Finance for governors

This page aims to provides governors with guidance and information to assist with their financial management duties.

The school governing body has delegated responsibility of the financial management of the school. The responsibilities are to:

• guide and assist the headteacher in all financial matters including budgeting and long term strategic planning
• agree with the headteacher the minimum frequency, level of detail and general format of the financial information to be provided to it, especially in relation to budget monitoring reports
• draw up and approve the school's annual budget, identifying priorities from the school development plan
• monitor the budget throughout the year and review of the financial situation at least each term
• receive and respond to any audit reports on the school's public funds
• audit all voluntary funds for presentation to the local authority.

Documents

• (5) Financial Management Resp Matrix (format: Word, size: 475Kb)
  
• (10) Internal Financial Controls (format: Word, size: 272Kb)
  
• (9) Budget Monitoring (format: Word, size: 401Kb)
  
• (13) Value for Money (format: Word, size: 431Kb)
  
• Valuable lessons: Improving economy and efficiency in schools - Briefing for school governors (format: Adobe Acrobat, size: 252Kb)
  As a school governor, you play an important role in the financial decisions made by the school, deciding how to spend the school's budget and agreeing an annual budget plan. This briefing provides you with a guide to going beyond good financial management to improving value for money. This will help you ensure as much money as possible can be spent on improving outcomes for children.
• (3) Decision Planner (format: Word, size: 183Kb)
  
• (4) Financial Competences (format: Word, size: 439Kb)
  
• (7) Best Practice Financial Management (format: Word, size: 443Kb)
  
• (11) Benchmarking (format: Word, size: 401Kb)
  
• (8) Setting Budgets (format: Word, size: 426Kb)
  
• (6) The Financial Management Standard (format: Word, size: 512Kb)
  
• (1) Role of Governing Body (format: Word, size: 453Kb)
  
• (2) Guidance on Roles of GB and HTs (format: Word, size: 169Kb)
  

 

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Formats Explained

Documents on the Lambeth website will be in Adobe PDF format or Microsoft Office formats such as Word or Excel. These formats determine what software you will need on you computer in order to be able to read them. This software is free and can be downloaded using the links below.

Adobe Reader (for files in PDF format)

Microsoft Office Viewers (for viewing files in Microsoft Word or Excel format)