Finance

The Finance Committee are responsible for:

• Produce and approve the annual budget and present it to the full Governing Body for information
• Review the actual expenditure and monitoring statements at least once a term
• Receive and Review the financial projections
• Approve expenditure and virements of sums over £5000, sums below that amount are delegated to the Head Teacher
• Conform to the Schools Financial Value Standard
• Assess the financial progress towards achieving the objectives in the School Improvement Plan
• Review of leases and contracts - including traded services
• Ensure Best Value principles apply to services purchased with delegated monies
• Review the financial implications on the budget of the Pay and Conditions document
• Receive Section 251 Statement
• Receive the annual accounts and certificate of audit of the School Fund Account and other voluntary funds held within the school
• Assess the schools insurance cover to ensure that it provides adequate protection against risks
• Review and approve the petty cash to be held by the school
• Ensure LA standing orders are complied with
• Obtain quotations with a view to placing contracts/orders , once the relevant Committee has drawn up a specification
• Identify priority areas in April in anticipation of any under spend