Schools’ Finance Manual - Introduction
This manual is written in conjunction with the Scheme for Financing Schoolsand the Council’s Constitution. It replaces the previous Finance Manual thatwas issued in November 2010. All the changes have been completed in a blue colour. An electronic version of the manual will be made available to schools onFronter.
How to use the Manual
The index provides the structure on which the manual is written. Whenlooking for a subject, you can choose to look at the regulatory section thatdetails the framework in which the school operates and what rules andprocedures have to be followed. This framework is designed to meet theexternal requirements made on the Authority and to protect the interests of the Authority as a whole as well as individuals within it. The regulatorysection is at the front of the manual and all paragraphs begin with FR. Alternatively, you can look at the guidance section that provides best practiceand advice on financial management. It also gives guidance in dealing withexternal bodies such as HM Revenue & Customs. It is the second section of the manual and all paragraphs start with FG.The third section is for Children’s Centres. It provides guidance and bestpractice on financial matters for Children’s Centres. This section should beused in conjunction with the rest of the manual as the regulations andguidance still apply to the Extended Schools and Children’s Centres. Theprefix CC refers to children’s centres.The schools VAT manual forms the fourth section. All the paragraphs startwith V.Hyper links have been inserted for ease of navigation within the manual. Toactivate a link, move the cursor over the underlined text in the index and leftclick the mouse. The cursor should then move to the relevant area in thedocument.
BackgroundLegislation and regulation
The Local Government Act 1972 Chapter 70 Section 151 requires that “Everylocal authority shall make arrangements for the proper administration of their financial affairs and shall secure that one of their officers has responsibility for the administration of those affairs”.