(This note is not part of the Regulations)
These Regulations, which are made under section 42 of the Education Reform Act 1988, revoke and replace for a financial year beginning on or after 1st April 1993 the Education (School Financial Statements) (Prescribed Particulars etc.) Regulations 1990. Those Regulations continue to apply for earlier financial years.
These Regulations prescribe the particulars and information additional to that prescribed under section 42 which are to be contained in a local education authority’s annual budget statement (the statement of the financial provision they plan to make in the following financial year for schools covered by their scheme of local management made under section 33 of the Act) and the form in which such statements are to be prepared (regulations 2 and 3 and Schedules 1 to 4). The Regulations also prescribe the form of, and information to be contained in, a local education authority’s annual outturn statement (the statement of the expenditure actually incurred for the purposes of those schools in the preceding financial year) (regulations 4 and 5). Regulations 6 and 7 prescribe the manner in which, and the times by which, budget and outturn statements are to be published.