Finance Committee

Almost all of the school’s income comes from the Local Authority. The governing body receives a delegated budget which is intended to cover all day-to-day running costs. The Local Authority will also provide services, some of which will be centrally funded. Accumulated savings and deficits are carried forward from one year to the next.

The school is free to raise extra funds through voluntary contributions from parents and from letting of the school premises.

It is the role of the Finance Committee to ensure that an annual budget plan is prepared and agreed with the full governing body. It also ensures that the school has put in place appropriate financial controls and monitors that those controls are followed. As the academic year progresses, actual costs are compared with the budget plan, and any variances have to be approved.

In doing its work, the Finance Committee considers:

• Forward planning

- taking a 3 year view on the likely impact of school development on school finances over the coming 3 years.

• Sources of capital funding

- funding to assist with the development of the infrastructure of the school (e.g. costs of new buildings, significant repairs, capital equipment such as IT equipment).

• Sources of revenue funding

- funding to assist with the day-to-day running costs of the school (e.g. costs of staff, training, consumables, teaching resources, utilities etc).