I was a parent governor for 4 years (95 - 99) - at the time I started the Tories were still cutting back savagely on funding, to the extent that our school had to lose a teacher in order to balance its books. I don't think anybody has to worry about that any more!
It was interesting and sometimes enjoyable, but the first and worst shock was that the minute you become a governor you are officially one of Them and this makes it much harder to represent Us, which was why I wanted to do it.
As far as "enriching" the curriculum for the more able was concerned, this was discussed following our first Ofsted very soon after I started; but it never really came to anything because there was (then) no LEA support, and the school had no resources, apart from using more advanced material for some children - to the extent of borrowing from the secondary schools for Y5 and Y6 - it wasn't so much enrichment, and broadening, as pushing on, which was sad.
When my older children (19 and 16) were first at primary school there was virtually no admin for the teachers, and bags of time for things like orchestra, needlework, other crafts, guitar lessons, sports clubs etc., and the teachers were not nearly so stressed. Ours has been for years a high achieving school and its results have not been noticeably improved by all the strategies that have come and gone since then - although the other local schools have improved a lot so the strategies obviously do work.
But it was quite a frustrating time (and I imagine it still is for our current govs) because the Head a) is a bad listener and b) is really only interested in documentable achievements - happier children and staff has never been one of her priorities. I hope all of you who are currently on Governing Bodies are luckier in your Heads!