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FINANCE COMMITTEE
Chair
2003/2004 – Mrs Madeleine Maguire
The Finance committee is responsible for all matters relating to Finance
including recommendation of the budget to the Governing Body and monitoring
the monthly financial accounts prepared by the Bursar and his staff.
Meetings take place twice a term and follow a well-established agenda
covering both a review of the budgeted income and expenditure and issues
that may have arisen during the relevant period. There is also a review
of the annual accounts prepared by external auditors and the various statements
that are required by national and local government. The committee also
reviews the school’s financial performance against a group of broadly
similar institutions and monitors the three-year financial forecast.
It has been an interesting and challenging year for the finances at Nonsuch.
As well as the usual budgeting issues there has been the need to raise
funds for the bid to become a Specialist Science School. The contribution
made by parents for this was gratifying, and the Governing Body wish to
record its appreciation for the continuing support both to the Appeal
and the School Fund in general. Thank you also to all those parents who
donated through the Gift Aid scheme, which enables the school to recover
basic rate tax. Our funds were increased significantly by this and we
would encourage as many parents as possible to donate through this tax
efficient scheme.
At the end of the 2003/2004 financial year, the school generated a surplus
on all funds and this increased the school’s total public and private
reserves to a little over £300,000. This was in line with the Governors
agreed objective of generating sufficient funds to enable the laboratory
extension to proceed.
The successful bid for Specialist Status has secured additional revenue
and capital funding, which will make a considerable contribution to delivering
further improvements to both equipment and accommodation. The next challenge
will be the refurbishment of the Science Block when this is vacated in
2005 and the committee will be working hard to realise sufficient resources
to fund this next phase of development.
The Financial Statements can be found in Appendices 11 and 12.