Local authorities are required to publish schemes for financing schools, setting out the financial relationship between them and the schools they maintain. This is reviewed on an annual basis, in consultation with Schools and the Schools Forum.
One minor change has been clarification of the position regarding leases following the adoption of International Financial Reporting Standard (IFRS) 16 (Section 3.6) All leases require the Secretary of States consent, though blanket consent is provided to the most common leasing activities as set out in the IFRS16 Maintained Schools Finance Lease Class Consent 2024.
The latest updated ESFA guidance is available at: https://www.gov.uk/government/publications/schemes-for-financing-schools/schemes-for-financing-local-authority-maintained-schools
Subject to consultation Northumberland is not proposing any additional changes at this stage.
The proposed Scheme for Financing Schools with effect from 1 September 2024 is available HERE, with proposed changes highlighted in yellow.
Any comments should be sent to Bruce Parvin, Education and Skills Business Manager via bruce.parvin@northumberland.gov.uk by 2 July 2024.
