Finance, Audit and Risk Committee
The main functions of this Committee are to:
• Direct the Trust's programme of internal scrutiny;
• Ensure that risks are being addressed appropriately through internal scrutiny;
• Report to the Board of Trustees (the Board) on the adequacy of the Trust’s inter-control framework (this includes financial and non-financial controls and management of risks);
• Monitor financial spending and budget setting;
• Review and evaluate the progress of the Premises Development Plan;
• Review and evaluate progress in the relevant section of the School Improvement Plan;
• Ensure consideration of issues of diversity, inclusion and safeguarding.
• Monitor procurement.
• Overview staffing structure and conditions of service.
• To act on matters delegated by the full Board of Trustees.
The membership of the Committee shall be:
a) At least five Trustees.
b) No Trustee employed to work at the School shall be appointed to this Committee, except the Head teacher, but the Accounting Officer and Chief Financial Officer should attend to provide information and participate in discussions.
c) Members of the Committee shall be appointed annually at the summer term meeting of the Board.
d) The Committee or the Board shall appoint the Chair who shall not be the Chair of Trustees or Head teacher.
e) Should a vacancy arise on the Committee a successor shall be appointed by the Board at its next meeting following receipt of the resignation and members so appointed shall serve until the next annual review.
g) The Board will appoint the Clerk who cannot be the Head teacher.
The quorum for any meeting of the Committee shall be three.
a) The Committee shall meet as and when necessary to fulfil its responsibilities and at least 3 times a year.
b) Meetings of the Committee will be called by the Clerk and seven days written notice will be given with an explanation of the purpose of the meeting.
a) The Committee shall be conducted in accordance with the School Funding Agreement and Articles of Association and be compliant with DfE requirements, Company and Charity Law.
b) Minutes shall be kept of each meeting and shall be presented to the next meeting of the Committee for approval and signing. A copy of the minutes shall be submitted to the next meeting of the Board.
c) Any recommendations shall be submitted to the next meeting of the Board for consideration and approval.
d) The minutes shall be kept in a separate minute book.
Terms of Reference
1. Agree a programme of work annually to deliver internal scrutiny that provides coverage across the year.
2. Review the ratings and responses on the risk register to inform the programme of work, making sure checks are adjusted as appropriate each year
3. Agree who will perform the programme of work.
4. Consider reports at each meeting from those carrying out the programme of work.
5. Consider progress in addressing recommendations.
6. Consider outputs from other assurance activities by third parties including ESFA financial management and governance reviews, funding audits and investigations.
7. Have access to the external auditor as well as those carrying out internal scrutiny, and consider their quality.
8. Ensure findings of internal scrutiny are made available to all Trustees promptly.
9. To receive reports from the Head teacher on the management of the School’s budget and establish and maintain a 3 year rolling, indicative oversight of the Academy budget.
10. To submit to the Board at the autumn term meeting each year, a report on the management of the School’s budget in the previous financial year.
11. To prepare and submit to the Board recommendations for the annual budget plan.
12. To review expenditure against the budget plan, to take any action which might be necessary to avoid an unplanned deficit and to report any such action to the next meeting of the Board.
13. To consider and approve proposals for single items of expenditure in excess of £25,000 which don’t form part of the budget plan, in accordance with the School’s Financial Manual.
14. To consider and make recommendations to the Board on proposals to vire a sum exceeding £40,000, in accordance with the School’s Financial Manual.
15. To recommend to the Board proposals for the use of any budget surplus, including investment.
16. To prepare any other statement of School accounts as may be required.
17. To deal with any other financial matters as which the Board may refer from time to time.
18. To keep under review the strategic development of the School buildings and develop a rolling programme of repairs and maintenance.
19. Through the Head teacher, to authorise action required to carry out repairs in an emergency reword to - “To authorise action required to carry out repairs in an emergency at a cost of over £25,000, whether or not there is any budgetary provision for the expenditure”, in accordance with the School’s Financial Manual.
20. To consider and recommend to the Board any proposed improvement projects for which resources might be sought from the Local Authority or from private School funds.
21. To consider procurement and any issues which may arise from procurement processes.
22. To undertake an annual review of the staffing structure of the School and to recommend to the Board any alterations to the staffing structure for the following year so that proposals can be incorporated in the School’s budget plan. Where it is proposed that there will be a reduction or restructuring of the staffing establishment, to ensure that the appropriate staff consultation process is followed.
23. To receive reports from the Head teacher on the management of the School’s staffing establishment.
24. To consider and make recommendations on the introduction of or amendments to personnel policies and procedures.
25. To deal with any other personnel matters which the Board may refer from time to time, except those which are the specific responsibility of a separate Committee.
26. Review, amend or implement any policy relevant to this committee.
27. Responsibility for diversity and inclusion is within the remit of this committee.
28. To review the whole school pay policy as appropriate and make recommendations to the Board for discussion and ratification.
29. To monitor the impact of spending decisions upon educational achievement in school.