School Private Fund
As permitted by Derbyshire County Council financial regulations, New Mills School operates a Private School Fund account. The income into this account is separate from the main funding that the school receives from the Local Authority
Our school maintains its’ School Private Fund with Lloyds Bank and is used for;
- Income and Expenditure in relation to School Trips
- Purchase/sale of school uniform items
- Parental Contributions
- Voluntary Donations
- Fund raising activities
- School Clubs
- Pupil Rewards
The Audit Commission states that:
“Voluntary funds often provide schools with a substantial additional source of income. Although such funds are not public money, the standards for the guardianship of these, need to be as rigorous as those for the administration of the school’s delegated budget; Parents, pupils and other benefactors are entitled to receive the same standards of stewardship for the funds to which they have contributed”. - Keeping Your Balance, Audit Commission, October 2000.
The Private Fund financial year end is 31st August, and the books are audited annually by a suitably qualified person.
The School Private Fund accounts are available to view by appointment. If you would like to view them, have any queries or would like further information please contact Amy Musgrove