Finance Committee

Terms of Reference

Financial policy and planning

  • To review, adopt and monitor a Finance Policy which includes the local scheme of delegation for spending and budgetary adjustments (virements) for the committee, headteacher and other nominated staff.
  • To review, adopt and monitor all additional financial policies, including charging and remissions policy.
  • To establish and maintain a three year financial plan, taking into the account priorities of the School Improvement Plan, roll projection and signals from central government and (if applicable) the LA regarding future years’ budgets, within the constraints of available information.
  • To draft and propose to the governing body for adoption an annual school budget taking into account the priorities of the School Improvement Plan.
  • To make decisions in respect of service level agreements.
  • To ensure that sufficient funds are set aside for pay increments as set out in the Pay Policy and as recommended by the headteacher.

Financial monitoring

  • To monitor the income and expenditure throughout the year of all delegated and devolved funds against the annual budget plan.
  • To receive at least termly budget monitoring reports from the headteacher.
  • To report back to each meeting of the full governing body and to alert them of potential problems or significant anomalies at an early date.
  • To meet with other committees and provide them with the information they need to perform their duties.
  • Subject to the local scheme of delegation, to approve any budgetary adjustments that will from time to time be necessary in response to the evolving requirements of the school.
  • To receive the unofficial school fund account as prepared by the headteacher; audited annually
  • To determine who is responsible for recording, holding and updating the Register of Business / Pecuniary interest on an annual basis
  • To review, complete and submit the School Financial Value Standard (SFVS).
  • To undertake any remedial action identified as part of the SFVS.
  • To receive and act upon any issues identified by a local authority audit


  • To provide support and guidance for the governing board and the headteacher on all matters relating to the maintenance and development of the premises and grounds, including Health and Safety.
  • To ensure that an annual inspection of the premises and grounds takes place and a report is received identifying any issues.
  • To inform the governing board of the report and set out a proposed order of priorities for maintenance and development, for the approval of the governing body.
  • To arrange professional surveys and emergency work as necessary.
  • The headteacher is authorised to commit expenditure without the prior approval of the committee in any emergency where delay would result in further damage or present a risk to the health and safety of pupils or staff. In this event the headteacher would normally be expected to consult the committee chair at the earliest opportunity.
  • To create a project committee where necessary to oversee any major developments.
  • To establish and keep under review an Accessibility Plan and a Building Development Plan.
  • When allocating resources, ensure compliance with health and safety and environmental legislation relating to the land, building, equipment and materials used and that these to not put the health of persons at risk whist they are on the premises.
  • To establish policies and procedures as necessary to comply with the Health and Safety at Work Act and relevant regulations.


  • To ensure that the school is staffed sufficiently for the fulfilment of the school‘s improvement / development plan and the effective operation of the school.
  • To establish and oversee the operation of the school's Appraisal Policy - including the arrangements and operation of the school's appraisal procedures for the Headteacher.
  • To establish a Pay Policy for all categories of staff.
  • To be responsible for the administration and review of the Pay Policy.
  • To ensure staffing procedures (including recruitment procedures) follow current equalities legislation.
  • To recommend to the governing board staff selection procedures, ensuring that they conform with safer recruitment, equality legislation and relevant statutory guidance and regulations
  • To review procedures for dealing with staff discipline and grievances and make recommendations to the governing board for approval.
  • To monitor approved procedures for staff discipline and grievance and ensure that staff are kept informed of these.
  • In consultation with staff, to oversee any process leading to staff reductions.
  • To establish annual/longer-term salary budgets and other costs relating to personnel, e.g. training.

Names of governors who serve on this committee

All eligible governors

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