The normal sources of income to school funds are donations, fund raising activities, contributions towards school trips, grant funding and voluntary activities. These funds are separate from Council funds and are not part of the Devolved School Management Budget. School staff, under the leadership of the Headteacher, act as custodians of the funds.
All schools must have a School Fund Committee elected for periods where possible not exceeding three years from members of staff. The Headteacher must be the Chairperson of the Committee. A Treasurer will be appointed from amongst the members.
The School Fund must have a written constitution, stating its objectives and operating procedures.
The Committee must hold at least quarterly meetings with the minutes of the previous meeting and the date of the next meeting being agreed at each meeting. A financial report must also be presented at each meeting. Minutes of meetings must be distributed to committee members, and displayed on the school website. Parents must be advised that the minutes are published and a copy must be made available if requested.