Millhouse Primary School and Nursery
Finance Committee Terms of Reference
As appointed by the Governing Body
The quorum of the committee will be 3 members
Agreed each meeting
Frequency of Meetings
The committee will meet at least once each term and will hold such additional meetings as are necessary.
- To act in accordance with all Legislation and Regulations affecting the responsibilities and activities of school governing bodies.
- To have regard in carrying out delegated functions, to the School Improvement Plan and Ofsted Action Plan, both approved by the Governing Body.
- o appoint a Chair at the first meeting in each school year, unless one has already been appointed by the Governing Body.
- To ensure that all committee policy documents are reviewed on a regular basis.
- To maintain expenditure within the limits set by the School budget plan in relation to any matters delegated to the Committee.
- To consider such other matters as may be referred to the committee by the Governing Body.
- To advise the Governing Body of decisions taken within the powers delegated by providing at Governing Body meetings, for information, minutes of committee meetings, in draft form if necessary. (see section V of the Millhouse Governor’s handbook for guidance on writing minutes)
- To ensure that all decisions are in line with the school safeguarding policies and procedures.
Finance Committee Issues
- To act in accordance with the LA Scheme for the delegation of funds to schools.
- To draft and approve after consideration of the LA recommended practice, a scheme of Financial Management for the school and to ensure compliance with the scheme.
- To draw up and approve an annual budget plan, having regard to the Headteacher’s recommendations and the funds available.
- To monitor the use of financial resources against the budget plan.
- Authorising expenditure, in accordance with the budget plan, over the specific level delegated to the Headteacher.
- To receive an annual audited statement of any school private funds and to recommend to the full Governing body the appointment of an auditor for such funds.
- To draw up, in consultation with other committees and the Headteacher as appropriate, a policy for charges and remissions.
- To regularly make use of the Benchmarking tool to assess the financial performance of the school.
- To review ICE report and act upon recommendations.
- To prepare the school Financial Value Standard (SFUS) for submission to the Full Governing body.