St Mary’s RC Primary School Fund Mission Statement

Aims

The aims of St Mary’s RC Primary School Fund are to advance and enhance the education of the students of St Mary’s RC Primary School by providing and assisting in the provision of facilities not required to be provided by Salford Local Authority by statute.

Officers

The Chair of the Fund is the Headteacher.

The Treasurer is the School Bursar.

The members of the Governing Body act as Trustees of the Fund.

The examiner of the Fund is Salford LA, appointed on an annual basis by the Governing Body.

Example activities of the Fund are:

  • To raise funds from parents, pupils and the local community to develop the school grounds, enhance the facilities, and to make available discretionary help to pupils in financial need.
  • Educational visits, for example Crucial Crew
  • Visitors to school eg educational road shows
  • Additional resources eg I Pads
  • Charitable activities;

Transactions will not include any controlled by the Parent Teacher Association or equivalent organisation, as those funds are not under the control of the school.

Financial Procedures

Banking:

The funds are held in Lloyds account in the name of Salford County Council, St Mary’s RC School Fund.

Cheques are signed by two members of staff for all amounts as agreed by the Governing Body. The signatories will be the Head Teacher, Deputy Head or another senior member of staff as stated on the bank mandate.

Transactions:

All transactions are recorded on the “School Fund Accounts” Excel spreadsheet.

This is backed up on a daily basis by the server backup schedule.

The School Clerk reconciles the Cash Book summary to the Bank Account monthly;

The reconciliation is checked and signed by the Headteacher.

Income:

All income must be supported by receipts or records of collection.

Income is banked regularly and intact.

School fund amount will be kept at £6K

Expenditure:

Payments will only be made from the fund when supported by an authorised invoice or voucher. Advances for trips must be requested in advance against an approved Trip.

Financial Summary:

Subsidiary reports for each trip, visit or project will be maintained and kept on file.

Purchases of equipment, resources or activities will be made through the Delegated Fund in order that VAT is avoided, when appropriate(*). The school fund will remit the net amount to the school delegated fund on receipt of the invoice.

The fund will be registered for VAT if the income rises above the registration threshold according to current HMRC legislation.

No loans will be made between the School Delegated Funds and the School Fund.

 Annual Statement of Accounts and Audit:

The normal accounting period will be for the year ending 31st March each year.

The annual statement of accounts will be prepared on the accruals method and will consist of

1) Income and Expenditure Account

2) Balance Sheet

3) Notes and Annual Report

4) Independent Examiner’s report to the Governing Body

It will be submitted in full to the Finance and Resources Committee of Governing Body during the autumn term or as soon after as possible.

(*)NB Payments for non-educational trips and equipment cannot be made through the delegated fund, deducting VAT, unless the pupils are charged output tax, which is accounted for through the delegated fund.

Voluntary payments for educational trips must be in accordance with the school’s Charging and Remittance Policy. Costing for such trips will take net of any VAT incurred, providing the Headteacher is able to confirm that the trip is educational in nature.

Dissolution of the School Fund:

The school fund will be dissolved if a) the school closes, or b) the school amalgamates with another school.

Any assets remaining after satisfying the outstanding debts and liabilities will be given to the school for the benefit of the children at the school in a charitable manner. Once the school has closed, any assets remaining will be given to a local children’s charity to be chosen by the Trustees.

This policy will be reviewed again in October 2016

Signed by the Headteacher and Chair of Governors