The key financial terms you'll encounter as a governor at a maintained school or an academy, plus a downloadable version to share with new governors.
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 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 examine and 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. Delegated funding A type of funding which has no particular conditions on how the school uses it as long as any expenditure supports