School finance: the basics

Learn the basics of school finance and how the role of a governor comes into play.

Course summary

There are two main roles for any governing board in the financial management of the school.

Statutory role: The board’s core statutory function is to oversee financial performance and ensure public money is well spent. In maintained schools, this is reviewed annually using the Schools Financial Value Standard (SFVS), compiled and signed off by the board and submitted to the local authority.

Strategic role: Ensure a clear link between the school's vision, strategic aims, the annual School Improvement Plan, and the budget set.