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Financial Management in Schools

The Secretary of State for Education announced on 15th November 2010 that the current Financial Management Standard in Schools (FMSiS) is to be withdrawn with immdeiate effect . It will be replaced with a new, simpler system for achieving effective financial management which will be introduced in 2011.

Schools will no longer be expected to complete a FMSiS self assessment; produce an annual Statement of Internal Control; or undertake any actions expected purely to comply with the FMSiS.

However, the removal of the FMSiS does not signal a reduction in the standard of the financial management expected in schools. Schools should continue to consider the objectives and priciples included in the FMSiS.

The official announcement can be found at the link below.

http://www.education.gov.uk/inthenews/inthenews/a0067711/government-announces-end-of-complex-school-financial-reporting-tool

If you have any queries regarding the withdrawal of the FMSiS or if you require advice on effective financial management arrangements in your school, please contact the Financial Services for Schools Helpdesk on 01992 555713.

Frequently Asked Questions Concerning the Cessation of FMSiS

• FMSiS FAQ's Nov 2010 Word 2003, 41kb/2 pages,19/11/2010

Financial Management Standard in Schools Overview Slides

• PowerPoint 2003, 940kb/34 slides, 23/11/2006, fmsis_overview_nov06.ppt

Governor briefings on the Financial Management Standard November 2007

• PowerPoint 2003, 1067kb/22 slides, 27/11/2007, fmsis_governor breifing_nov07.ppt

One of the key features of the Standard is the expectation that all staff and governors involved with school's finances are adequately trained and competent in financial management. We have updated our training programme to ensure comprehensive coverage of the requirements of the Standard.

• FSS Contacts

The Standard can be found on the Teachernet website,

• www.teachernet.gov.uk/management/schoolfunding/schoolfinance/
  

Or accessed directly on

• www.fmsis.info/

Internal Audit have produced supplementary guidance on the evidence requirements schools will expected to provide when demonstrating they have met the Standard which is in the Schools Funding Unit section at:

• SFU - Financial Management Standards in Schools