The Archbishop Lanfranc School Governing Board
Finance Committee
Purpose
The committee’s purpose is to ensure that the school has strategic plans which guarantee the delivery of effective teaching and learning within budgetary limitations.
Organisation and Structure
The finance committee shall comprise:
• three governors, one of whom shall be the Responsible Officer
• the Headteacher
• the Deputy Headteacher (organisation & marketing)
The committee will be elected annually by the full governing body at its autumn term meeting.
The committee will meet at least quarterly in a pattern which is synchronised with quarterly financial reporting requirements.
The quorum will be two governors plus the Headteacher.
Terms of Reference
• To ensure the school adheres to local authority and national statutory requirements and deadlines relating to financial planning, procedures and reporting
• To oversee the strategic planning of the school’s resource allocation
• To oversee the formulation of the annual budget plan and ensure it links with agreed priorities within the school development plan
• To agree the final budget plan and formally propose it to the full governing board for adoption
• To agree the level of delegation to the Headteacher for the day to day financial management of the school
• To monitor expenditure and where necessary advise on corrective action
• To approve transfer between budget headings within agreed limits
• To ensure there is value for money in raising educational standards
• To ensure accurate accounts are kept
• To ensure key financial decisions are accurately recorded
• To authorise signatories for the school bank account
• To ensure a register of governors’ pecuniary and business interests is maintained
• To oversee the school’s charging policy
• To approve the financial arrangements for school trips
• To make decisions regarding contracts and service level agreements