Commentary on Sections and Schedules Part 3 – Maintained Schools Accounts and financial statements Sections 44 and 45: Accounts of maintained schools and financial statements
126.These sections will allow requirements to be imposed as to the way maintained schools keep accounts, and report information based upon those accounts. In England, this will be implemented under the Consistent Financial Reporting (CFR) initiative for schools. This will provide a consistent minimum standard for school financial reporting, and enable all schools to compare their expenditure with that of similar schools. The Secretary of State, or the NAW, will publish information reported by schools so as to facilitate financial benchmarking. The main provision will also allow requirements to be imposed as to the way in which maintained schools’ resources are to be audited. In both cases the scope of the provision extends both to public funds and private funds controlled by the governing body.
127.Section 45 makes related amendments of section 52 of the SSFA, extending the scope of that section to private funds included in the main provision. This will enable LEAs, in publishing their annual out-turn statements, to include data relating to such funds.