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Financial Management Standard in Schools
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Summary Documents
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S1: Leadership and Governance
S1.1: Role of the Head Teacher
S1.2: Role of the Governing Body and its Committees
S1.3: Role of the School Business Manager (or equivalent)
S1.4: Governance and Accountability
S1.5: The School Development Plan
S1.6: Whistle blowing
S1.7: Culture management
S2: People Management
S2.1: Staff financial management competencies and qualifications
S2.2: Governing Body financial management competencies and qualifications
S2.3: Governor and staff recruitment
S3: Policy and Strategy
S3.1: Setting annual and multi-year budgets
S3.2: Option appraisal
S3.3: Risk management
S3.4: Insurance for schools
S3.5: Achieving value for money
S3.6: Benchmarking
S4: Partnership and Resources
S4.1: Procurement and supplier management
S4.2: Income sources
S4.3: Staff management and deployment
S4.4: Managing premises
S4.5: ICT Development Plans
S4.6: Managing relationships with the local authority and other partners
S5: Processes
S5.1: Budget Monitoring and Reporting
S5.2: Internal financial controls
