significant extent with the performance of any duties imposed on them by the education acts, including the requirement to conduct the school with a view to promoting high standards of educational achievement. However, schools are required to have regard to any directions issued by the LA as to the use of school premises, as permitted under the act for various categories of schools. Income from lettings of school premises should not normally be payable into voluntary or private funds held by the school. However, where land is held by a charitable trust, it will be for the trustees to determine the use of any income generated by the land. school’s 7.2. Income from Fees and Charges Schools are allowed to retain income from fees and charges except where a service is provided by the LA from centrally retained funds. However, schools must have regard to any policy statements on charging produced by the LA. Income from boarding charges is collected on behalf of the LA and should not exceed that needed to provide board and lodging for the pupils concerned. 7.3. Income from Fund Raising Activities. Schools may retain income from fund raising activities. 7.4. Income from the Sale of Assets Schools can retain the proceeds of the sale of assets, except in cases where the asset was purchased with non-delegated funds (in which case it will be for the LA to decide whether the school should retain the proceeds). The school may not retain the proceeds of the sale when the asset concerned is land or buildings forming part of the school premises and is owned by the LA. 7.5. Administrative Procedures for the Collection of Income Administrative procedures for the collection of income are issued to schools periodically and must be adhered to in order to protect the school, the Council and staff against the effects of misuse and misallocation of income. All income received should be banked regularly into the official bank account and receipts issued promptly. Income must be correctly VAT school’s marked to ensure prompt payment of VAT to HM Revenue and Customs (HMRC). If a school is unsure what VAT marking to use they should seek advice from . If a school does not seek or follow advice on appropriate accounting for VAT, any HMRC fines resulting from that will be charged to the school. 7.6. Purposes for which income may be used Income from the sale of assets purchased with delegated funds may only be spent for the purposes of the school. Back to contents Section 8: The Charging of School Budget Shares
significant extent with the performance of any duties imposed on them by the education acts, including the requirement to conduct the school with a view to promoting high standards of educational achievement. However, schools are required to have regard to any directions issued by the LA as to the use of school premises, as permitted under the act for various categories of schools. Income from lettings of school premises should not normally be payable into voluntary or private funds held by the school. However, where land is held by a charitable trust, it will be for the school’s trustees to determine the use of any income generated by the land. 7.2. Income from Fees and Charges Schools are allowed to retain income from fees and charges except where a service is provided by the LA from centrally retained funds. However, schools must have regard to any policy statements on charging produced by the LA. Income from boarding charges is collected on behalf of the LA and should not exceed that needed to provide board and lodging for the pupils concerned. 7.3. Income from Fund Raising Activities. Schools may retain income from fund raising activities. 7.4. Income from the Sale of Assets Schools can retain the proceeds of the sale of assets, except in cases where the asset was purchased with non-delegated funds (in which case it will be for the LA to decide whether the school should retain the proceeds). The school may not retain the proceeds of the sale when the asset concerned is land or buildings forming part of the school premises and is owned by the LA. 7.5. Administrative Procedures for the Collection of Income Administrative procedures for the collection of income are issued to schools periodically and must be adhered to in order to protect the school, the Council and staff against the effects of misuse and misallocation of income. All income received should be banked regularly into the school’s official bank account and receipts issued promptly. Income must be correctly VAT marked to ensure prompt payment of VAT to HM Revenue and Customs (HMRC). If a school is unsure what VAT marking to use they should seek advice from . If a school does not seek or follow advice on appropriate accounting for VAT, any HMRC fines resulting from that will be charged to the school. 7.6. Purposes for which income may be used Income from the sale of assets purchased with delegated funds may only be spent for the purposes of the school. Back to contents Section 8: The Charging of School Budget Shares
fair-funding-scheme-for-schools-2018-19-draft.docx