Finance policies
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 one place. See examples of finance policies from primary and secondary schools.
You're not required to have a finance policy
However, you do need certain policies related to finance:
- 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)
This is covered in the list of statutory policies from the Department for Education (DfE).
Academies are also required to have an investment policy. This isn't included in the DfE's list above, but the requirement is set out in the Academy Trust Handbook (paragraph 2.22).
Some schools choose to present these policies in one finance policy document.
Perry Hall Multi-Academy Trust, a multi-academy trust (MAT) in Wolverhampton consisting of 10 schools, has a finance policy that covers: Financial planning Budget management Purchases Cash management Computer systems Keelby Primary Academy in Lincolnshire uses a finance policy from its MAT. Scroll down to find it under 'Trust Policies'. It covers areas such as: Financial planning Payroll Debt management Cash management Clockhouse Primary School, a community school in Havering, has a finance policy that includes: A section on the