Whilst voluntary funds are not owned by the Authority, it is unreasonable to expect contributors to these funds to distinguish between them and official monies. Standards of accounting and propriety therefore need to be the same as those expected for official monies.
11.1 A voluntary fund is any fund which, although not officially owned by the Authority, is controlled or administered solely, or in part, by an employee by reason of his or her employment by the Authority or by a school Governing Body.
11.2 The Head of Finance shall be informed of the purpose and nature of all voluntary funds maintained by employees in the course of their duties at schools. The accounts shall be audited annually by a competent, independent person and shall be submitted with an audit report to the school Governing Body, within 6 months of the accounting year end. The Head of Finance shall be entitled to verify that this has been done and to carry out such checks on the accounts as he/she considers appropriate.
11.3 All materials, goods and property purchased by a school solely from its individual school budget share shall become the property of the Authority. Where items are received as gifts from external sources, the governing body should ask benefactors to specify whether a gift to the school is intended to be held by the Governing Body. Where this is not the case the gift shall become the property of the Authority. No gift which is held in trust or where legal ownership cannot transfer to the Authority shall be accepted without the written authorisation of the Head of Finance.
11.4 Voluntary Funds at schools shall be operated in accordance with the guidance notes issued by the Head of Finance.