The paper is about decentralisation through the delegation of financial decisions. The English school management model is presented as a reference point of extensive delegation where the reform has had time to take place and be evaluated in the literature. The impact delegation has on schools, and on headteachers in particular, is given more concern since headteachers hold important posts and are perhaps those most affected by it. At a point when Cyprus is on the verge of decentralising its management structure and there has not been sufficient research to support and document any reform initiative, the present study investigates the views of 7 primary school headteachers regarding the delegation of finance in their schools. Through the use of semi-structured interviews an attempt is made to reveal the interviewees’ perceptions as to what the weak and strong points of the current system are; as to which decisions they believe should or should not be further delegated; as to whether they would accept some changes delegation usually brings along; and finally as to what they think about highly delegated management schemes. Many important findings emerge from the headteachers’ thoughts with the most important one being a unanimously proposed model of school financial management which, as it is believed, would benefit the schools if implemented. Altogether, the study offers an original view into financial decentralisation in Cyprus and aims to contribute towards the initiation of a general discussion around decentralisation and school management.