General Annual Grant (GAG)
Academies receive their funding directly from the Government, rather than through the Local Authority. Each academy receives a general annual grant (GAG) allocation statement, and the allocated funding is paid directly to the Academy Trust. The school's specific financial responsibilities are laid out in the trust Scheme of Delegation document, and adhere to the Academies Financial Handbook, available here. The Trust and School level funding agreements can be viewed here.
Schools financial benchmarking
The Government's benchmarking site is a useful tool that compares a school's finances to similar establishments. The tool is only intended as a guide, however it provides a useful overview of how a school's income/expenditure compares to other similar schools, across a range of cost areas. The benchmarking site can be accessed here.
About the Private School Fund
Schools can also generate their own income, for example from fundraising activities held throughout the year. This income is kept separately from the GAG statement funding, and is known as the Private School Fund.
All monies within the Private School Fund are kept in a separate bank account and are the responsibility of the school Governing Body, with operational responsibility passed to the Headteacher. As with public funds, the Private School Fund is subject to financial controls, and schools have a duty to make sure that accurate financial records are kept, and that the fund is audited annually by an independent auditor.
The Private School Fund is audited annually, in accordance with the Derbyshire County Council Scheme for Financing Schools. As contributors towards the Private School Fund, parents are entitled to view the audited private fund account. Anyone wishing to do so should contact the school office.
What the school fund is used for
The Private School Fund is used to provide extra resources, activities and equipment for the children, that we would otherwise not be able to buy. From September 2019 to July 2020, the fund has been used to buy:
- Books from The Book People and The Travelling Book Fair
- Party food at Christmas
- Presents from Santa
- Subsidising transport for school trips
- Classroom resources
- Classroom furniture