Finance Committee

The Finance Committee meets at least four times a year. It works closely alongside the Risk and Audit Committee. The Board has established the Committee to support it in the discharge of its responsibilities for issues of financial probity, control, and governance. These are to:

  • ensure the highest standards of stewardship and propriety in the use of public funds and ensure proper accountability for the use of those funds, both at the Trust centrally and at constituent schools
  • secure efficiency and value for money across Trust activities
  • identify and record short and long-term risks to the operational stability of the Trust and to ensure that strategies are in place to mitigate those risks as far as is reasonably possible
  • oversee that the Trust operates within the regulatory frameworks imposed upon it by the Companies Act 2006, the Department of Education (DfE) and the Education and Skills Funding Agency (ESFA)
  • recommend the approval by the Board of the Company’s audited Annual Report and Accounts
  • consider each schools’ indicative funding, notified annually by the DfE and to assess its implications, in consultation Headteachers and the Chief Financial Officer, in advance of the financial year, drawing any matters of significance or concern to the attention of the Board
  • consider and recommend acceptance / non-acceptance of the Trust’s budget, at the start of each financial year
  • contribute to the formulation of each Schools’ Development Plan, through the consideration of financial priorities and proposals, in consultation with the CEO, School Improvement Lead, Chief Financial Officer and Headteachers
  • 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 Trust Strategic Business Plan
  • liaise with and receive reports from Executive Governance Groups and to make recommendations to Executive Governance Groups about the financial aspects of matters being considered by them
  • monitor and review income and expenditure on a regular basis and ensure compliance with the Academies Financial Handbook, drawing any matters of concern to the attention of the Board immediately
  • receive the financial statement to form part of the Annual Report of the Trust for filing in accordance with Companies Act requirements
  • review the Trust’s internal and external financial statements and reports to ensure that they reflect best practice
  • approve the drawing up of a Building Development Programme and Asset Management Plan including application for capital grants

Internal Reporting Board Sub-Committees

Finance
Committee

Risk and Audit Committee

Remuneration and Nomination Committee

Achievement,
Support and Scrutiny
Committee

Executive
Governance Groups