All Saints Catholic Primary School

Finance Committee Terms of Reference


Model Terms of Reference:


·           In consultation with the Headteacher, to draft/approve the first formal budget plan of the financial year

·           To establish and maintain an up to date 3 year financial plan

·           To consider a budget position statement including virement decisions at least termly and to report significant anomalies from the anticipated position to the Governing Body

·           To ensure that the school operates within the Financial Regulations of the City Council

·           To monitor expenditure of all voluntary funds kept on behalf of the Governing Body

·           To annually review charges and remissions policies and expenses policies.

·           To make decisions in respect of service agreements

·           To make decisions on expenditure following recommendations from other committees

·           To prepare financial statements for inclusion in the governing body report to parents

·           To ensure, as far as is practical, that Health and Safety issues are appropriately prioritised

·           To exercise virement between budget headings as necessary and up to an agreed maximum

·           To prepare and review financial policy statements, including consideration of long term planning and resourcing

·           To agree the level of delegation to the Headteacher for the day to day financial management of the school.

·           To authorise staff to have responsibility for signing orders, invoices and petty cash claims.

·           To authorise the Headteacher to enter into contracts up to an agreed limit

·           To liaise with those responsible for the school funds to ensure an overall policy on expenditure is agreed to the best advantage of the school.

·           To respond to any audit reports on the management of the budget and financial procedures

·           To review the school lettings policy.

·           To determine whether sufficient funds are available for pay increments as recommended by the Headteacher

·           In the light of the Headteacher Performance Management Group’s recommendations, to determine whether sufficient funds are available for increments


·            Additional items which individual Governing Bodies may wish to include