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Financial Management Standard in Schools Update November 2010 Michael Gove, Secretary of State for Education, announced the decision on 15th November 2010 to end the current FMSiS with immediate effect and develop a simpler standard as a replacement. We have decided to leave the documentation below until it is replaced. Any updates will be notified to all Chairs and Clerks in due course. The
Financial Management Standard
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is a simple one page
statement of the characteristics you would expect to find in a school
that is well managed financially. These cover Leadership and Governance,
People Management, Policy and Strategy, Partnership and Resources and
Processes. Those characteristics are set out in terms of the principles
to be achieved rather than the precise way they should be achieved. This
reflects the fact that schools have vastly different levels of financial
management resources and are organised in different ways. Nevertheless
the principles of the Standard should be achievable by all schools.
FMSiS applies to trust and extended schools.
The Standard is
supported by a
