,
Message sent from:

The Terms of Reference of the Finance Committee will be agreed in September 2020.

Finance - Purpose of committee

This committee has delegated responsibility from the Full Governing Body for monitoring, reporting and effective management of the school’s finance resources as set out in these terms of reference.

Terms of Reference

  • To provide guidance and assistance to the Headteacher and the Full Governing Body in all matters relating to budgeting and finance, ensuring that the school adheres to the LEA’s financial regulations.
  • To draw up and present, in consultation with the Headteacher, the annual budget for the Full Governing Body’s approval taking account of the agreed priorities in the School Development Plan.
  • To establish and maintain an up to date 3 year financial plan.
  • To monitor the budget position at each meeting over the year and to report the financial position (particularly significant anomalies from the anticipated budget position) to the Governing Body at each Full Governing Body meeting and to make recommendations where necessary.  All reports shall include original system data.
  • Should the budget go into a deficit position, the committee shall ensure that a recovery plan is agreed and implemented.  The plan may include the spending of any surpluses.
  • To agree the level of delegation to the Headteacher for the day to day financial management of the school.
  • To receive a report on and to monitor the School Fund and/or any other funds held by the school and Full Governing Body.
  • To make decisions on to expenditure and ensure these meet with the priorities of the School Development Plan.
  • To determine whether sufficient funds are available for (i) the payment of salary as recommended by the Headteacher as well as (ii) the payment of any increments recommended for the Headteacher in the light of the Headteacher Performance Management outcome.
  • In consultation with the Headteacher, to undertake reviews from time to time of the organisation, accountancy systems and financial procedures of the school to ensure they are efficient, secure and effective in line with policies and procedures delegated to the Finance Committee.
  • To review these Terms of Reference annually and to propose any amendments to the Full Governing Body.
  • To review annually all relevant policies (see appendix 1).

Committee constitution

The committee shall consist of:

  • The Headteacher;
  • The Chair of Governors;
  • At least 3 other governors who are not employed by the school.

The Chair and the Vice Chair of the committee shall each be a committee member who is not employed by the school. The committee may co-opt additional members (such as the School Business Manager) for expertise, as required.  Members shall serve such term on the committee as agreed by the Full Governing Body (normally reviewed annually).

Meetings

Normally meetings will be held monthly during term time or as required.  Prior to each meeting the agenda and all other relevant information including current budget statement and other relevant documents will be circulated to committee members by the School Business Manager.

Reporting

Minutes and accompanying budget monitoring papers will be circulated to all governors shortly after each meeting.

These terms of reference agreed by the Full Governing Body - 08 / 10/ 19

Current Membership

Name of Governor/Associate Member

G/AM

Date Appointed to the Committee

Peter Bunce

G

From October 2016

Lester Dennis

G

From May 2008

Stephanie Holding

Head

From September 2019

Mike Potter

G

From January 2016

Cat Allen (Chair of Governors)

G

From November 2017

Chair of the Committee - Mike Potter

Vice Chair of the Committee- Lester Dennis

Clerk to the Committee - Clerk to Governors

Quorum - 3 with majority being not employees of the school

Date Committee established - May 2008​

Date of review - September/October each year

 

Appendix - Policies to be established and reviewed by the Finance Committee:

Policy

Last Reviewed

Notes

Next Review

Finance policy

 

November 2018

 

October/November 2019

Charging and remissions policy

November 2018

 

October/November 2019

School Fund policy

November 2018

 

October/November 2019

X
Hit enter to search