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Finance & Asset Management Committee (FAM)

  • To propose the annual budget to the Board of Governors no later than 30 June each year, which includes the amount available for performance related pay recommendations
  • To monitor the annual budget and report any virement and significant changes to the agreed budget to the Board of Governors
  • To establish a three-year rolling budget plan (revenue and capital), taking into account the agreed school development plan
  • To review Trafford’s asset management plan (including an annual H&S inspection and report) and to incorporate any reasonable findings into the school development plan
  • To review and complete the school financial value standard (SFVS), as required, and approve all financial protocols to be submitted to the LEA by 31 March
  • To assess and approve new contracts, based on quotations and best value, and monitor their implementation
  • To review details of any audit report to confirm that recommendations are implemented
  • To receive and review the annual audited school fund account in the autumn term
  • To review and adapt all policies and relevant SLAs delegated from the Board within its purview (see below)
  • To be responsible for H&S, its associated protocols and management structures to ensure that the school complies with H&S legislation and relevant LEA guidance, including the discharge of the board of governor’s responsibility according to section 89 of the environmental protection act 1990, as far as it is reasonably practicable
  • To review and adapt all policies within its purview (see list below), and make recommendations to the Board as required
  • To review and determine SLAs, delegated by the Board of Governors

 

Delegations

 

To secure the smooth day to day running of the school, the head teacher will have full delegated powers to authorise the virement of up to £10,000 between cost centres. The Finance and Asset Management Committee will have full delegated powers to authorise the virement of an amount of money not in excess of £20,000 between cost centres. All virements must be shown on the budget listings report to ensure a full audit trail is maintained. Virement beyond these limits and to/from the employees’ (salaries and wages) cost centre must be agreed by the Board of Governors.

 

To secure the smooth day to day running of the school, the head teacher has delegated powers to agree spending up to a limit of no more than £20,000. All such expenditure will be reported to the Chair of the committee and to the next meeting of the Finance and Assets Management Committee. The Committee has delegated powers to agree spending between £20,000 and £50,000 prior to expenditure taking place and/or contracts are agreed. Expenditure of over £50,000 will be agreed by the full Board of Governors prior to entering into any contract.

 

All use of delegated powers for virement and expenditure will be formally minuted and thus reported to the Full Board of Governors.

 

The head teacher is authorised to commit expenditure without prior approval of the committee in an emergency where delay would result in further damage and/or present a risk to the health and safety of children, staff and visitors. In this event, the head teacher would be expected to inform the Chair of Governors and the Chair of Finance and Asset management at the earliest opportunity.

The FAM Committee is also responsible for the review of the following policies and procedures:

 

Accessibility Plan

Finance Manual including Remit for FAM Committee, Finance Policy

Governors Allowance Policy 

School Fund Remit

Gifts and Hospitality Policy

Lettings Policy

Charging Policy

Health and Safety

Premises Management Policy Documents

Whistleblowing Policy

Attendance at Finance and Asset Management Committee Meetings 2019/20

 

GovernorGovernor Type7 October 20192 December 20193 February 202027 April 202015 June 2020

M Abdul-Rahman

Co-opted governorYYYYY
A ChardHeadteacherYYYXX
L DowdallCo-opted governorXYYYY
P GarbettActing Headteachern/an/an/aYY
J HallBusiness ManagerYYYYY
A RainfordCo-opted governorYXYYY
J SykesCo-opted governorXXYYY

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