You're not required to have a finance policy
However, your school must have certain policies related to finance, depending on your school type:
- A charging and remissions policy (both maintained schools and academies)
- A teachers' pay policy (maintained schools only)
- A governors’ allowances and expenses document (maintained schools only)
- An investment policy (academy trusts only)
Some schools choose to present these policies in 1 finance policy document.
See examples from schools and a trust
Clockhouse Primary School, a community school in Havering, has a finance policy that includes information on:
- Pecuniary interests
- Leasing arrangements
- Petty cash
- Conduct, bribery and corruption
Tunbridge Wells Girls’ Grammar School, a foundation school in Kent, has a finance policy that includes:
- The key financial principles the school will follow
- How financial issues are delegated
- Monitoring arrangements
- Information about the school's voluntary fund
- What to do if there are irregularities
Perry Hall Multi-Academy Trust, a multi-academy trust in Wolverhampton consisting of 10 schools, has a finance policy that covers:
- Financial planning
- Budget management
- Purchases
- Cash management
- Computer systems