Local authority maintained schools are largely funded by the local authority. However, schools can also generate income independently of the local authority, for example from photograph sales, snack charges, the sale of school uniform items, fundraising or charges for the use of the premises outside normal hours. This income is usually referred to as ‘Private Fund’ income. Voluntary and Private Funds can be defined as any funds that are the responsibility of an employee of ours other than official funds. It is generally, but not always, held in a separate bank account.
As well as having our delegated school budget which is provided by the government, Langley Mill Church of England Infant School and Nursery also has a Private School Fund. This is predominantly for other monies received from a range of places including fundraising, uniform sales, school photographs, snack funds, etc.
The Private School Fund is a cheque book account which allows us to promptly pay for school trips, etc. Occasionally, Private School Fund can be used to support school initiatives like updating IT equipment, replacing outdoor play equipment, supplying new furniture, increasing books stocks, etc.
School Private Funds are ultimately the responsibility of the school Governing Body, however operational responsibility will usually be delegated to the Headteacher.
Although School Private Funds don’t contain public money, stakeholders such as parents/carers are entitled to the same standards of financial accountability as they are with public funds. Therefore schools must have their Private Funds audited or independently examined on an annual basis and present their audited accounts to the Governing Body. An annual audit ensures that there are safe and efficient systems in place for the custody and control of Private Funds.
Any parents wishing to do so can view the audited private fund account on written request to the school’s Business Manager, Mrs Rivington.