TORFAEN COUNTY BOROUGH COUNCIL SCHOOL PRIVATE FUNDS. CONTEXT (Taken from Audit Commission and Estyn guidance Keeping your balance October 2000)

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1 TORFAEN COUNTY BOROUGH COUNCIL SCHOOL PRIVATE FUNDS CONTEXT (Taken from Audit Commission and Estyn guidance Keeping your balance October 2000) Voluntary funds often provide schools with a substantial additional source of income. Although such funds are not public money, the standards for the guardianship of these need to be rigorous as those for the administration of the schools delegated budget. Parents, pupils and other benefactors are entitled to receive the same standards of stewardship for the funds to which they have contributed. Voluntary fund accounts must be certified by an auditor who is completely independent of the school and in maintained schools the resulting audit certificate sent to the LEA. Schools will also need to ensure that any voluntary funds with income or expenditure over 1000 are registered with the Charity Commission. For funds that exceed 10,000 then there is a requirement to forward a copy of the accounts to the Charity Commission. These requirements apply to voluntary funds which belong to the school and not, for example, to funds held by other organizations, such as PTA s, which have a connection with the school. The standards The head teacher should ensure that voluntary funds are accounted for separately from the schools delegated budget and are held in a separate bank account The governing body should ensure that relevant voluntary funds are registered with the Charity Commission The governing body should ensure that a Treasurer has been appointed to oversee the funds The governing body should appoint an auditor who is independent of the school. The auditor should not be a member of the governing body The head teacher should ensure that the same standards of financial accounting which apply to income and expenditure for the school delegated budget are applied to the voluntary funds Any income which properly relates to the schools delegated budget should not be credited to a voluntary fund The Governing body should ensure that voluntary funds are covered by insurance, including fidelity guarantee insurance. In addition to the standards outlined in the above guidance,the governing body should also be clear on the V.A.T. registration requirements. As long as the Taxable turnover of the Private Fund is kept below the threshold then there is no requirement to be VAT registered. ( 61,000 on 1 st April 2006). Where the taxable turnover of the Private Fund exceeds or is expected to exceeds the threshold ( which is subject to annual change), the fund will have to register for V.A.T.- Full guidance on School Private Fund V.A.T. can be seen on TORFNET /Corporate Pages/ Corporate Documents/ VAT Guide for Schools The following guidance should be issued to all Head teachers, Treasurers and Auditors of all voluntary accounts being administered in school.

2 NOTES OF GUIDANCE FOR FUND TREASURERS 1. CASH BOOK 1.1. The layout of the cash book/ledger is left to the discretion of the individual Schools, depending on the classification of the types of activity operated. However, care should be taken to ensure: a) it is legible and provides a meaningful analysis of the accounts; and b) It is updated as income and expenditure occurs, and not on a monthly/annual basis or from bank statements. c) No correction fluid is to be used on any financial document, errors must be crossed out and the correction rewritten. 2. ANNUAL SUMMARY OF ACCOUNTS 2.1. At the end of each year you must prepare a summary of accounts which you and the auditor of the fund must sign. This must be returned to the School Finance Team- Education Department within 3 months following the end of the agreed financial year and presented to your governing body for approval. 3. RECEIPTS 3.1. All income collected for any private fund activity should be handed to you promptly i.e. on the day it is collected and appropriate recording procedures should be put in place. Receipts should be issued for all income received Enter details of each receipt of income in the cash book/ledger as soon as it is received and bank the cash as soon as practicably possible. If cash is held on site for any reason then ensure that it is held securely. 4. PAYMENTS 4.1. All payments should be supported by an authentic receipt/ voucher/invoice, as proof of payment. Where due to exceptional circumstances it is accepted that such documents cannot be provided, you should record details of the purchase on a suitable document which must be signed by the member of staff who incurred the expenditure All paid receipts/vouchers/invoices should be referenced to the payment by way of the cheque number, which should be clearly marked on it and filed in cheque number order Enter details of each payment in the cash book/ledger as they occur The bank has to be informed of the list of authorized signatories and any subsequent changes. All payments should be made by cheque which must be signed by at least two people, normally the Treasurer plus one other signatory - NO RUBBER STAMP SIGNATURES ARE TO BE USED. Blank cheques must not be signed in advance Signatories must ensure that all documentation is present when signing a cheque. The counterfoil of the cheque must always be initialed by the signatories. 5. BANK STATEMENTS 5.1. As soon as the bank statements are received the following reconciliation of income and expenditure should be undertaken; a) check each credit on the bank statement to the paying-in book; b) check each debit on the bank statement to the cheque book counterfoils; c) Enter any interest (as a receipt) or bank charges (as a debit) appearing on the bank statement into the cash book/ledger. 6. RECONCILIATION 6.1. You should regularly reconcile the cash book/ledger to the bank statements, i.e. on receipt of the bank statement The account should be fully reconciled at the year end before your accounts are audited. It should be undertaken as follows: a) obtain a bank statement from the bank shortly after the end of the period e.g. 31 August; b) check the entries on the statement and tick them as evidence that the check has been carried out;

