Private School Funding
We are largely funded by the local authority. However, schools can also generate income independently of the local authority, for example from photograph sales, snack charges, the sale of school uniform items, fundraising or charges for the use of the premises outside normal hours. This income is usually referred to as ‘private fund’ income. Voluntary and Private Funds can be defined as any funds that are the responsibility of an employee of ours other than official funds. It is generally, but not always, held in a separate bank account. At our school the Private Funds are held in a separate account.
School Private Funds are ultimately the responsibility of the school Governing Body, however operational responsibility will usually be delegated to the Headteacher.
Although School Private Funds don’t contain public money, stakeholders such as parents are entitled to the same standards of financial accountability as they are with public funds. Therefore schools must have their Private Funds audited or independently examined on an annual basis and present their audited accounts to the Governing Body. An annual audit ensures that there are safe and efficient systems in place for the custody and control of Private Funds.
Any parents wishing to do so can view the audited private fund account.
At our school the Private Funds are audited by the School Business Manager at Langley Mill Junior School. They are presented to the Governing Body each year in the Pupil, Personnel, Finance and Budget Committee meeting each Autumn Term.
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