![]() A good way for a school to assess their governing body’s current skills is to summarise the main financial management skills that the governing body should have. Schools should analyse their governing body’s skills on a regular basis, or if there are significant changes to the membership or to individual governors’ roles and responsibilities, to identify any skills gaps. Good practice The school should identify whether the governing body has the right skills ![]() act as a ‘critical friend’ to the headteacher by providing advice, challenge and support.determine the number and type of staff and a pay policy in accordance with the school teachers’ pay and conditions.ensure accurate school accounts are kept.be consulted by their local authority on funding.decide on how to spend the delegated school budget, depending on any conditions for maintained schools set out in the local authority scheme for financing schools.The statutory responsibilities of the governing body of a maintained school are detailed in section 21 of the Education Act 2002. The governing body is given its powers and duties as an incorporated body. The key financial roles of the governing body and its committees ![]() the school receives favourable audit assessments.the school avoids incurring financial loss and waste.planned levels of financial performance are achieved.resources are deployed appropriately in line with the school’s priorities.Members of the governing body do this to ensure that: The governing body has a statutory responsibility to support and challenge the headteacher. Why it is important for the governing body to challenge and support the headteacher Schools should ensure they have a plan in place to fill any gaps in knowledge. Not all governors need all these skills, but collectively members of the governing body (and finance committee or equivalent) should have these skills among them. It is essential for the governing body to have access to adequate financial skills and to maintain these skills to ensure they meet their statutory responsibilities for the financial management of the school and can safeguard the large amounts of public money for which they are responsible. In the view of the governing body and senior staff, does the governing body have adequate and up-to-date financial skills among its members to fulfil its role of challenge and support in the field of budget management and value for money? Is there a plan in place to address any gaps? What this question means Why it is important for the governing body to have adequate and up-to-date financial skills
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