The Consistent Financial Reporting (England) Regulations 2003

• Citation: S.I. 2003/373
• Sections: 5

Section 1 Citation, commencement and extent

(1) These Regulations may be cited as the Consistent Financial Reporting (England) Regulations 2003, and shall come into force on 1st April 2003.

(2) These Regulations shall apply only in relation to England.

Section 2 Interpretation

(1) In these Regulations a reference to a governing body means the governing body or temporary governing body of any school which is maintained by a local education authority including a new school but not including a maintained nursery school or a pupil referral unit .

(2) In these Regulations a reference to school resources means, in relation to any school, any resources held by the governing body and other resources whose application is controlled by the governing body in accordance with the provisions of section 44(2) of the Education Act 2002.

(3) In these Regulations a reference to approved headings means the headings listed in the Schedule to these Regulations and a reference to headings shall include a reference to the sub-headings set out under the headings.

(4) In these Regulations, a financial statement means the presentation in accordance with the approved headings and in compliance with the normal established accounting practices of the local education authority of —

(a) such school resources as have been received in any one financial year, including any school resources which were unspent at the end of the previous financial year;

(b) the application in any one financial year of any school resources; and

(c) a summary of the school’s financial position at the end of any financial year.

Section 3 Reporting duties of governing bodies

A governing body shall provide the local education authority with a financial statement by a date determined by the local education authority having regard to the provisions of regulation 5, provided that this regulation shall not apply to a governing body in respect of any financial year in which no school resources were received by that governing body.

Section 4 Reporting duties of governing bodies

The first provision of a financial statement under regulation 3 shall be made in respect of the financial year ending 31 March 2003.

Section 5 Reporting duties of local education authorities

In respect of a financial statement supplied to the local education authority with regard to a financial year, the local education authority shall provide the Secretary of State with that financial statement by the 22 August following that financial year.