School Finance Manual
Schools have a statutory duty to provide quality education for pupils within a structured finance plan. The Governing Body and Headteacher have responsibility for the day-to-day financial management of the school which includes the maintenance of accurate records and ensuring that sound internal controls are in place. The purpose of the Enfield School Finance Manual is to clearly define and document effective financial controls and processes for Enfield schools so that education professionals are clear about their responsibilities in meeting their statutory requirements and the risk of procedures not being correctly implemented is minimised.
Who Should Use the Manual?
The Manual is relevant to all staff with responsibilities and duties involving financial administration and they should all be aware of the contents of this Manual and have access to it. The Manual also supports continuity and consistency in where there is a change in key finance personnel or in cases of long-term absence.
The Manual also supports the Executive Director of Resources to fulfil their responsibility under The Local Government Act 1972 and The Local Government Finance Act 1982 to ensure the stewardship of public funds. The Manual provides a framework for the Governing Body and Headteacher to ensure that their decisions and conduct ensure:
- Financial probity and stewardship
- Value for Money
- Accountability for Schools
- Protections for all involved in school finances
- Clarity in the expectations of schools
Updates Since the Last Manual
The last full review of the Finance Manual took place in 2013. We have aimed to make this updated version more succinct and user friendly whist still retaining all the key information. Links have been added where possible to supporting information that provides more detail. The content in terms of financial controls and processes remains similar to the previous manual but reflects more up to date DfE guidance, the move to electronic payment methods and tools available to support budget planning.
If you have any comments or would like additional information in some areas, please get in touch. If necessary, we will provide an update in Spring Term 2023 to take account of any feedback. We then plan to update the Finance Manual on an annual basis so that it reflects latest information and guidance.