The Governing Body will convene once a term.

  • To take responsibility for overall financial management of the school and satisfy the LA that the school’s financial management and organisation are such as to enable it to fulfil its financial obligations;
  • To ensure that any grant from the LA is only used for the purpose prescribed (see LA financial regulations);
  • To provide such information as the Secretary of State may require;
  • To appoint external auditors (if considered appropriate);
  • To provide the LA with timely monthly and annual financial returns in the required format (Consistent Financial Reporting);
  • To manage the school budget:
    • Consider the annual budget plan
    • Approve the budget
    • Consider and approve any revisions to the budget
    • Agree levels of delegation for financial responsibility
  • To delegate powers, including to spend, to the Head teacher as follows:
    • internal scheme of delegation to governors’ committees
    • to delegate powers for finance to the Finance Committee
    • the Headteacher may delegate the responsibility of budgets to SLT.
    • limits to powers – spending, virements as per the Financial Management Policy
    • clarity of functions and responsibilities (Job Descriptions)
  • To be consulted by the Local Authority:
    • on significant changes to LA’s Fair Funding/Scheme of Delegation
  • To ensure accounts are kept:
    • accurate
    • timely
    • in accordance with local and national requirements
  • To determine staff disposition and policy
    • in accordance with Teachers Pay and Conditions agreement
    • non teachers requirements e.g. TAs, site supervisors etc
  • To make judgements and estimates that are reasonable and prudent;
  • To act as a ‘critical friend’ to the Headteacher by providing advice, challenge and support;
  • To  evaluate the effectiveness of spending decisions;
  • To ensure that financial duties of staff are clearly described to avoid potential conflicts;
  • To establish and maintain a register of Business Interests of Governors and Staff who influence financial decisions;
  • To ensure in conjunction with the Headteacher and via the borough’s payroll provision, that:
    • salary payments are only made to school employees
    • salary payments are made in accordance with appropriate conditions of employment
    • salary payments are only made for services provided to the school
    • payroll changes are accurately recorded and promptly processed
  • To produce a Controls Assurance Statement in accordance with the Financial Management Standard.
  • To approve a list of authorised signatories for the following list of authorisation:
    • Bank transfers and cheques
    • Certification of invoices and petty cash payments
    • Orders for supplies, works and services
    • Salaries and wages, including honoraria, timesheets, overtime, car mileage and travel claims
    • Budget virements
  • To ensure the requirements of the scheme and associated guidance are met;
  • Responsible for ensuring the Financial Management and other policies are reviewed annually;
  • To ratify Policies drawn up by the relevant committee;
  • To draw up a Best Value Statement in line with the Scheme for  Financing Schools;
  • To authorise virements in excess of £5,000 for individual budget headings;
  • To approve expenditure on major capital projects / leasing and to seek LA approval before proceeding;
  • To authorise write-offs and disposal of stock;
  • To ensure appropriate insurance cover for the school is obtained;
  • To respond promptly to recommendations made by auditors or inspectors;
  • To ensure that the relevant staff are aware and implement the Construction Industry Taxation Scheme;
  • To approve and authorise Leasing Agreements;
  • To follow deficit budget procedures as set out in the ‘Scheme For Financing Schools’;
  • To set and review performance targets for the Headteacher;
  • To review annually the Governors Terms of Reference;
  • All maintain minutes of the meetings