Finance glossary

Be clear on the key financial terms you'll encounter as a governor at a maintained school or an academy, plus download our glossary to share it with your board.

Last reviewed on 26 July 2022
School types: All · School phases: All
Ref: 32551
  1. Terms for all schools
  2. Additional terms for academies
  3. Download our glossary

Asset Anything capable of being owned or controlled to produce value and that is held to have positive economic value. Can be ‘revenue’ (e.g. cash) or ‘capital’ (e.g. a building). Capital assets/funding Capital assets or funding are those from which a school can expect to benefit for more than one year: typically land, buildings, vehicles, information technology etc. Capital assets are usually referred to as fixed assets. Companies House The UK’s Registrar of Companies. Its main functions are to incorporate and dissolve limited companies, to store company information and accounts, and to make this publicly available. Cost centre A defined section within a budget where expenditure and income can be charged or recorded for accounting purposes. A cost centre should have a specified and named budget holder to ensure accountability. Deficit  A loss over a given period, where the expenditure exceeds that allowed or agreed. Delegated funding A type of funding which has no particular conditions on