St. Thomas of Canterbury Catholic Primary School
Approved by the Governing Body at the Meeting on 19 May 2015
The School Finances for 2014/2015
1.
Introduction
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1.1
This report is provided to fulfil, in part, the Governing Body’s responsibility for the overall
financial management of the School. The Final Budget Position for Revenue income and
expenditure for the year 2014/15; and the budget comparisons for 2013/14 and 2014/15
were considered at the Meeting.
1.2
In March 2015, Committee ‘B’ examined Local Authority (LA) and Department for
Education (DfE) Benchmarking Data for 2013/14 and is satisfied with the comparisons with
other similar Schools. Our policies regarding the number of Teaching Support Staff reflects
the fact that we have two year groups in each class. Consequently, our costs for Teaching
Support Staff are higher by comparison with other schools. Other costs are generally in line
with the average costs identified in the comparison data.
2.
2.1
Revenue Income and Expenditure 2014/15
Our total Revenue Income for 2014/15 was £563,941and our Expenditure was £560,018 an
in-year surplus of £3,923. Our year-end Balances for 2013/14 were £48,497 and after adding
the 2014/15 in-year surplus we are able to carry forward a Balance of £52,420 into 2015/16.
2.2
The Total Revenue Income increased from our original budget. This increase included
income from School Trips; a Lottery Grant for the library, with £3,650 of donations from
the PTA towards the cost of the library; a sports Grant of £8,222; and a VAT recovery
refund. We took advantage of the Government promoted Salix Grant scheme (£4,642) to
provide low energy lighting. This Grant will be repaid over a period of five years and funded
from savings in energy usage. Our Pupil Premium income was £13,638 against a budgeted
income of £16,100 due to a change in the number of pupils eligible for the grant. The total
of Pupil Premium Income was spent in various ways to support those pupils for whom it was
intended. We received £1,017 in Sickness Insurance Payments. Bank interest was £542.
Expenditure for School trips, and Swimming was £434 in excess of Income
2.3
Our Expenditure increased from our original budget. Most of this increase was offset by
additional income including School Trips; Library Grant and the Sports Grant. Payment of
the first instalment of the Salix Grant was an additional expense against the approved
budget. When we set the budget or 2014/15, we provided £2,500 for Repairs and
Maintenance (R&M) and £11,500 for items of Special Building Maintenance (SBM).
Towards the end of the financial year several unexpected items of maintenance work
became necessary these included electrical works and repairs to the boilers. The total
outturn expenditure for both R&M and SBM is £15,397 an overspend of £1,397.
2.4
Our Contingency Sum of £48,497 was unspent.
2.
Revenue Income and Expenditure 2014/15 - continued
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2.5
In 2013/14 the HCC deducted £4,602 from our School Budget Share to pay for Employer
pension contributions for a Supply Teacher who worked at the School from February 1996
to June 2004. In January 2015, we received a further demand for £5,841 for compound
interest payments on the original amount. We contested these payments and proved to HCC
that the Supply Teacher was employed by them and not the School.
HCC have accepted their responsibilities in this regard and have withdrawn the demand for
the interest payment and will refund the original amount. Both of these amounts have been
incorporated into our 2014/15 accounts.
2.6
In 2014/15 we provided our own Staff Sickness Insurance. The Premium was £6,306 but we
received £1,018 of Sickness Insurance income. Staff costs (excluding Insurances and
Training) were £8,096 above the original combined budgets due to changes to employment
contracts and pay awards.
Staff training was £1,233 below budget. We spent an £2,231 less on Learning Resources as
several subjects in the new curriculum were not available for purchase.
2.7
Administration costs were £648 below budget. There were small savings in other Budget
Headings and the Maternity contingency of £4,000 was unspent.
We spent all that was needed for the requirements identified in the School Improvement
Plan. Other expenditure was generally in line with budget allocations.
2.8
The Final Budget Position for 2014/15 shows a balance of £52,419 which includes the
unspent Contingency Sum. There should be no ‘claw back’ of balances for 2014/15.
2.9
The 2014/15 Final Budget Position was considered at the meeting on 19 May 2015.
3.
Medium Term Finance Plan (MTFP)
3.1
The 5 year Medium Term Finance Plan (Revenue), prepared on 6 May 2015 indicates
in-year budget deficits in 2015/16 of £12,946 (which can be offset by carry forward from
2014/15) and in 2016/17 (£2,745). Income is based upon pupil numbers of 107 in 2015/16 and
beyond. The calculation for Nursery Funding takes into account our single stage entry
arrangements in September. The FTE numbers for Nursery are calculated on a termly basis
and monies are allocated accordingly. Any over/under payment based on actual pupil
numbers is adjusted in the funding calculations for the following year. We expect to have a
full complement of Nursery pupils from September 2015.
For 2015/16 the Teacher’s Superannuation Employer’s Contribution has been increased from
14.10% to16.48%. We have taken into account the Cardinal Archbishop’s request that we pay
the living wage as a minimum to our staff. Increases for Midday Supervisors will be
implemented over two years. No allowance has been made for Special Building Maintenance
Items in 2015/16 nor in future years. We have included £8,000 for new computer hardware. In
2016/17 and in later years the Employer’s National Insurance Rebate of 3.40% has been
withdrawn.
4.
Capital Income and Expenditure 2014/5
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4.1
In 2014/15 our Devolved Formula Capital (DFC) Grant Allocation was £6,224 (100%) of
which we received £5,602 (90%) from the Education Funding Agency (EFA). We had
already brought forward £4,155 (100%) from 2013/14 which included £1,483(100%) of
rolled forward DFC Grant monies.
