Millhouse Primary School and Nursery
Finance Committee Terms of Reference
As defined by the full Governing Body.
The quorum of the Committee will be 4 members, of which one must be Headteacher or Deputy with at least 50% non-staff.
To appoint a chair and clerk at the first meeting of the academic year for the full year.
Frequency of Meetings
The Committee will meet at least once each term and will hold such additional meetings as are necessary. Minutes will be taken at each meeting.
Review of Terms of Reference
These will be discussed/approved annually at first meeting in Autumn Term, which will be minuted.
Terms of Reference and Delegated Powers
- To prepare and approve the annual budgets and all orders for expenditure in the forthcoming financial year, giving due respect to safeguarding and the school development plan.
- To keep under review the schools actual financial performance compare with the budgeting performance and to take remedial action as necessary. Such action to be reported to the Governing Body. In all cases liaison must be maintained with the appropriate committees.
- To make decisions as to spending within the delegated powers given to it.
- To advise the Governing Body on the appropriateness or other wise of spending requests outside the delegated powers given to it.
- To make decisions and determine charges for the letting of the school premises including the grounds.
- To make decisions as to virements within agreed budgets and in accordance with Financial Regulations, within the delegated powers given to it as stated.
- To advise the Governing Body on the appropriateness or otherwise of virement requests outside the delegated powers given to it as stated.
- To monitor all spending in the school. Such monitoring will require full liaison with the appropriate committees.
- To receive appropriate reports from Essex LA and action as required.
- To decide any matter which arises and does not fall within the remit of any other committee.
- To deal with all financial matters, to implement the approved budget and all orders throughout the year, to advise the Headteacher on matters relating to the finances of the school and to review and implement the set of Financial Regulations drawn up for the school.
- Training requirements will be delegated to the appropriate committee with appropriate recommendations as necessary.
- The Finance Committee has a general role in advising the Headteacher on matters relating to the finances of the school.
- The Finance Committee is required to abide by the requirements and guidelines of the LA and Dfe.
- The Finance Committee should make recommendations for future financial planning and in doing so will need to liaise with the other committees.
- To prepare and approve the Schools Financial Value Standard (SFVS), including evidence.
- Children’s Club – review trading accounts.
- Catering Services – review trading account.
- To review Pupil Premium and Sports Premium allocation.
- To Review Covid Catch Up Funding