SONNING COMMON PRIMARY SCHOOL
POLICY STATEMENT ON FINANCIAL Sonning Common Primary School
POLICY No. 24 Version 4 Summer 2007
2 Sonning Common Primary School SONNING COMMON PRIMARY SCHOOL POLICY STATEMENT ON FINANCIAL CONTROL
ORGANISATION:
The supervision of the school’s finances is delegated to the Finance Committee of the Governing Body, which meets at least once each term and reports back at each meeting of the Full Governing Body.
The day-to-day responsibility for all financial matters rests with the Headteacher or the Deputy Head in his/her absence. A part-time Bursar is employed to provide bookkeeping and administrative support to the Headteacher.
The school uses a financial accounting and reporting package provided by the Local Authority, who also provide technical and accounting advice to the school from time to time.
FINANCIAL PLANNING:
The school is required to construct a three-year budget forecast each year, to a timetable set by the Local Authority. A typical breakdown of the budget is as follows:
i. Staffing Costs:
Teaching staff Teaching Assistants Administrative & support staff Supply teaching
ii. Resources: Energy Classroom equipment Repairs & maintenance IT software iii. Capital expenditure & IT Infrastructure iv. Income from donations & out-of-hours use of the school
CONTROL OF STAFFING COSTS
Payment to members of staff is made monthly via the central payroll service provided by the Local Authority. Staff who are paid overtime or on contracted hours are required to submit timesheets each month to the bursar, who checks them and gives them to the Headteacher to approve. Once approved, the timesheets are submitted to the local authority for payment. The bursar receives payroll information once a month for checking and corrections are discussed with the Local Authority. 3 Sonning Common Primary School
The school has a policy of employing all staff on a contractual basis as far as possible. Where a casual claim is made, the reasons for carrying out the work, the hours and the rate to be paid must be approved by the headteacher prior to the work commencing.
Hiring of staff, terminations, promotions and the pay policy are the responsibility of the Personnel Committee of the Governing Body. However, the Finance Committee makes recommendations for the number of teaching staff, teaching assistant hours, and administrative support staff via the annual budget, and will depend on the number of pupils on roll each year.
PURCHASING POLICY FOR ALL OTHER GOODS & SERVICES
The school operates a “best value purchases” policy for all expenditure directly within its control. The headteacher, bursar and secretary make regular reviews of catalogue pricing for regular purchases. Repairs and maintenance expenditure is reviewed regularly by the Environment Committee. For large capital or ICT acquisitions the school takes advice from the Local Authority appointed consultants, and may in some cases involve a formal tendering process.
Any purchases made by the school should be on a purchase order and approved by the department head or the headteacher. When goods or services are received, the school checks that they are in accordance with the approved purchase order. The invoice is also checked on receipt by the bursar for agreement with the pricing quote, correct VAT applied, and that the purchase order has been approved.
Payment of an invoice will only be made where it has been checked, coded and certified for payment. The cheque signatories are any two of the Headteacher , Deputy Head and Bursar.
SECURITY OF STOCKS AND OTHER ASSETS
The school keeps stocks of stationery supplies and these are adequately safeguarded during working hours by the administrative staff in the school office. Cash is also kept here in a safe. There is a secure lock on the school office with a keycode known only to the headteacher, deputy and secretary, should the office need to be left unattended during working hours.
There are secure storerooms throughout the school for the safe storage of computer equipment, electronics, and musical instruments. The keys are held in the school office.
An inventory of all ICT equipment and electrical items is carried out at least annually and all items are tagged for identification purposes. The musical instruments are checked and counted from time to time by the music co-ordinator. A record is kept of any items out on loan to a pupil, parent or member of staff.
Keys to the school building are held by the Headteacher, Deputy, the School Secretary, Bursar and the Caretaker, who keep these on their person at all times
4 Sonning Common Primary School during the school day. The loss of any keys should be reported to the Headteacher without delay.
The school has adequate insurance for all items of value held on the school premises and this cover is reviewed annually by the Finance Committee. If a member of staff takes an item of school equipment home ( eg a laptop) it is his/her responsibility to ensure they have adequate home & contents insurance to cover the item in question, should a loss or theft occur. All staff should be reminded regularly never to leave items of school equipment in their cars unattended, and they should be aware that they would be responsible for making good any loss that occurred should they do so.
INCOME
The school has a policy of trying to maximise the use of the school hall and swimming pool outside school hours and actively seeks to expand the use of the school out of hours for the local community.
Hiring charges are reviewed at least annually, to ensure that costs are met, and that a reasonable contribution to school funds is made. All receipts are recorded and accounts properly and promptly updated.
