academies) How funding allocations are calculated
How Do I Learn More? Induction Handbook LA course, Effective Financial Governance NCTL course, Leading an Efficient and Effective School Bradford Schools Online (website) Education Funding Agency (website)
And finally Any questions?
