This course aims to provide new governors or governors new to school finance with an understanding of how schools are funded and the part the governing board plays in ensuring financial accountability.
One of the Governing Boards key strategic roles is to oversee the financial performance of the school and ensure money is well spent. Efficient use of resources, particularly in financially challenging times is key to your school’s success. It is important and in keeping with The competency framework for governors that all governors have an understanding of the financial framework schools operate in, the processes and procedures that should be in place, understand and have the skills to exercise their role regarding strong financial management. All governors should be able to understand and question financial information presented and understand the financial implications of plans and decisions.
In part 1 of this finance course aimed at all governors, we will cover the regulatory framework within which schools operate, the principles and operation of schools funding including changes due to the national funding formula, the processes and procedures you should expect to see in place to reduce financial risk in your school and the role of audit. We will also introduce the principles of strategic financial management and the tools available to aid this, the use of which will be developed in Schools Finance part 2.