Local governing bodies (LGBs): how to monitor value for money

Be clear on how you can go about monitoring value for money in your school if you’ve been delegated this responsibility.

Last reviewed on 19 April 2022
School types: AllSchool phases: AllRef: 36906
Contents
  1. What is value for money?
  2. 5 things to bear in mind
  3. When will I monitor value for money?
  4. How to monitor value for money in practice
  5. Questions to ask
  6. Not satisfied with all the answers?
  7. Chair of LGB: update trustees

This article outlines advice for how you can monitor value for money - bear in mind that your LGB might do things differently.

What is value for money?

Value for money is making sure that what you spend money on is worth it - a good price for a good service/quality of goods.

How do I know if something is value for money?

The best way is to ask your headteacher/school business manager (SBM) if it is - they should have done price comparisons to check. 

Key sources of evidence will also help reveal if something is value for money or not (some of these are outlined in the section below on how to monitor value for money in practice).

Monitoring value for money is a key part of the second core purpose of trust governance.

5 things to bear in mind

Remember, you need to make sure

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