Heckmondwike Grammar School Finance & Resources Committee

Purpose of the Committee

• To assist the decision making of the governing body, by enabling more detailed consideration to be given to the best means of fulfilling the governing body's responsibility to ensure sound management of the academy’s public and private finances and resources including the buildings.
• To ensure that the Academy undertakes proper planning, monitoring and probity. 
• To make appropriate comments and recommendations on such matters to the governing body on a regular basis. 
• Major issues will be referred to the full governing body for ratification.

Membership

• The Chairman and Vice Chairman and the Head Teacher will be ex-officio member of the committee, together with 9 other members of the Governing Body. The membership will be agreed annually at the first meeting of the whole governing body in the autumn term. The chair of the committee will be elected by the whole governing body on an annual basis at the first meeting of the whole governing body in the autumn term.  No governor employed at the academy will act as chair to the committee.  In the absence of the chair the committee will elect a temporary replacement from among the governors present at the committee meeting.  
• The quorum for each committee meeting is fixed at one third of the members eligible to vote.
• The committee will meet as often as is necessary to fulfil its responsibilities and at least once each term.
• The clerk to the committee will circulate an agenda for each meeting and papers at least a week before the committee meeting.
• Attendance at each committee meeting, issues discussed and recommendations for decisions will be recorded.  The written record will be included on the agenda and papers of the next meeting of the whole governing body.  This is to meet statutory requirements, to provide information to the whole governing body and to seek ratification of decisions and recommendations.
• The committee may invite attendance at its meetings from persons to assist or advise on a particular matter or range of issues, including parents and members of the academy staff who are not governors.
• Any governor may attend meetings of committees.
• Only governors who are members of the committee may vote at committee meetings.  Where necessary, the elected chair of the committee may have a second or casting vote.

Terms of Reference

Subject to the requirements of statutory requirements, the committee is authorised:

• To consider the academy's indicative funding, notified annually by the YPLA and other grant making bodies.

• To assess the implications for the academy of the funding stream in consultation with the head teacher, in advance of the financial year, drawing any matters of significance or concern to the attention of the governing body.

• To consider and recommend acceptance/non-acceptance of the academy's budget, at the start of each financial year.

• To monitor capital expenditure and take appropriate steps in the event of possible over/under-spending.

• To considering policy with regard to income generation and the use of such income.

• To contribute to the formulation of the academy’s development plan, through the consideration of financial priorities and proposals, in consultation with the head teacher, and with the stated and agreed aims and objectives of the academy.

• To receive and make recommendations on the broad budget headings and areas of expenditure to be adopted each year, including the level and use of any contingency fund or balances, ensuring the compatibility of all such proposals with the development priorities set out in the development plan.

• To liaise with and receive reports from the staffing/remuneration and curriculum committees, as appropriate, and to make recommendations to those committees about the financial aspects of matters being considered by them.

• To monitor and review expenditure on a regular basis and ensure compliance with the overall financial plan for the academy, and with the financial regulations of the DfE, drawing any matters of concern to the attention of the governing body.

• To monitor and review procedures for ensuring the effective implementation and operation of financial procedures, on a regular basis, including the implementation of bank account arrangements and, where appropriate to make recommendations for improvement.

• To approve the financial statement to form part of the annual report of the governing body to parents and for filing in accordance with Companies Act and Charity Commission requirements.

• To recommend to the Full Governing Body the appointment of a Responsible Officer.

• To receive auditors’ reports and to recommend to the full governing body action as appropriate in response to audit findings.

• To recommend to the full governing body the appointment or reappointment of the auditors of the academy.

• To provide effective stewardship of the school premises. To accomplish this the committee will be responsible for:

                   (a)         Monitoring the structural and decorative state of the building. The

                                 Committee shall make an annual tour of inspection and produce a

                                 written report to the full Governing Body.

                   (b)        To draw up priorities for repairs and maintenance each financial year.

                   (c)         To allocate funding from the structural repair budget.

                   (d)        To approve all planned repair and maintenance work of a capital nature

                                  (deemed to be over £5000) having gone through the appropriate

                                  tendering procedures.

                   (e)         To draw up submissions for capital grant.

 2. Frequency of Meetings:

There should be a minimum of four meetings in each financial year at which time the quarterly Income and Expenditure reports can be approved. In the interim, monthly reports detailing variances should be circulated to members.

The Committee should, from time to time, arrange to tour the school buildings to look at areas of development or concern.

Special Meetings can be requisitioned at any time by any three members of the committee contacting the Clerk.

Management of the Budget:

The budget proposed each year should comprise the main headings as laid down by the DfE in The Academies Financial Handbook.

The management of the budget to be delegated to the Head subject to the following restrictions: 

Between meetings of the Finance Committee amounts of up to £5000 can be vired at the Teacher’s discretion between any two of the main budget headings, such transfers to be reported to Finance Committee at the next scheduled meeting.

No additional transfers can be made without the Finance Committee’s approval. Transfers above £5000 must have the Finance Committee’s prior approval. Within each main budget heading the Head would have absolute discretion to vire money.

Capital Items:

The Head Teacher may authorise expenditure on capital items up to amounts of £5000. Purchase capital items exceeding £5000 must be authorised by this Committee.

Tendering:

Due regard should be given to value for money considerations, that is, of quality or fitness for and delivery against price, in all purchases of works, equipment, goods and services. Except where is a good reason to the contrary, contracts should normally be placed on a competitive basis, the lowest tender of three to be accepted; where a different decision is taken the reasons for it should documented. Contracts should also be reviewed and renegotiated at regular intervals appropriate.

4. Reporting:

Minutes of meetings together with a summary report by the Chairman will be circulated to all members of the Governing Body before each meeting of the full Governing Body. The Chairman of the Committee shall report at these meetings.

Indicative Meeting Plan: