Terms of Reference
Finance and Property Committee

Purpose:

  1. To act and make decisions on all matters delegated to it by the Governing Board.
  2. To assist the decision making of the Governing Board, by enabling more detailed consideration to be given to the best means of fulfilling the Governing Board's responsibility to ensure sound management of the academy’s finances and resources, including proper planning, monitoring and probity.
  3. To make appropriate comments and recommendations on such matters to the Governing Board on a regular basis.

 

Major issues will be referred to the full Governing Board for ratification.

 

Membership:

  1. The committee’s quorum is 3 governors.
  2. The committee shall consist of 4 governors.
  3. Where necessary, the elected Chair of the committee may have the casting vote.
  4. The committee may invite attendance at its meetings from any persons, to assist or advise on a particular matter.
  5. Governors may attend meetings at the discretion of the committee Chair but are not part of the quorum unless they have been asked to represent an absent committee member.
  6. Only attendees who are members of the committee or who represent a member of the committee may vote.
  7. In order to ensure that meetings are quorate, a governor may ask another governor to attend a committee meeting on their behalf if agreed in advance by the committee Chair.

 

Chairing:

  1. The Chair will be elected annually at the first meeting of the new academic year.
  2. If the Chair is absent at the meeting the committee will elect a temporary replacement from the governors present.
  3. The Governing board may remove the Chair of the committee from office at any time.

 

Meeting frequency:

The committee will meet once a term and more frequently if required. Working parties will be set up as required to deal with strategic priorities.

 

 

 

 

Record of Meetings:

  1. Committee members are entitled to 7 days’ notice of a meeting and to receive an agenda and relevant papers.
  2. Draft minutes of all committee meetings will be available on the governor website as soon as possible after the meeting date.
  3. Minutes must be signed by the Chair after being approved at the next meeting of the Committee.

 

Reporting Mechanism:

The Chair will report back at every full governors meeting

 

Terms of Reference:

Subject to the requirements of the EFA, Dfe and the Academies Financial Handbook, the Finance and Resources committee is authorised to:

  1. To review the annual work plan of the Finance Committee at the start of the academic year after having regard to the “Business Planning Cycle”.
  2. To consider the insurance requirements of the academy.
  3. To ensure that the risks associated with the academy are considered on an ongoing basis and action is taken to mitigate the risks where ever it is possible to do so.
  4. To consider available grants including capital grants such as the condition improvement fund, and make recommendations to the Governing Board with regards to bidding for such grants.
  5. To consider the academy's indicative funding, notified annually by the EFA and, in consultation with the Business Manager and Headteacher, to assess its implications for the academy in advance of the financial year, drawing any matters of significance or concern to the attention of the Governing Board.
  6. To consider in detail the proposed budget including the level and use of any contingency fund or balances, ensuring the compatibility of all such proposals with the priorities set out in the Academy Development Plan.
  7. To ensure that the academy sets a budget for the future year plus at least a further two years.
  8. To consider and recommend acceptance/non-acceptance of the academy's budget to the Governing Board at the start of each financial year.
  9. To liaise with and receive reports from all other committees, as appropriate, and to make recommendations to those committees and the Governing Board about the financial aspects of matters being considered by them.
  10. To monitor and review all income and expenditure and cash balances on a regular basis and ensure that the academy is within budget and has acted in accordance with agreed financial procedures.
  11. To consider the academies financial benchmarking information in relation to the budget setting for the academy.
  12. To monitor and review financial procedures on a regular basis, including the implementation of bank account arrangements, authorisation levels and reserves.
  13. To ensure that the academy complies with the requirements of the relevant academies financial handbook, the accounts direction and any other financial regulations with which it is required to comply.
  14. To ensure that the Annual Report and Financial Statement required to full fill the Companies Act and Charity Commission requirements is prepared in a timely and efficient manner and that the statement is considered by the committee prior to approval by the Governing Board, is sent to companies house and is posted on the academies website.
  15. To receive the external auditors’ reports and to recommend to the full Governing Board action as appropriate in response to audit findings.
  16. To recommend to the full Governing Board the appointment or reappointment of the external auditors.
  17. To ensure that internal auditors or other services are procured as necessary to ensure that financial matters are carried out accurately, efficiently and effectively.
  18. To receive a report on the financial services procured by the academy as part of the budget process.
  19. To receive copies of returns and confirmation from the Business Manager that all returns/information have been sent within the time limits set.
  20. To receive information and confirmation with regards to information that is required to be published on the academy web site.
  21. To be informed of all returns made that have an implication with regards to the financial resources of the academy.

 

Premises

  1. To consider information regarding the buildings and grounds of the academy on a regular basis.
  2. To provide support and guidance for the Governing Board and the headteacher on all matters relating to the maintenance and development of the premises and grounds, including Health and Safety.
  3. To ensure that an annual inspection of the premises and grounds takes place and a report is received identifying any issues.
  4. To inform the Governing Board of the report and set out a proposed order of priorities for maintenance and development, for the approval of the Governing Board.
  5. To arrange professional surveys and emergency work as necessary.
  6. The Headteacher is authorised to commit expenditure without the prior approval of the committee in any emergency where delay would result in further damage or present a risk to the health and safety of pupils or staff. In this event the Headteacher would normally be expected to consult the committee chair at the earliest opportunity.
  7. To create a project committee where necessary to oversee any major developments.
  8. To establish and keep under review an Accessibility Plan and a Building Development Plan.
  9. To review, adopt and monitor a Health and Safety policy.
  10. To ensure that the Governing Board's responsibilities regarding litter, refuse and dog excrement are discharged according to Section 89 of the Environmental Protection Act 1990, so far as is practicable.