Annexe 6 Financial regulations for schools - SchoolsOnline

4. Financial Management – Income
4.1 The arrangements for the collection of all money due to the Council shall be in
accordance with regulations set by the DF.
4.2 Head teachers are responsible for the proper collection of and accounting for all
other income receivable and received.
4.3 Head teachers shall promptly render accounts for the recovery of income, including
that derived from letting school premises.
4.4 No debt shall be discharged other than by payment in full or being written-off. The
Head Teacher should approve the writing off of debts up to a value to be agreed by the
governing body and noted within the Governors Scheme of Delegation. Debts over that
value should be approved for writing off by resolution of the governing body. The LA
should be advised annually of the total value of debts written off in this way by each
school promptly after the close of the financial year
4.5 All staff receiving monies shall give an official receipt for all income transactions
over £10, or when requested by the payee. All income collected shall be paid, intact, into
the appropriate bank account, at least fortnightly or more frequently as determined by the
Insurance levels of the safe. Income collected should be recorded in the school’s financial
management system (SIMS) promptly.
4.6 Each member of staff who receives money on behalf of the Borough Council shall
keep an accurate and chronological account of all monies received and thereafter paid to
the appropriate bank account. This should also include details of payments received by
BACS.
4.7 No third party or personal cheques shall be cashed out of any official monies of the
Council.
4.8 The governors should have a Charging and Remissions Policy. The Head teacher
should prepare a report to the governors on cost of activities charged for when
considering a variation to the policy. The cost of activities to be charged for should be
assessed and charges set and approved by governors.
4.9 Income received other than that due to the Council must be properly accounted for
to the same accounting standards as that due to the Council. Receipts must be provided
for all income in excess of £10 or when requested by the payee.
4.10 Income received as a result of a formal bid to or sponsorship from an agency other
than the Council must be accounted for as if the money were public funds through the
school's SIMS or similar accounting system.
4.11 Schools must ensure that there is sufficient separation of accounts to enable
differentiation between public and non-public income.
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