School Fund Constitution 

The official title of the School Fund is Hednesford Nursery School Fund.

 Purpose

 The School Fund exists to provide additional materials and opportunities to enhance the learning experiences of children in the school, for example:

• Fundraising activities (e.g., raffles)
• Provision of snacks
• Enrichment activities e.g., gardening seeds, cooking ingredients, visit from Farm on Wheels
• Classroom materials and equipment • Games/toys, children’s disco and entertainment • Sale of uniform Sources of Funding
• Donations/payments from parents or the community
• Contributions for school trips or extracurricular activities
• Proceeds from fundraising events organised by the school

 Administration

The School Fund has an accounting year ending 31st August.

 The School Fund shall be administered by the Office Manager.

The Office Manager shall keep proper accounts of the finances of the School Fund, which shall be maintained in accordance with the principles contained in Financial Regulations for Schools. School Fund monies will be kept completely separately from the school’s official delegated budget in a separate bank account in the name of the School Fund.

Formal accounts for the School Fund shall be prepared at the accounting year end (see Audit section below).

Direct management of the School Fund shall be the responsibility of the Headteacher, but overall responsibility for the School Fund shall rest with the Full Governing Body.

 For transparency, contributors (e.g. parents) will be informed about how funds are used.

Expenditure and signatories from the School Fund may be authorised as follows:

The Manage/Federation Business Manager may authorise expenditure from the Fund up to £1,500. Any expenditure above this level must be authorised by the Full Governing Body.

Audit

The year-end accounts shall be audited annually by a competent, independent person and shall be submitted with an annual report to the Full Governing Board body within six months of the accounting year-end.

 Closure

 The School Fund may be wound up on the agreement of the Full Governing Body or in the event of closure or amalgamation of the school. Where such an event occurs all liabilities of the School Fund will be paid, and the remaining assets will be distributed as follows:

1. a) Amalgamation with another school: transfer to the School Fund of the newly formed school.
2. b) Closure of the school: transfer in equal proportion to the School Funds of the schools to which the pupils of the school shall be transferred.
3. c) Closure of the school for reasons preventing distribution of the Funds as at b) above: transfer to a charitable organisation for the advancement of education.

Review

This Constitution shall be reviewed annually by the Full Governing Body and amended as necessary.

Constitution prepared by

Date:

Approved by the Governing Body at its meeting on:

Signed by Chair of Governors: