Finance Committee | Partnership Learning

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

The current members of the committee are:

Responsibilities of the Finance Committee

Financial Management & Policies

To keep under review the Trust’s financial management and reporting arrangements, providing constructive challenge (where necessary) to the actions and judgements of management in relation to the monthly management and financial accounts, statements and reports prior to submission to the Trust Board and any financial implications arising from the annual accounts and financial statements, paying particular attention to:

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

To review the adequacy of policies for ensuring compliance with relevant regulatory, legal and code of conduct requirements, including an annual review of all Trust finance and related policies for recommendation for approval to the Trust Board.

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

To keep under review the adequacy and effectiveness of the Trust’s arrangements for securing value for money.

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

General Financial Matters

To consider approval of any expenditure/virements referred to the Committee under the requirements of the Trust’s Scheme of Financial Delegation

To review the Trust annual consolidated budget and make recommendations to the Trust Board.

To review the Trust 3 Year Financial Plan and make recommendations to the Trust Board.

To review the Trust Annual Central Budget and make recommendations to the Trust Board.

To approve the annual budget for each individual school and make recommendations to the Trust Board.

To regularly monitor actual expenditure and income against budget and make recommendations to the Trust Board.

To oversee the system for maintaining the mandates for the operation of school bank accounts and credit cards and make recommendations to the Trust Board as appropriate.

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

Investment - Policy and Implementation

To take delegated responsibility for the Trust’s investments, with particular responsibility for:

To consider and approve proposals for investments, prepared by the Chief Finance Officer in conjunction with the Chief Executive Officer.

To receive and review a report on the progress of investments from the Chief Finance Officer at each meeting of the Finance Committee.

To receive and review an annual review of the investment policy and its implementation, prepared by the Chief Finance Officer, including review of interest rates received/available and comparing them with other investment opportunities.

General

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

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