Membership – maximum of 7 Governors.
Any new governor appointed to this committee will be asked to have completed the New Governor Induction Course.
The Chair of the committee will be appointed at the first meeting of the academic year.
The committee will meet at least twice a term and more often if necessary.
A minimum of 4 governors must attend the meeting in order to be Quorate.
The committee can allow other persons to attend the meeting.
The committee cannot meet without the Headteacher, or a substitute nominated by the Headteacher.
Terms of Reference.
· To provide guidance and assistance to the Headteacher and governing body in all matters relating to budgeting and finance with reference to Keeping Your Balance, Financial Standards and School Audit.
· To review regularly the detail of the financial procedures agreed by the governing body.
· To prepare and review financial policy statements, including consideration of long term planning and resourcing
· To consider each year School Improvement/Development Plan (or Post Ofsted Action Plan) priorities and to draw up an annual budget plan.
· In consultation with the Headteacher agree the first formal budget plan of the financial year and make a formal recommendation to the full governing body.
· Establish and maintain a 3 year financial plan
· Ensure that the school operates within the Financial Regulations of the County Council.
· To report to the full governing body at each of its meetings.
· To ensure that committee members undertake appropriate training.
· To prepare a Charging Policy for the school and report to the full governing body.
· To monitor income and expenditure of all funds and report to the full governing body each term.
· To monitor the impact of spending decisions upon educational achievement in the school.
· To recommend for approval by the governing body the level of delegation to the Headteacher for the day-to-day financial management of the school.
· To recommend the amount which can be vired between budget headings by the Headteacher without prior agreement of the Finance committee.
· To ensure the audit of unofficial school funds
· To monitor the progress of, and evaluate the impact of, actions from the School Development Plan and/or the Ofsted Action Plan
· To review and implement any action points from the governor development plan.
· To be clear about the purpose of Raiseonline data and understand what this information shows
· To review staffing structure in relation to priorities for school improvement
· To recommend to the governors the appointment of staff.
· To monitor and review all staffing policies and procedures and policies relating to Safeguarding and Child Protection.
· To take responsibility for any whole school issues that are not the remit of any other committee
· To review, with the Headteacher, recommendations for staff professional development
· To review, with the Headteacher, the quality of education provided by the staff and facilities in the school.