New Governor Finance Induction School Funding Team Enter Officer Name Here Enter Date of Training Here

Topics covered The Financial Year Cycle Role of School Funding Team Roles in school Funding for Schools Protocols Returns to the LA Value for money School Financial Value Statement

The Financial Year Cycle Spring Term Budget Statement issued Q3 Budget Monitor Preparation for Year End Deadline for intended Use of Balances SFVS Deadline Summer Term Submission of Governor Approved Budget Year End Q1 Budget Monitor Annual CFR submitted to DFE Autumn Term DFE Outturn Statement issued Termly Census - October Q2 Budget Monitor

School Funding Team What do we do?

Roles in School Governing Body –has delegated responsibility Finance Committee –sets financial priorities Governors who want to learn more about school finance can attend an Effective Financial Governance course. Ask Governor Services for course dates

Funding for Schools Section 251 Statement How funding is calculated Consistent Financial Reporting (CFR codes)

Protocols Financial Classification Light Touch Financial Monitoring Surplus Balance Protocol (Intended Use of Balances) Deficit Balance Protocol

LA Returns Governor Approved Budget Quarterly Monitoring Bank Reconciliation Returns Monthly VAT submittals

Value for Money Collaboration Pooled resources Benchmarking Improved efficiency

Schools Financial Value Standard (SFVS) Assurance that secure financial management is in place Mandatory Deadline 31 March each year

SFVS Reporting SFVS outcomes are built into the Council’s audit plan Audit checks have identified differences between what is recorded on SFVS returns and actual practice e.g. benchmarking Need for honest answers – how do you satisfy yourself of YES/NO/IN-PART responses? Weaknesses identified in a number of schools with respect to business continuity or disaster recovery plan, an up to date asset register and adequate insurance in place

And finally… Any questions? Bradford Schools Online website Finance feedback form