Finance Committee

Running any successful school requires good management of its finances, particularly in the current economic climate. With this in mind it is important that everyone associated with the school has some understanding of how the school finances work.

How does it work?

Each year the Government allocates a certain amount of money to local county councils., in our case Norfolk County Council (NCC) for them to provide all the services we need e.g. Roads, Transport, Community Services, Planning, Recycling etc.   They then allocate a certain proportion of this to their Local Authority (LA) for them to spend on schools.

The annual amount per school is agreed at the start of the school’s financial year, April, and it is then for the Head teacher, supported by the Governors, to determine how best to spend that money.

In addition schools prepare a 3 year plan of projected income and expenditure to demonstrate to the LA how they intend to spend the money and that they will be able to manage their finances without overspending and going into a deficit.

Income

The LA allocates most of the money based on the number of pupils in school, with different amounts given for the different Year Groups. Whilst we receive a little bit more for children in Foundation and Years 1 and 2 we receive on average about £2,614 per pupil. Unfortunately the amount per pupil continues to reduce each year as the NCC try to meet their budget cuts. Stoke Holy Cross currently have 195 pupils in school

Whilst not of our school income is provided by the LA it does make up the vast majority (98%).

The remainder comes mainly from donations with valuable contributions coming from the School Association who in the past have paid for Computers and Interactive Whiteboards, to name but a few.

Also this year we applied for and were fortunate to receive £10,000 from the Lottery fund to build the outside learning facilities

As an indication of scale Stoke Holy Cross is this year managing a budget of £650,000. So where does the money get spent ?

Expenditure

The Head Teacher and the Governors recognise what has enabled Stoke Holy Cross to achieve an Outstanding OFSTED rating, to concentrate on the educational needs and well being of every child. To achieve this we focus on getting the right teaching staff and support in place and the result is we spend the vast majority of the budget (85%) on both salaries and training for teachers, teaching assistants, clerical staff and midday supervisors.

The remaining 15% then has to cover everything else to run the school, the main things being:

  • Building maintenance and repair
  • Ground maintenance
  • Heating, Gas, Electricity, Water and Sewage
  • Rates
  • Learning resources such as book, paper, chairs, desks and PC’s
  • School meals
  • School trips and transport

As the different Governor committees (Curriculum, Personnel, Premises and Health & Safety) identify new items of expenditure these are then reviewed by the Finance committee to understand if there are sufficient funds available. Unfortunately with the current cut backs it does mean having to make tougher decisions on what the school spends its money on.