Each Local Authority must, under section 48 of the SSFA and the School Funding (Wales) Regulations 2010, have a scheme in place that deals with the financing of its schools. Schemes cover items such as banking, accounting and audit arrangements. The LA must publish its scheme and provide a copy of the scheme to the governing body and the head teacher of each school it maintains.
Within the financial scheme, there is a requirement for the keeping of a register of any business interests of the governors and the head teacher.
The declaration of interest form should list all business interests. There is no requirement to disclose any personal financial details. Details of business interests will include circumstances where:
The register should also set out details of any other governing body membership and any relationships between governors and members of staff at the school. These forms have to be completed annually.