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BOARD OF TRUSTEES FINANCE COMMITTEE

The Board of Trustees’ Finance Committee has delegated responsibilities as listed below.

Membership of the Finance Committee

The current members of the committee are:

Alexander (Alex) Cameron (Chair)

Janis Davies

Peter McPartland OBE

Saadat (Sid) Mubashar

 

Responsibilities of the Finance Committee

Financial Management & Policies

1聽 聽 聽To keep under review the Trust鈥檚 financial management and reporting arrangements, providing constructive challenge (where necessary) to the actions and judgements of management in relation to the interim management and financial accounts, statements and reports and the annual accounts and financial statements, prior to submission to the Trust Board, paying particular attention to:

鈥 critical accounting policies and practices, and any changes in them
鈥 decisions requiring a major element of judgement
鈥 the extent to which the financial statements are affected by any unusual or complex transactions in the year and how they are disclosed
鈥 the clarity and transparency of disclosures
鈥 significant adjustments resulting from the audit
鈥 the going concern assumption
鈥 compliance with accounting standards
鈥 compliance with DfE and legal requirements.

2聽 聽 聽To review the Trust鈥檚 policy and procedures for handling allegations from whistleblowers.

3聽 聽 聽To review the Trust鈥檚 policies and procedures for handling allegations of fraud, bribery and corruption.

4聽 聽 聽To receive reports on the outcome of investigations of suspected or alleged impropriety.

5聽 聽 聽To review the adequacy of policies for ensuring compliance with relevant regulatory, legal and code of conduct requirements.

6聽 聽 聽To ensure that any significant losses are investigated and reported to the DfE where required.

7聽 聽 聽To review the Trust鈥檚 risk management policy, strategy, processes and procedures for the identification, assessment, evaluation, management and reporting of risks.

8聽 聽 聽To review the adequacy and robustness of risk registers.

9聽 聽 聽To keep under review the adequacy and effectiveness of the Trust鈥檚 governance, risk management and internal control arrangements, as well as its arrangements for securing value for money, through reports and assurances received from management, the Internal Controls Evaluation auditor, the external auditor and any other relevant independent assurances or reports (eg from the National Audit Office).

10聽 聽To review all risk and control related disclosure statements, in particular the Trust鈥檚 annual 鈥淪tatement on Internal Control鈥, together with any associated reports and opinions from management, the external auditor and Internal Controls Evaluation auditor, prior to endorsement by the Trust Board.

11聽 聽 To review any recommendations made by the Secretary of State for Education for improving the financial management of the Academies.

General Financial Matters

12聽 聽 To consider approval of any expenditure/virements referred to the Committee under the requirements of the Trust鈥檚 Scheme of Delegation

13聽 聽 To review the Trust consolidated budget and make recommendations to the Board of Directors.

14聽 聽 To review the Trust 3 Year Financial Plan and make recommendations to the Board of Directors.

15聽 聽 To review the Trust Central Budget and make recommendations to the Board of Directors.

16聽 聽 To approve the annual budget for each individual school.

17聽 聽 To regularly monitor actual expenditure and income against budget and make recommendations to the Board of Directors.

18聽 聽 To review the mandates for the operation of school bank accounts and credit cards and make recommendations to the Board of Directors as appropriate.

19聽 聽 To ensure appropriate insurance arrangements are in place for the Trust.

20聽 聽 To ensure appropriate accounting policies have been set and recommend the Financial Regulations to the Trust Board

21聽 聽 To ensure the annual accounts are produced in accordance with the requirements of the Companies Act 1985, Charities SORP and the Academies Financial Handbook guidance issued to schools

General

22聽 聽 To review or investigate any other matters referred to the Committee by the Trust Board.

23聽 聽 To draw any significant recommendations and matters of concern to the attention of the Trust Board.