The Consistent Financial Reporting (England) Regulations 2003

Interpretation

2.—(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(1).

(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.

(1)

Pupil referral units were established under section 19 of the Education Act 1996 c. 56.