Private School Accounts
Private School Fund Accounts
Voluntary funds frequently provide schools with substantial additional sources of finance. Although not public money, school funds are administered by employees of the LA in normal work time and therefore minimum standards are expected. In addition, parents, pupils and benefactors who contribute to the fund are entitled to minimum levels of financial stewardship and accountability.
Definition of the use of private school funds
NAHT Guidelines define a school fund as "a fund containing other than official monies of the funding authority (i.e. LA), which is controlled wholly or in part by a Head teacher or Principal by reason of his or her employment at the school".
The general purpose of the fund is to act as a processing account to enable the financing and accounting for extra-curricular activities (e.g. trips) and to generally support the school from non-LA sources, e.g. fundraising, charitable donations, sponsorship, uniform sales, tuck shops, breakfast and after school clubs etc.
School funds should be for the benefit of the pupils of the school, not any other body or members of staff. Unless saving for a specific project, funds should be spent for the benefit of those pupils who raised them, (see section 16 Use of the Fund).
The schools private fund account is held with TSB.
The accounting year runs from 1st April to 31st March each year. The account is audited annually by an external auditor who is appointed by the Governors.