13/09/2012 12:37 BST

Headteacher Jo Shuter Suspended From Quintin Kynaston Over 'Serious Allegations' About School's Finances

An award-winning headteacher lauded for turning the fortunes of a failing London school around has been suspended after an investigation into her school's finances.

Jo Shuter faces "serious allegations" regarding north London school Quintin Kynaston's finances.

Shuter took charge of the West London school in 2002, and won Headteacher of the Year in 2007. Three years later she was awarded a CBE in the birthday honours list.

jo shuter receiving her cbe

Jo Shuter receiving her CBE from the Queen

On her personal website, Shuter is described as a "maverick" whose "sharp tongue" helped her transform "what was an underachieving comprehensive, into one of London's first Extended Schools".

Police have been made aware of the matter, but no crime has been recorded.

Chairman of the school's governing body Patrick Lees said in a statement governors had taken "immediate action" and wanted to appoint "an interim headteacher as soon as possible."

“In order to facilitate this investigation and ensure that pupils’ education is not compromised during this process, we have now also taken the decision to suspend the head teacher.

“Governors are seeking to reassure the school community, who will be undoubtedly shocked and unsettled by this news, that the highest priority is being given to the smooth running of the school and to this end, governors are seeking to appoint an interim headteacher as soon as possible.”

Shuter told BBC London: "There is an investigation process ongoing and I'm not allowed to comment.

"I urge people to wait and see the outcome."

A Met police spokesperson said: "On Wednesday 12 September police were made aware of possible financial irregularities at the Quintin Kynaston school. We will be discussing the matter with the school in due course and no crime has been recorded at this stage."

A Westminster City Council spokeswoman said: “We understand Quintin Kynaston’s board of governors has taken rapid action in carrying out an investigation into these serious allegations relating to school management, as well as suspending the head teacher pending a formal disciplinary process and reporting the matter to the police."