Governance and Compliance 54: Surplus Carry Forward Balances Explanation
Posted on 29 June 2017 by Education Finance
Following up on the recent email that has been sent to some schools requesting an explanation of the year end surplus balances that are greater than £50,000 or 5% of School Budget Share.
By way of reminder, this is not a new request and is something that is asked of annually set out in the year end guidance letter. Section 4 of the ‘Scheme of Financing Schools’, stipulates that we do not require to report where the balance is less than the smaller amount of 3% of the budget share or £25,000, however we have focused on higher levels this year due to the current concern around school funding.
If you have received an email requesting an explanation and have not already done so, I would be grateful if you could provide information on how the school intends to use the surplus balance of 2016/17 in the coming year(s).
Please notify us by emailing email@example.com
Many thanks for those who have already responded.