This article is based on best-practice guidance as described in:
- The checklist guidance for the schools financial value standard (SFVS) for maintained schools
- The checklist support notes for the school resource management self-assessment tool for academy trusts
If you’re on a local governing body (LGB): check your trust’s scheme of delegation first to see if you have any delegated financial responsibilities. This will help you to understand how this article may apply to you.
Finance committees aren't a statutory requirement
If you're in a maintained school, the board can choose whether or not to delegate financial oversight to a committee.