3 c) deduct from the balance shown any cheques drawn but not presented by this date; d) Add any deposits made but not appearing as credits (if the statement date for any reason is prior to 31 August) Any cash-in-hand as at the end of the agreed financial year, should be added to the adjusted bank balance arrived at and this total must agree to the balance shown in the cash book/ledger. 6.4 Reconciliations should be independently reviewed. There should be evidence of the review taking place. 7. RETENTION OF RECORDS 7.1. All bank statements, cheque books, paying-in books, receipts, trip records, and other subsidiary records must be retained for six years after the end of the year of account. NOTES OF GUIDANCE FOR FUND AUDITORS Auditors should approach the audit with an enquiring mind and should not be afraid to question any entry included in the accounts. Where you are not satisfied with a particular matter, you should discuss this initially with the Treasurer and subsequently with the Head teacher. The following points are designed to assist auditors in their duties: Objective 1. Your objective is to certify that the annual statement of accounts, as far as can be determined, is correct. This involves checking all money collected has been properly brought into the account and all payments out are for the purposes of the School Fund. Duties 2. To examine the books of accounts and supporting documentation as to their correctness, and to ensure that they are in accordance with the Authority Guidelines and the rules of the fund. 3. To ensure that an annual statement of accounts is prepared by the Fund Treasurer and to verify it represents a true and fair view of the fund for the year. Audit Work 4. You should obtain from the Treasurer the cash book/ledger, bank statements (current, deposit and savings accounts), cheque book, cheque book counterfoils, paying in book, receipt book and all other supporting documentation e.g. receipts, invoices, vouchers, till rolls, records etc. 5. Reconcile and verify the balances shown on the cash book/ledger on the bank statement and cash in hand balances at the end of each year. 6. Examine each individual entry. (For larger funds this may be impractible and auditors may want to consider sample testing, the sample should be sufficient to enable the auditors to satisfy themselves as to the correctness of the annual statement. Where any payment is made, ensure that this is supported by an appropriate invoice, receipt or some other supporting documentation. If there is no supporting documentation, make enquiries as to why this is not the case and try to obtain this information. This matter should be brought to the attention of the Treasurer. 7. Auditors should satisfy themselves that all expenditure is reasonable and has been spent legitimately within the scope of the scheme. Any queries should be raised with the Treasurer. 8. When you have examined this documentation, e.g. cashbook, bank statements, invoices, receipts etc. you should initial and date them to ensure that the documentation is not represented at a later date. A similar procedure should also be adopted when examining cheque stubs i.e. you should clearly mark them as having been examined. 9. If you aware of any activity which does not appear in the accounts, ask the Treasurer why this is so. 10. Confirm any bank/building society interest has been brought into the accounts 11. Where a school trip has taken place, you should ensure that a financial statement has been drawn up which incorporates all the financial activities of the trip. This should be checked to the accounts any variations drawn to the attention of the Treasurer. 12. All the columns in the cash book/ledger should be arithmetically checked and verified as correct. 13. A check should be made to ensure that the balance is brought forward from the previous years accounts and that where money has been spent e.g. raffle tickets for a school fete, that the corresponding entry is made for income from the sale of raffle tickets at the fete.

4 14. It is important that the auditors ensure that there is no delay in banking (delays can result in a loss of interest for the fund) and that there are adequate security arrangements made for any unbanked fund money. 15. Where the School fund has a deposit account, check that any debits made from this account are only transfers into the current account. Any current account debits should be supported by a cheque stub and invoice. 16. If you have any doubt about any purchase made from the fund, ask to see it. 17. Check that all income is being receipted, either using a daily record of income or by issuing carbon type receipts. Particular attention should be paid to any entries that have been altered/amended, especially with the use of correction fluid. 18. The Treasurer will have prepared a summary of account statement. Check that this reflects the entries in the cash book and the balance shown is correct. 19. When you have undertaken the above checks and are satisfied that everything is in order, sign the cash book and the summary of accounts statement. Complete Part II of the certificate which the Head teacher will provide you with. NOTES OF GUIDANCE FOR CENTRAL OFFICE STAFF The Chief Education Officer is responsible for the financial management and audit of School Private Funds. The following should be undertaken by Education Department staff: 1. In April of each year send a certificate and a Summary of Accounts to each School asking for them to be completed and returned to your office no more than 2 months after the end of the agreed financial year. 2. On receipt of the completed certificates, undertake the following checks: a) All entries are complete and signatures are entered in appropriate places. There must be different persons in each of the posts on the Committee, except where there are less than five on the staff of the School, in which case the posts of Chairperson and Secretary can be combined. b) The date of the last meeting of the Management Committee is after the agreed end of financial year, otherwise the accounts may not have been presented for acceptance. c) The auditors certificate has been signed by a person who is not a member of the Committee. Unsigned certificates should be returned to Schools for completion. If at this stage or following enquiries with the auditors of the School Fund it is found that they cannot sign the certificate, the matter should be reported to the Chief Education Officer to take appropriate action. 4. Completed certificates should be filed and retained for six years.

5 PART I: SCHOOL NAME: TITLE OF FUND: BANKERS: COMMITTEE: Chairperson: Treasurer: Secretary: Auditor DATE OF THE LAST MEETING OF COMMITTEE: I certify the above is correct and in accordance with the regulations governing School Private Funds. Signed: Date: HEADTEACHER.... PART II: AUDITORS CERTIFICATE I/We have examined the Receipts and Payments and checked the attached Summary of Accounts as at, which are in accordance with the books and vouchers and explanations given to me/us. SIGNED: DATE: Hon.Auditor (If you are unable to sign the certificate, please contact the Education Finance for advice.)

6 SCHOOL PRIVATE FUND SUMMARY OF ACCOUNTS FOR THE YEAR ENDED ACTIVITY RECEIPTS ( ) PAYMENTS ( ) TOTAL SUMMARY: Balance In Hand (beginning of agreed financial year)* ADD: Receipts During Year LESS: Payments During Year Balance In Hand (end of financial year) Hon. Treasurer Hon. Auditor Date Date * This opening balance must equal the closing balance for the previous financial year.

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