School Private Fund Audit

Voluntary and Private Funds can be defined as any funds that are the responsibility of an employee of the Local Authority other than official funds.  Therefore, funds held by a school other than their delegated budget or delegated community budget are deemed to be Private Funds.

 

School Private Funds are ultimately the responsibility of the school Governing Body, however operational responsibility will usually be delegated to the Headteacher.

 

Although School Private Funds don’t contain public money, stakeholders such as parents are entitled to the same standards of financial accountability as they are with public funds.  Therefore schools must have their Private Funds audited or independently examined on an annual basis.  An annual audit ensures that there are safe and efficient systems in place for the custody and control of Private Funds.

 

Further information on accounting and auditing procedures can be found by following the links below:

 

 

You will also find useful information on auditing the School Private Fund on the Leaf online website.

 

Should you have any difficulty in appointing an independent auditor, services are available from the Local Authority.  Please contact the Schools' Helpdesk on (0114) 273 6270 or email  finhelpdesk@sheffield.gov.uk for more information.

 

Schools must present their audited accounts to the Governing Body before returning an Audit Return Form (FN22) to Financial Services.  This must be signed by both the independent examiner or auditor of the private funds and the Headteacher and has to be returned in accordance with the timetable set out by the Local Authority. 

 

The Audit Return Form (FN22) and timetable are available to download from the bottom of this page.

 

Please Contact the Governor Support Team if you need any assistance.