St James the Great R.C (V.A) Primary & Nursery School

AGM 2000

FINANCIAL MATTERS

Statement of Financial Position

Income and expenditure

This is the sixth year since annual external auditing was introduced. While it is no longer a requirement since the abolition of Grant Maintained Status, the Governors have unanimously taken the view that it is appropriate to continue to fund an annual external audit of the school’s accounts. A local firm of auditors, Messrs Davis, Burton, Williams and Company, agreed to continue to act as the school’s auditors providing a useful source of financial advice and continuity over the period of changing status. The Governors have supplied full copies of the accounts to both the local authority’s audit department and the local authority’s education finance department. The Governors have actioned the minor issues identified within the auditors report which once again recorded the school’s very sound financial management. The Governors wish to acknowledge their appreciation of the day to day financial management work undertaken by the Headteacher and the school’s Senior Administrative Officer in addition to the work of the Governors’ Finance Staffing and Salaries committee very ably chaired by Mrs Elaine Williamson.

The year saw the school taking catering as an in-house venture, following Croydon’s loss of catering to an outside company as their contract came up for re-tendering. The Governors considered a range of options but were unanimous that the time was right for the school to take over catering. Early signs are that the decision will prove to have been justified.

Use has also been made of the Audit Commission web site facility to compare our school’s expenditure and staffing data with that of thirty-six similar schools in the London area. This placed us in an average position for the spending of total expenditure but highlights the fact that we have a significantly higher spending on educational supplies and services. This confirms the Governors’ view that we are targeting spending appropriately to meet curriculum needs. We are aware that funding constraints necessitate targeted spending in line with identified whole school development plan priorities. This plan ensures that the areas of curriculum, management and premises are funded appropriately according to need within spending limits. Through its Finance, Staffing, and Salaries Committee the Governors will continue to monitor and evaluate the school’s finances in order to maintain a balance between spending needs and prudent contingencies. .

It is our hope that central Government will continue to recognise the need to fund education appropriately and to this end we are in correspondence with our local MPs. The school has retained a significant level of post GM transitional funding for a second year. The Government has yet to confirm whether this will continue until all schools are raised to equal funding levels. The Governors welcome parental support in bringing this matter to the notice of our local MPs.

Statement of Financial Position

Income and expenditure