Financial Regulations for Schools
The regulations set out the arrangements for the proper administration and governance of financial affairs in schools. The section below contains documents to guide schools on how to follow these regulations.
The manual contains operational guidance for schools concerning various finance-related subjects. Auditors will expect the school to follow the guidance in the manual. Not doing so may lead to negative comments in audit reports.
Governing bodies should adopt the manual and the regulations for their school and this action needs to be minuted.
Schools Financial Procedure Manual
Section 1: Governance and Record
- Accountabilities, financial duties and responsibilities (PDF, 447KB)
- Audit arrangements (PDF, 516KB)
- School bank account administration (PDF, 397KB)
Section 2: Financial Management
- FM1 - Budget Planning and Forecast (PDF, 706KB)
- FM2 - Purchasing and Procurement (PDF, 1.2MB)
- FM3 - Payroll Management (PDF, 509KB)
- FM4 - Petty Cash Management (PDF, 618KB)
- FM5 - Risk Management (PDF, 632KB)
- FM6 - Schools in Financial Difficulty (PDF, 533KB)
- FM7 - Business Plan template (Word, 131KB)
Section 3: Reporting and Taxation
Scheme for Financing Schools