Financial Controls and Reporting

 

Adopted17th June 2019

Reviewed May 2021

The next review date is May 2024

 

Policy Statement

The KingsGate School BOT recognises its responsibility to ensure that fiscally robust systems are in place, and are monitored, to control school expenditure. In turn, it acknowledges its responsibility to prepare and post on the school website the Annual Report and Accounts as per the requirement of Sections 136 and 137 of the Education and Training Act (2020).

 

Procedural Guidelines

1. Cash collection

a. Cash is collected at the school office

b. Cash is collected by classroom teachers, then recorded in the cash book, sealed in the cash bag and given to the office daily

c. Banking is kept in the locked cash box inside a locked cupboard and office and banked weekly

2. Receipts are issued as banking is processed and all cash is banked into a single bank account.

3. Wherever possible, all payments are put through Xero.

4. Staff reimbursements are processed according to the payment period they are received in, by direct credit to staff bank accounts.

5. Appropriate procedures are in place to ensure that monies are tightly controlled.

6. A computerised accounting system will operate - Xero.

7. All monies disbursed will have supporting documentation and must be authorised by a minimum of two authorisers.

8. Reconciliations are completed monthly and reporting is carried out by the appointed school accountant who also checks correctness of statutory obligations such as ACC, GST, PAYE and also bank reconciliations.

9. Monthly reports are presented to the BOT.

10. Annual Accounts are prepared and presented to auditors at appropriate times.

11. Audited Annual Accounts are adopted and uploaded to the school website.

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