Finance Committee 

CHAIR: Mrs K Cowan 

Terms of Reference 

• Elect Chair (if delegated by full Governing Body). 

• In conjunction with the Headteacher to draft and propose the first formal budget plan of the financial year for approval by the full Governing Body. 

• Establish and maintain an up-to-date three-year financial plan, taking into account priorities in the School Improvement Plan, roll projection and signals from central government and the LA regarding future years’ budget. 

• Ensure that priorities detailed within the School Improvement Plan are appropriately costed and are reflected in the annual budget. 

• Monitor the budget position statement to identify and address any anomalies from the anticipated position and report termly to the full Governing Body. 

• Review and monitor outstanding debts and action taken. 

• Review and monitor Direct School Meals Provision by income and expenditure statements. 

• Review the year end outturn report. 

• Monitor and approve virements and expenditure over the Headteacher’s delegated limit. 

• Appraise and approve spending decisions where competitive quotations or tenders are required. 

• Ensure the school operates within the financial regulations of the Local Authority and the requirements of the DfE Schools Financial Value Standard (SFVS). 

• Approve annually the Schools Financial Value Standard (SFVS) submission prior to the 31 March deadline and monitor the implementation of any identified actions. 

• Monitor expenditure of all voluntary funds held on behalf of the Governing Body by review of an audited annual statement of income and expenditure. 

• Annually review the outcomes of the asset register stock check and approve the disposal of obsolete items. 

• Ensure appropriate use of the Early Years Premium, Pupil Premium, Sports Premium. 

• Review and monitor the school’s website to ensure that it is accessible and fully compliant with current DfE requirements. 

• Review and monitor all financial policies including lettings, charging and remissions and expenses policies. 

• Consider and promote income generation. 

• Annually review income generated from contracts and lettings; oversee the use of premises by outside users. 

• Where necessary, monitor and review Wrap Around Care provision including review of annual income and expenditure statements where applicable. 

• Ensure all appropriate insurances are in place. 

• Annually review and approve the school’s Financial Procedures Manual. 

• Monitor service level agreements annually and make decisions in respect of service level agreements ensuring value for money. 

• Make decisions on expenditure following recommendations from other committees. 

• Ensure pay decisions can be appropriately funded. 

• Ensure as far as is practical that health and safety issues are appropriately funded in accordance with agreed priorities. 

• Annually review financial benchmarking data. 

• Monitor the implementation of actions arising from the Internal Audit report or of a financial nature from other inspection regime reports. 

• Ensure appropriate systems and procedures are in place to detect and prevent fraud and ensure any instances of fraud are reported immediately.