Charges to parents are made in line with the charges and remissions policy. Parents are encouraged where possible to pay for such items by cheque, or electronic means rather than cash. The Bursar or School Secretary provides parents with notice in advance of charges to be made, how best to pay and to whom. Where possible the school takes advantage of the Gift Aid scheme with the support of the PTA.
Cash and cheques received are collected accounted for and recorded, and either stored in the safe, or paid into the bank at least once a week.
Debts are only written off in accordance with Local Authority regulations. The school keeps a record of all sums written off.
LOCAL CHEQUE ACCOUNT
The school receives its delegated budget into the school’s interest-bearing cheque account three times a year. Income from hiring and other sources is also paid in. From these funds the school manages its purchases payments. Staff payments are made by the Local Authority on the schools behalf.
The cheque signatories are any two of the Headteacher, Deputy Head and Bursar.
Cheques are raised twice a month, where necessary, and invoices are held for 30 days before payment wherever possible.
Bank statements are received weekly and are reconciled to the accounting records.
VAT returns are sent monthly to the Local Authority in accordance with their instructions.
5 Sonning Common Primary School The Bursar regularly monitors the cashflow requirements and alerts the Headteacher and the governors if a shortfall in the local bank account is predicted. The Headteacher arranges for assistance to meet a shortfall from the Local Authority if necessary.
SPECIAL PURPOSES FUND
The school has ensured that there is a safe and efficient system for the custody and control of voluntary funds to the school and donations made from fundraising activities. These funds are banked in a separate account. The school secretary acts as treasurer for this fund, and the Local Authority periodically arranges an external audit of this fund. Annual accounts and a report thereon are provided to the governing body.
Bank statements are received and reconciled monthly for this account. All withdrawals from this fund are approved by the Treasurer and the Headteacher.
SWIMMING POOL ACCOUNT
The school has a nominated volunteer who manages the swimming pool account and payments from pupils within the swimming school. The income and statements are reviewed termly by the school bursar. Payments from the swimming pool account to the school are made to cover staffing and repairs and maintenance costs. Signatories for the account are the Bursar and the volunteer.
BUDGET MONITORING
The Finance Committee meets each term to consider items on its agreed list of actions each year. Every meeting will include a review of the most up-to-date Income& Expenditure report provided by the Bursar from the financial reporting system. The Headteacher and Bursar will provide explanations for any significant budget variations identified in this report and actions will be minuted to resolve these. From time to time, the school will be responsible for providing the summary of these discussions to the Local Authority, especially where the school is running a deficit budget. The Chair of Finance and/or the Chair of Governors are required to counter- sign any such communications provided.
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TIMETABLE - ANNUAL CYCLE
MONTH TASK Responsibility JANUARY Complete PLASC statement of School admissions secretary pupils on roll Begin budget planning based on Bursar/Finance Committee these pupil numbers Consider staffing requirements for Headteacher/Senior September Management team FEBRUARY Prepare prioritised list of essential Environment Committee maintenance tasks Consider capital/ICT requirements Finance/Environment C’tee Consider classroom resource requirements and prioritise All staff/SMT MARCH Finalise staffing plans – teaching Headteacher Finalise TA hours required for next Deputy Head year Review hiring charges Bursar/Finance Committee Prepare draft budget Bursar/Finance Committee APRIL Review outturn for previous budget Bursar/Finance Committee year Present budget to Governors for Finance Committee approval Approve budget Governing Body Review OQSA agreements Headteacher/Bursar Review Insurances Headteacher/Bursar
MAY Submit approved budget to Local Chair of Governors Authority for their approval Review outturn for previous year Finance Committee again JUNE Consider staffing requirements for Headteacher/Finance new academic year again Committee Review special purposes fund Headtecaher/Deputy/Finance Committee SEPTEMBER Elect Finance Committee Governing Body Consider financial planning issue at Governing Body Bishopswood/SCPS combined meeting NOVEMBER Prepare pupil number forecasts for Bursar/Admissions secretary next three to five years Consider possible effect of autumn public spending announcements Headteacher/Finance Committee DECEMBER Complete inventory Bursar/Music co- ordinator/ICT co-ordinator
7 Sonning Common Primary School AMENDMENT SHEET FOR ALL POLICY STATEMENTS
POLICY ON FINANCIAL CONTROL POLICY NUMBER 24 Version 4
DATE POLICY RATIFIED: AUTUMN 1994 DATE POLICY LAST REWRITTEN: SPRING 2007
Review Date Page Line Amendment
Summer 1995 Rewritten
Spring 1999 Rewritten
Summer 2007 Rewritten
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