State-funded schools across the region may be punished for saving money, following a government investigation into "excessive" school bank balances.

Surrey County Council has not ruled out clawing money back from cash-rich schools, following the publication of a list of balances on the Department of Children, Schools and Families website.

And with town hall budgets coming under increasing pressure during the economic downturn, headteachers in the region have spoken out to say schools may be at risk.

Paul Spencer Ellis, headteacher at Royal Alexandra and Albert School, Gatton Park, Reigate, said: "The important figure to look at is the 'uncommitted revenue balance'.

"I believe it's quite likely if a school has an uncommitted revenue balance in excess of five per cent of its budget it will be clawed back.

"But I would assume if the money is being kept back for a good purpose, such as building work, that it will be protected."

Mr Spencer Ellis added it wasn't the role of a school to put money aside for a rainy day.

Figures for 2008-09 show Royal Alexandra and Albert is safe, as although it had a total revenue balance of £507,552 last year, its uncommitted revenue balance was just £2,747.

At Oxted School, Bluehouse Lane, Oxted, headteacher Guy Nelson said the move was designed to stop schools hoarding cash rather than spending it where it is needed.

He explained: "We understand why this might be done. It is to ensure funding allocated is spent on students."

The Mirror contacted Hamsey Green Junior School, Tithe Pit Shaw Lane, Warlingham, which had an uncommitted revenue balance of £210,684, in 2008-2009, and Banstead Infant School, which had reported uncommitted revenue balance of £124,334 for the same period.

Neither school had replied to The Mirror's inquiries about their savings at the time of going to press.

A Surrey County Council spokesman said: "We closely monitor how schools spend their budgets and are generally happy that they are managing their finances well and are using their money appropriately and sensibly.

"In general, the budgets for Surrey's 400-plus schools are within the government's guidelines. Surpluses are taken back only in very exceptional circumstances."