Following a review of internal procedures it is necessary to remind schools of their obligations regarding the establishment of a School Company.
The Council as the Supervisory Authority for any School Company established by a maintained school in the District (if set up under the Education Act 2002) has a specific role to play.
The functions of the Supervising Authority include:
- Monitoring the management and finances of the school company, including scrutiny of audited annual company accounts;
- Considering requests from school companies to borrow;
- Notifying the Secretary of State of company membership, name or registered number and any changes to these details within 28 days;
- Directing governing bodies to withdraw from a school company in certain circumstances.
Schools must ensure they fulfil all School Financial Regulations and notify the designated officer prior to application. Three documents to support the process are attached below.
If any school has already established a School Company and has not notified the Council they need to contact the designated officer as soon as possible.
Designated Officer for School Companies:
Phone: 01274 439348
School Companies (Amendment) Regulations 2014
Appendix B School Companies Regs 2002 SI2978
Appendix Ci Guidance notes on School Companies 20.01.2003
Appendix Cii Guidance notes on Annex A and B 20.01.2003