Finance Committee

The purpose of the Finance Committee is to formulate guidelines for, and oversee the discharge of the Academy Trust’s responsibilities for the proper management of the finances, estate and assets of the Academy Trust, and any of its Academies.

In accordance with the scheme of delegation the Committee shall be responsible:

1. To oversee the application of the Academies Financial Handbook and Financial procedures/policies;

2. To recommend the formal budget plan each financial year to the Board of Trustees for approval;

3. To consider and review the periodic management accounts;

4. To review the audited annual report and accounts and to make recommendations thereon to the Board of Trustees;

5. To recommend to enter into contracts in excess of £50K amount in value to the Board of Trustees for approval;

6. To recommend pay discretions to the Board of Trustees for approval;

7. To consider the financial implications of proposals made by the Local Governing Body, in agreement with the Principal, regarding changes to pay policies for staff;

8. To determine any dismissal payments/early retirement in agreement with the Chief Executive for proposal to approve by the ESFA;

9. To put forward recommendations in respect of buildings insurance and personal liability arrangements to the Board of Trustees for approval;

10. To oversee the development of the buildings strategy or master plan and make recommendations to the Board of Trustees for approval;

11. To oversee the procuring and maintaining of buildings, including the development of a properly funded maintenance plan, and put forward recommendations to the Board of Trustees for approval.