School Finance
The main source of funding for maintained schools like Tower Hill is the Budget Share. This is money that central government allocates to Local Education Authorities (in our case Hampshire) who in turn allocate the money to schools in their charge. In addition schools receive a Pupil Premium based on the number of pupils eligible for free school meals. Other smaller sources of income include monies collected for specific purposes (school meal payments, contributions to school trips, etc), fund raising, grants and donations.
The way this income is spent is decided by the school. Each year a budget is drawn up by the headteacher working with the finance officer and submitted to the Governing Body for scrutiny and approval. The budget is shaped to reflect the school priorities as reflected in the School Improvement Plan. The budget is approved by the Governing Body in May each year with a mid-year revision in November.
