Your school isn't required to have a finance policy, but it can be a way to keep some mandatory information or helpful procedures in 1 place. See examples of finance policies from primary and secondary schools.
You're not required to have a finance policy
You aren't required to have an overarching 'finance policy'. However, you do need certain policies related to finance. Department for Education (DfE) guidance explains that you need:
- 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)
Academies are also required to have an investment policy. This isn't included in the DfE's list of statutory policies, but the requirement is set out in the Academy Trust Handbook (paragraph 2.25).
Some schools choose to present these policies in 1 finance policy document.
The Aspire Academy, an alternative provision free school in Worcester, has a finance policy that covers: Governance Financial controls Banking arrangements The use of business and fuel charge cards Security of financial data Fraud, bribery and theft Gifts and hospitality Keelby Primary Academy in Lincolnshire uses a finance policy from its multi-academy trust (MAT). Scroll down to find it under 'Trust Policies'. It covers areas such as: Financial planning Payroll Purchasing Debt management Cash management Norton Church of