ST JOSEPHS CATHOLIC PRIMARY SCHOOL

FINANCE POLICY

Mission statement extract:

“The school will look to the development of the whole person paying attention to all aspects of development educational, physical, emotional, social, spiritual and moral.”

School aim:

“St Joseph’s school aims to provide an education which offers a broad and balanced curriculum to all pupils paying attention to the development of the individual child.”

Rationale:

The school budget should be linked to and support the school’s development plan and so facilitate quality teaching and learning. Management of the budget should allow us to put our shared vision into day to day practise. Finances need to be carefully managed to minimise waste and improve overall resourcing. The annual budget provides a plan or model which brings together the schools objectives, levels of achievement and resources.

Aims:

  1. To develop effective financial management to enhance the quality of education.
  2. To maintain the highest level of staffing (teaching and non teaching) within the limits of the budget.
  3. To ensure that expenditure will promote the values and the ethos of the school.
  4. To link budget planning to the school development plan.
  5. To guarantee security by having money properly accounted through efficient procedures.
  6. To consider historic costs and the effect of inflation when calculating utility costs.
  7. To apply the principles of ‘Best Value’

Strategies:

  1. Appointment of a Governor Finance Committee
  2. Identification of roles and responsibilities for financial management.
  3. Clear procedures for day to day financial management.
  4. Regular monitoring of the budget by those responsible (Governors/Headteacher/Staff)

Finance Committee of the Governing Body:

Appointment to the finance committee will normally be made at the first meeting of Governors in the autumn term. The Chairperson of the committee will be appointed at the same time.

The committee will undertake the following duties:

  1. Prepare the budget for the approval and ratification of the full Governing Body
  2. Report to the Full Governing Body.
  3. Delegate to the Headteacher the day to day management of the budget within the policies and plans of the full Governing Body, allowing the Headteacher to make purchases/order works and requirements from one budget head to another up to £8000, to assist in achieving the school’s overall aims and objectives.
  4. Assist the Headteacher in this day to day management.
  5. Monitor the school budget at least once a term prior to a full governors meeting. The Headteacher will prepare a statement for the Finance committee (SIMS printout with commentary).
  6. Receive and, where appropriate, respond to audit reports of public funds.
  7. Ensure operations are in accordance with LEA & DfES financial regulations.
  8. Review annually the overall effectiveness of financial and school development planning, by receiving reports from staff and governors with budget management responsibilities.
  9. Meet the requirements of the Schools Financial Value Standard
  10. The finance committee to have responsibility for approval of any single items of expenditure over £8000 with a limit of £20,000.
  11. The full Governing Body to approve items over £20,000.

Personnel Involved

Finance Committee

Margaret Stichbury– Chairperson

Peter Farley

Catherine Markham

Danuta Chambers (Associate Member)

The Governors will employ the services of a Bursar to support Financial Management.

School Staff involved in Budget Management

Executive HeadCatherine Markham

Head of SchoolClare Moulding

BursarSandra Whitehouse

Business ManagerDanuta Chambers

Authorised Signatories

Catherine Markham

Clare Moulding

Catherine Metcalfe

Signatories, other than Headteacher may sign time sheets, supply staff sheets, cheques and orders to a limit of £500. Only authorised staff will be permitted access to the accounting records. The Headteacher will authorise orders above £500.

Roles and Responsibilities

Drafting the budget Bursar/Executive Head/Headteacher

Approving budgetGoverning body

Agreeing ordersExecutive Head/Headteacher

Placing ordersAdministrator

Checking deliveriesDesignated Teaching Assistant

Checking stock levels (bi annual take) Designated Teaching Assistant

Approving payment Executive Head/Headteacher

Making paymentBusiness Manager

Keeping accountsBusiness Manager/Bursar/Executive Head/Headteacher

Back up procedures (computer) Business Manager/Executive Head/Headteacher

Monitoring expenditureExecutive Head/Headteacher/Business Manager/Bursar

Reporting to Governors Finance CommitteeBursar/Executive Head/Headteacher/Business Manager

Reporting to whole Governing BodyFinance committee/Executive Head/Headteacher

Reporting to parents (annually) Governing Body

Keeping Voluntary fund accountsChair PTFA/Executive Head/Headteacher/Business Manager

Banking incomeAdministrators/Business Manager

Checking banking incomeExecutive Head/Headteacher/ Business Manager

Procedure for Ordering Goods

Staff are responsible for managing the allocated budget for their area of development. They will use Action plan sheets to plan and identify expenditure.

  1. Member of staff submits to Headteacher an official order form.
  2. Headteacher approves order, passes to Business Manager and signs the official order form when it has been printed.
  3. Administrator will establish the best price/or get written quotations. If the lowest price is not accepted the reason for this will be reported to the Governing Body.
  4. If tendering arrangements are required, the Governors will use the services of the LEA Buildings Service or Langtry-Langtons firm of Architects.
  5. The Administrator submits order to supplier, files official order copy and top sheet of duplicate book and returns book with bottom copy dated to the originator of the order.
  6. The Administrator enters details of the accounts.
  7. On delivery designated Teaching Assistant checks items against the delivery note, initials the note and passes it to the Business Manager.
  8. Any discrepancies are noted and reported to supplier at this stage.
  9. T.A.’s pass goods to the originator of the order.
  10. On receipt of the invoice (photocopies are not accepted), Administrator checks it against order and the initialled delivery note.
  11. Administrator then enters details, signs invoice “paid”, prepares for payment and passes to Headteacher.
  12. Headteacher completes the white Check Sheet.
  13. The Headteacher signs the cheque along with one other signatory or checks and signs the sheet and all records for credit card payment.
  14. Administrator and/or Bursar complete monthly account sheets and return them to LEA.
  15. LEA enters details of payments onto monthly TAB’s sent to school.
  16. Bursar reconciles these amounts.
  17. Individuals must not use official orders to obtain goods and services for private use.
  18. Budget holders are authorised to place verbal orders when in the interests of the school, but must remain within the budget limits set to their own department and provide documentary evidence of purchase and receipt of goods.
  19. Orders must be properly completed and copy orders securely retained.

Computer Security

Full access to finance systems is given to the school administrator, Business Manager, Bursar,Executive Head/Headteacher. Individual passwords are kept in the school safe.

Reviewed January 2015

19/03/2015

D Chambers