Annexe 6 Financial regulations for schools - SchoolsOnline

) Engineering Inspection. Any item of lifting equipment or any item of steam
equipment must be inspected. The frequency of inspection depends upon the item and is
usually every 6 months or 12 months. Insurers will issue a certificate confirming the item
has been inspected and this will show whether any defects have been found
c) Motor. Any motor vehicle must have at least Third Party Insurance.
7.2 Insurance Cover
Swindon Borough Council arranges cover for those schools, which have elected to be
included under the Council's insurance arrangements. The areas covered are Public
Liability for all Staff and Governors; Employers Liability/Personal Accident to Employees,
Volunteers & Work Experience Students; Fidelity Guarantee; Third Party Hirers Liability;
Officials Indemnity and Engineering insurances, arranged under a 'combined policy'.
School Travel / Personal Accident cover is arranged under a separate policy.
8. Financial Management - Banking Arrangements
8.1 Public Funds and Non Public Funds banking arrangements
8.1.1 Schools may not open bank accounts or make investments outside of this
guidance. A school's choice of bank will depend on the level of balances it wishes to hold
in its account: schools with balances of under £20,000 may follow the requirements of
options A or B; schools with balances of over £20,000 must follow option B. Investments
must be in any current or deposit account, which include managed money market
accounts providing that the bank provides a written agreement incorporating a guarantee
of the capital sum invested. Schools should note that option A may not be suitable for
public funds accounts due to the level of budget share paid into the account.
A. Accounts with balances under £20,000
Schools are free to invest with any authorised UK bank or building society, provided that
their balances do not exceed £20,000 at any one time in order to take advance of the UK
Deposit Protection Scheme or the Building Societies Investor Protection Scheme (NB this
figure is calculated as the sum of all accounts held, including both current and deposit
accounts)
A List of authorised banks is held and should be checked with the Council Treasury
Section prior to opening an account:
It should be noted that inclusion on this list does not mean that these institutions will offer
services suitable for schools. In each case the suitability of an individual account should
be carefully assessed.
B. Accounts with balances above £20,000
The Council restricts its investment to institutions, which have been independently
assessed as presenting the lowest possible level of risk. An up to date list of suitable
institutions is available from the Council Treasury Section. However, it should be noted
that many of the institutions might be unlikely to deal with the amounts that schools have
to invest.
03/03/2010 Page 12
10.CSF.MS0303FINREGANNEXE6