Schools Finance: A Headteachers Guide Your Role Ensure School Set - - PowerPoint PPT Presentation
Schools Finance: A Headteachers Guide Your Role Ensure School Set Realistic, Understand Procedures Operate Sustainable and Framework and to Ensure Financial Strategic Financial Environment Risks are Minimised Plans Collaboration and
Understand Framework and Environment Ensure School Procedures Operate to Ensure Financial Risks are Minimised Set Realistic, Sustainable and Strategic Financial Plans Monitor Your Financial Position Encourage Strong Governance Collaboration and the Financial Management Culture
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Regulatory Framework
Scheme of Delegation and Local Procedures
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Finance Manual for Heads and SLT
https://www.services2schools.co.uk/resources /finance/guidance/handbooks
Regulatory Framework - Academies
Academy Funding Agreement Trust Financial Regulations
Scheme of Delegation and Local Procedures
Your School
Reports
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Purchasing and Paying for goods Paying People Income Cash Assets Conflicts of Interest Financial Oversight Sound Decision Making Robust Planning and Monitoring
Separation of Duties Checks and Authorisation Process Reconciliation Clear Procedure Manuals and Policies Clear Audit Trail
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These controls exist to protect public money but also to protect Governors, Staff and You.
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If controls do not mitigate risk effectively, they are wasting everyone’s time for no gain.
Orders/Invoices/Contracts BACS Payments /Cheque Staffing Payment Reports/Reconciliation System Reconciliation (e.g. FMS to LA) Bank /Petty Cash Reconciliation Bank Mandate – for bank signatories Authorisation Mandate – lists several annual documents that need authorisation before submission.
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Common Findings
Purchase Orders Contracts and Asset Registers Local Finance Procedures Self Employment Checks Reconciliations Declarations of Interest Governing Board Minutes School Improvement Plan Budget Monitoring Voluntary Funds Public Liability Insurance
SFVS and Resource Management
Financial Health and Effective Resource Management
A: Governance C: Setting the Budget E: Value For Money G: SFVS Dashboard F: Protecting Public Money D: Staffing B: Strategy
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A c t iA c t i
A c t i
A c t i
A c t i
Assurance
and Improvements Tool To Help Governors:
Strategic Allocation
Zero Based Budgeting Balancing the Budget Strategically Looking Beyond This Year and Identifying Trends Incorporating Risks Scenario Planning Tools and Benchmarking(SFVS) Full Commentary Explaining Assumptions Staffing
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Monitoring The Budget
Regular Monitoring Report (at least monthly) Update Year-End Forecast Assess Impact on Plans, Yr 2 and 3 Specific Grant Reporting Tools
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Challenge the Norm – Dare to be different Myth Busting Think the Unthinkable High Expectations Finance is Everyone’s Business – Involve Everyone Open Communication Deal with Reality Encourage Challenge Use the Numbers Celebrate Success
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