Financial Protocols
Best Value
The West Kent Learning Federation is funded from public money and is therefore bound by the Principles of Best Value to pursue its Activities with clear financial protocols which fulfil the requirement for monitoring and reporting.The aim of Best Value is to ensure the Federation has regard to economy, efficiency and effectiveness. Best value is a statutory requirement for local authorities. The Local Government Act 1999 sets out the legislative framework. The Federation is required under this framework to carry out a regular programme of review of its functions. The Federation should:
- Challenge why, how and by whom the service is provided
- Compare performance with that of other Federations/schools
- Consult with all stakeholders
- Use Competition, whenever practical, to secure efficient and effective services.
These "four Cs" are the principles of Best Value.
Responsibility
Under the Accounts and Audit Regulations 1996 the Responsible Financial Officer, who for the West Kent Learning Federation is the Executive Group, is required to secure the proper management of the Federation's financial affairs. The Executive Group is therefore responsible for the determination of the Federation's accounting procedures, systems and the form of its accounts and supporting records.The West Kent Learning Federation is eligible to receive a Standards Fund Grant under number 413 - Federations. The rate of grant is 100% and under the conditions of grant this should be devolved to the Federation by the LEA.
"The Grant paid to the Federation will be in adherence to Sections 14-17 of the Education Act 2002 and will accordingly be paid only in respect of approved expenditure incurred by Kent LEA for the purpose of Federation activities as set out in the agreed proposal for Federation pump-primed funding. If the objectives and targets as agreed with Kent LEA are not met, without satisfactory explanation, further funding may be withheld."
The Federation will have to comply with whatever audit protocols are required by the local authority. The Executive Group should refer to the Kent County Council Budget Book 2003/4 for guidance on financial control. A clear account and audit trail should therefore be evident, (Section 5 paragraph 2.10), with supporting documentation (Section 5 paragraph 2.18).
The Executive Group is also required to produce an annual report to the Innovations Unit detailing the Federation's income and expenditure against the Activities undertaken to secure its targets.
In order to facilitate the processing and accountability of expenditure the West Kent Learning Federation will adopt the following protocols in allocating, monitoring and authorising expenditure before funds are released for payment.
A separate bank account has been opened for the West Kent Learning Federation and is held at Hayesbrook School. There are four signatories to the account (Nigel Blackburn - Chair of the Federation, Debbie Coslett - Associate Headteacher Hayesbrook School, Chris Gerry - Headteacher Hugh Christie School, Linda Wybar - Head teacher Tunbridge Wells Girls' Grammar School and Secretary of WKLF).
Each of the Federation Activities has been allocated a budget over three years. The West Kent Learning Federation Headteachers group will discuss and agree a plan of action under each of the activities. Each activity will have a nominated Project Leader to oversee and account for the expenditure under the activity heading. The Project Leader will work with the Federation Co-ordinator to produce a budget statement for each participating school and if felt necessary, outlining eligible expenditure under the Activity heading. Each school engaging in a project should name the School organiser/co-ordinator who will become the responsible budget holder. This in-school budget holder will be required to account for expenditure and present the Federation Co-ordinator with relevant endorsed documentation (delivery notes, invoices, receipts) for authorisation for the release of funds from the Federation Account. No funds will be reimbursed without documentation to support the eligible expenditure.
The Federation Co-ordinator will produce regular accounts of expenditure for the Project Leaders and Executive Group, who will monitor the expenditure of the Grant against the Approved Activities. The Co-ordinator will work with the Project Leader to evaluate Best Value and the success of each Project.