Ensuring sound and responsible financial management of the school is one of the core duties of the Governing Body. In 2015-16 the Finance committee have continued to act as a critical friend and robustly challenge both the Head Teacher and Bursar on all strategic finance issues confronting the School.
It is very evident that the financial challenges we have encountered over the past few years show no sign of easing but I am glad to report that at the end of the summer term 2016 we have a balanced budget for the next 18 months and also confidence that the school will be able to balance its budget going forward beyond this point.
Over the past 12 months the finance committee have been involved in the following areas of business within the school.
- Review of the “Before and After” school provision offered by Bloxham Primary school to ensure that we offer a competitive provision to parents that is cost effective for the school.
- Reviewed the way the school manages its IT provision.
- Reviewed how the school will undertake building projects now that the county provision has been changed to a yearly slice paid to school.
- The effectiveness of Pupil premium finding with the school.
- Reviewed the Committee’s skills matrix.
- Reviewed and updated all of the Finance policies and standing orders that have come up for review in the last 12 moths
- Carried out a benchmark review against other schools of a similar size
The challenge and focus for the next 12 months is to strengthen the Finance committee as we have lost a key member who has left the board of Governors and continue to robustly challenge the school management team to ensure the we continue to balance the budget going forward in the next 3 years.
Financial Year end statement 2015/2016
Brought forward from 2014/15 £ 76,942.00
Revenue Income £1,847,005.00
Revenue Expenditure £1,820,058.00