Finance & Resources

Terms of Reference

To establish, monitor the impact of, and review all the school’s plans, policies and procedures relating to finance this includes the Pay Policy and being responsible for pay progression
To monitor and evaluate the School Improvement Plan from a financial perspective to ensure correct budget allocation, spending and value for money.
To draw up the annual budget for approval by the Full Governing Board and submission to the Local Authority in line with statutory guidance and timescales.
To monitor and evaluate expenditure of all monies generated by the school including grants and unofficial funds to ensure that spending provides best value and is linked to the school’s agreed priorities.
Financial limit for FAR Committee spending decisions £1,000. Where urgent approval for building essential repairs is required, this can be agreed at committee level by email but must be ratified at the next FAR meeting
To ensure that the Governing Board, Head Teacher and relevant staff are managing finance in accordance with the school’s Scheme of Financial Delegation & Control and the Council’s Standing Orders, Financial Regulations for Schools and the School Financial Regulations and Guidance.
To review and comply with all the requirements of the Schools Financial Value Standard (SFVS).
To ensure that an independent auditor(s) has been appointed to audit unofficial funds and submit audited accounts annually to the governing board for information.
To review, approve staff pay progression and consider any appeal against a decision on pay grading or pay awards.
To review and approve a Performance Management policy for all staff.
To appoint a Chair
Academisation, investigation of options and oversight with regular feedback to FGB.