Last reviewed on 7 October 2021
School types: All · School phases: All
Ref: 5501

Financial oversight is one of the governing board's core functions. Get more detail on what your board's key responsibilities are, and learn what financial oversight means in practice, so you can monitor effectively.

Overseeing the financial performance of your school is the governing board's third core function – if you're new to finance or want to brush up on what your role is, first take a look at our concise summary here.

Once you understand the basics, the article below provides a more detailed overview to deepen your understanding of how to monitor finance effectively for your school.

Understand your board's key financial responsibilities

In maintained schools

As a governing board, your key financial responsibilities are to:

  • Agree and manage the school budget
  • Decide how to spend the delegated school budget as authorised by your local authority (LA)
  • Be consulted by your LA on funding
  • Make sure accurate financial accounts are kept
  • Decide the number and type of staff and approve a pay policy in line with the School Teachers' Pay and Conditions Document (STPCD) each year
  • Be a ‘critical friend’ to the headteacher by providing advice, challenge and support

The primary financial responsibility