This gave a total DFC Grant Allocation of £7,707 (100%) available in 2014/15 plus
£2,673 of carried forward Donations. Further Donations of £810 were received from
Benefactors. We transferred £2,000 of these donations to the School Building Fund for
Phase 2 of the Roof Refurbishment Project. We did not spend any DFC Grant monies in
2014/15.
4.2
We received an LCVAP Grant of £63,000 (90%) from the Diocese for the KS2 Roof
Scheme which cost £70,000. We did not need to commit any of our DFC Grant monies to
the Scheme.
The DFC Grant is paid directly to the School and used to fund capital schemes nominally
costing less than £45,000. The DFC Grant can be used to support LCVAP Grant Schemes.
4.3
In 2014/15 there were Donations from Parents/Carers and other Benefactors to our School
Building Fund. Also, the PTA contributed £800 directly to the School Building Fund.
Monies already in our School Building Fund plus these contributions enabled us to fund our
10% contribution for the KS2 Roof Scheme.
4.4
The Governing Body is grateful to the PTA, Parents/Carers and other Benefactors for their
hard work, support and generous contributions which enable improvements to be made to
the School buildings and equipment.
4.5
Our Capital Account has a Balance of £8,560.99 at 31 March 2015 of which £7,707 (100%)
is carry forward DFC Grant money. Together with the 2015/16 DFC Grant allocation we
will have a total of £14,013 (100%) of DFC monies in 2015/16. There are sufficient
donations in the Capital Account to cover our 10% contribution for 2015/16.
4.6
The Monitoring Statement of Capital income and expenditure with the end of year Balance
for 2014/15 was considered at the Meeting on 19 May 2015
5.
Capital Income and Expenditure 2015/2016
5.1
In January 2015, we made a Grant Application to the Archdiocese of Westminster for
£107,300 from the Locally Co-ordinated Voluntary Aided Programme (LCVAP) for Phase 3
the of the Refurbishment of the Flat Roof over the Main Hall and Single Storey Block. The
LCVAP Grant expenditure is money which the Archdiocese and Local Authority receive
from the Government for major works - usually for schemes nominally in excess of £45,000.
5.2
We have been notified that an LCVAP Grant has been awarded for Phase 3 of the
Refurbishment of the Flat Roof. The Grant allocation is £100,000 (100%).
5.3
We have accepted the LCVAP Grant. Competitive Tenders have been obtained and the
lowest Tender (revised) has been accepted. Together with Insurances, Professional Fees
and VAT the total cost of the Scheme is £104,941.
5.
Capital Income and Expenditure 2015/2016 - continued
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5.3
As the LCVAP Grant is less than the Scheme cost our contribution to the Scheme is 10% of
the Grant i.e £10,000 plus £ 4,941 of DFC Grant monies. With monies already available in
our School Building Fund we will need to raise some £6,300 towards the figure of £10,000.
5.4
The Contract has been awarded to Mansell Roofing Ltd. and the work is programmed to
start on 26 May 2015 for a period of 6 weeks.
5.5
Following an Asbestos Survey carried out by HCC we were advised that asbestos was
discovered in the Boiler Room. We need to remove or contain this asbestos. The Cost of this
work is £5,290 (incl. VAT) and will be funded from our DFC Grant monies. Following the
receipt of quotations the contract has been awarded to the lowest tenderer. Work will
commence on 20 July 2015 for one week.
6.
Schools Financial Value Standard (SFVS)
6.1
In November 2011 the Government formally introduced the SFVS. Annually, Committee ‘B’
undertakes an assessment of the requirements of the Standard. It was reviewed in September
2014 and was reported to the Governing Body in October 2014 that we could answer ‘yes’ to
all 23 questions in the Standard. Thus, we comply with the Standard for the effective
management of finances within the School. The reviewed SFVS was submitted to the Local
Authority in January 2015
7.
Statement of Internal Control (SIC)
7.1
In our Statement of Internal Control (SIC) for 2014/15, considered by Committee ’B’, we
have stated that we are satisfied that the internal control systems in operation for financial
management are appropriate and effective, this includes the collection and banking of income.
During the year, and where appropriate, both Governors and relevant Staff with financial
responsibilities attend training courses in Financial Management. There is an annual review of
Governor and Staff financial competencies. This enables suitable training to be identified.
8.
Fund Account
8.1
The Governing Body maintains a Fund Account which is a private account unconnected with
the Local Authority or the Department for Education. The aims, purposes and principles
regarding the use of this Account are set out in the School’s Policy for Managing the Fund
Account
8.2
At 1 April 2014, we brought forward from 2013/14 the sum of £4,887.36.
During 2014/15 we received £2,657.45 from Parents/Carers for a range of items including
the football club, books, dancing club, cycling, caps, water bottles, bags etc..
£1,987.26 was raised for several Charities. We had a total income of £4,834.71.
8.
Fund Account - continued
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8.3
We made Charitable donations of £1,715.75 to several Charities including CAFOD, Isabel
Hospice, Barnado’s, the British Heart Foundation, Farm Africa, Cancer UK and others.
Bank Charges amounted to £33.42.
Total expenditure was £3,648.64. The end of year balance is £6,073.43
A Financial Statement and supporting Bank Statement was considered by the Governing
Body on 19 May 2015.
By Order of the Governing Body of St. Thomas of Canterbury Catholic Primary School
Signed
A.G. Walker - Chair of Committee ‘B’
Dated
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