The business operates one single bank account for its school budget share funds. A single database is held with each school being represented as a department with cost centres under this.
The business team is led by the Head of Finance and Operations who is a Chartered Accountant. The team complete all statutory Government returns as and when required. An externally appointed responsible officer monitors financial protocols and procedures to ensure compliance as per the Academies Financial Handbook. They also monitor governance and report their findings to the Directors.
Individual schools within Ventrus contribute 5% of their EFA funding allocation, which is paid in to a Ventrus central cost centre. This allocation is used to purchase services for the Trust and these include the following:
- Finance Support
- HR Support
- Premises Support
- Educational Psychologist and Behaviour Support Services
- Education Welfare Officer Services
- Safeguarding Support
- Governor Support
- School Library Services
- Outdoor Education
- Mutual Fund
- Well-being at Work
- Health and Safety
- IT support and licences including SIMs, Corero and School Pupil Tracker
- Accountants and Solicitors fees and maternity costs.
In addition there is also a central budget set aside for Trust school improvement and CPD.
We have financially modelled for our growth strategy. These models indicate a sliding reduction of central top slice, for example at 16 schools we could offer the same central support for 4% topslice.