St. Thomas of Canterbury Catholic Primary School
Approved by the Governing Body at the Meeting on 20 May 2014
The School Finances for 2013/2014
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 2013/14; and the budget comparisons for 2012/13 and 2013/14
were considered at the Meeting.
1.2
In March 2014, Committee ‘B’ examined Local Authority (LA) and Department for
Education (DfE) Benchmarking Data for 2012/13 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. Revenue Income and Expenditure 2013/14
2.1 Our total Revenue Income for 2013/14 was £496,261 and our Expenditure was £492,399 an
in-year surplus of £3,862. Our year-end Balances for 2012/13 were £44,635 and after
adding the 2013/14 in-year surplus we are able to carry forward a Balance of £48,497 into
2014/15.
2.2
Total Net Income increased from our original budget by £5,301. We received £1,940
additional income from the LA following the end of their Sickness Insurance Scheme.
However, as Nursery numbers were below anticipated, our income from this source reduced
by £3,273. Our Pupil Premium Income was £7,624 an increase of £1,324 for an additional
pupil. The total of Pupil Premium Income was spent in various ways to support those pupils
for whom it was intended. We received £7,161 in Sickness Insurance Income. Bank interest
was £648. Other income totalled £323. Expenditure for School trips, Enterprise Week and
Swimming was £120 in excess of Income.
2.3
Our Contingency Sum of £44,634 was unspent. When we set the budget for 2013/14, we
provided £2,000 for Repairs and Maintenance (R&M) and £9,000 for items of Special
Building Maintenance (SBM). During the year Committee ‘B’ agreed to allocate £3,000 of
SBM monies towards the PTA Scheme for the provision of a Trim Trail (this became
Capital Expenditure - total cost of £13,018). The total outturn expenditure for both R&M
and SBM is £8,653 an overspend of £653 due to the urgent need to replace the Fire Alarm
Control Unit at a cost of £740.
2.4
In 2013/14 we provided our own Staff Sickness Insurance. The Premium was £5,916 but we
received £7,161of Sickness Insurance income. Staff costs (excluding Insurances and
Training) were £6,585 below the original combined budgets due to changes to employment
contracts and Caretaker vacancy. Supply Staff costs were £1,595 below the original budget.
Staff training exceeded budget by £2,757 due mainly to First Aid Certificate renewal for all
Staff. We spent an additional £1,427 on Learning Resources in preparation for the new
curriculum.
2.
Revenue Income and Expenditure 2013/14 - continued
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2.5
An additional £1,434 was spent on Administration mainly due to the cost of Parentmail
and the new School Prospectus. 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.
2.6
The Final Budget Position for 2013/14 shows a balance of £48,497 which includes the
unspent Contingency Sum. There should be no ‘claw back’ of balances for 2013/14.
The 2013/14 Final Budget Position was considered at the meeting on 20 May 2014.
3. Medium Term Finance Plan (MTFP)
3.1
The 5 year Medium Term Finance Plan (Revenue), prepared on 28 April 2014 indicates
in-year budget surpluses in 2014/15 and 2015/16. Income is based upon pupil numbers of 105
in 2014/15 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. For the purposes
of the Finance Plan, no allowance has been made for Special Building Maintenance after
2014/15.
4. Capital Income and Expenditure 2013/2014
4.1
In 2013/14 our Devolved Formula Capital (DFC) Grant Allocation was £6,177 (100%) of
which we received £5,539 (90%) from the Education Funding Agency (EFA). We had
already brought forward £12,393 (100%) from 2012/13 which included £11,310(100%) of
rolled forward DFC Grant monies. This gave a total DFC Grant Allocation of £17,487
(100%) available in 2013/14 plus £1,083 of carried forward Donations. Further Donations of
£2,872 were received from Benefactors. The PTA donated £600 towards our 10%
contribution to the DFC Grant.
4.2
We received an LCVAP Grant of £53,100 (90%) from the Diocese for the EYFS/KS1 Roof
Scheme which cost £88,132. With our rolled forward DFC Grants plus Donations and
Fund Raising we were able to contribute £22,213 to the Scheme. This together with monies
already in our School Building Fund enabled us to fund the EYFS/KS1 Roof Scheme.
Because of the success of Fund Raising and Donations we still had sufficient Capital monies
available to remove the water tank in the Dining Hall roof space and provide a new water
heating system for the Kitchen.
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 2013/14 there were Donations totalling £2,872 from Parents/Carers and other Benefactors
including one pupil who raised a £290 donation from Waitrose. The PTA contributed £600
towards our 10% contribution to our DFC Grant for 2013/14 and a further £7,881 from
‘Raise the Roof’ fund raising towards the cost of the EYFS/KS1 Roof Scheme.
4.4
Our Capital Account has a Balance of £4,155.62 at 31 March 2014
4. Capital Income and Expenditure 2013/2014 - continued
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4.5
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.
4.6
The Monitoring Statement of Capital income and expenditure with the end of year Balance
for 2013/14 was considered at the Meeting on 20 May 2014.
5. Capital Income and Expenditure 2014/2015
5.1
In January 2014, we made a Grant Application to the Archdiocese of Westminster for
£70,000 from the Locally Co-ordinated Voluntary Aided Programme (LCVAP) for the
Refurbishment of the Flat Roof over the KS2 Classrooms including Associated Works. 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 the Refurbishment of the
KS2 Flat Roof. The Grant allocation is 70,000 (100%).
5.3
We have accepted the LCVAP Grant. Competitive Tenders have been obtained the lowest of
which is £49,360. Together with Insurances, Professional Fees and VAT the total cost of the
Scheme is £66,466. As the LCVAP Grant is in excess of the Scheme cost our contribution to
the Scheme is 10% of the Grant i.e £7,000. With monies already available in our Capital
Account, the School Building Fund and Revenue contribution to Capital we will need to
raise some £1,500 towards the figure of £7,000.
5.4
In view of this the Contractor has been awarded the Contract and work is programmed to
start on 24 May 2014 for 6 weeks.
6. Schools Financial Value Standard (SFVS)
6.1
In November 2011 the Government formally introduced the SFVS.
Committee ‘B’ undertook a self-assessment of the requirements of the new Standard in
September 2012 and reported to the Governing Body in October 2012 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. Each year we review our compliance
with the Standard. The reviewed SFVS was submitted to the Local Authority in September
2013.
6.2
In our Statement of Internal Control (SIC) for 2013/14 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, both Governors
and relevant Staff with financial responsibilities attended training courses in Financial
Management. There is an annual review of Governor and Staff financial competencies. This
enables suitable training to be identified.
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7. Fund Account
7.1
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
7.2
At 1 April 2013, we brought forward from 2012/13 the sum of £4,285.81.
During 2013/14 we received £2,246.43 from Parents/Carers for a range of items including
the football club, books, dancing club, cycling, caps, water bottles, bags etc..
£1,201.15 was raised for several Charities. We had a total income of £3,517.58
7.3
We made Charitable donations of £1,341.15 to several Charities including CAFOD, Isabel
Hospice, Barnado’s, the British Heart Foundation and others.
Bank Charges amounted to £38.40.
Total expenditure was £2,916.19. The end of year balance is £4,887.36.
A Financial Statement and supporting Bank Statement were considered by the Governing
Body on 20 May 2014.
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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