Lead Finance Governor
The governing body has responsibility for ‘Overseeing the financial performance of the school and making sure its money is well spent’ (Governors’ Handbook, September 2016). Governing bodies are responsible for making sure their school’s money is well spent. They should do this by making
sure they have at least one governor with specific skills and experience of financial matters. and by asking questions such as:
The governing body recognises that it is accountable for the way in which resources are used and it is committed to carrying out this responsibility honestly, transparently and with integrity. The lead governor has delegated responsibility from the governing body to fulfil the responsibilities of the governing body as specifically itemised below. The FGB will operate in accordance with the provisions of the Schools Financial Value Standard (SFVS) to maintain effective arrangements for the efficient deployment of school resources.
The governing body will ensure the principles of Best Value are followed when making decisions. The principles of best value are: • Challenge – why, how and by whom an activity is carried out;
• Compare – performance against other schools and between parts of each school;
• Consult – involving stakeholders, especially pupils and parents;
• Compete – as a means of securing efficient and effective service In consultation with the head(teacher) and taking into consideration: • Available resources
• Sustainability of commitments
• The school improvement plan (or school development plan)
• forecast pupil numbers
• anticipated contractual liabilities
• other relevant factors
• the governor to scrutinise and agree the formal budget plan(s) for the financial year and make recommendations to the full governing board for its approval.
• To ensure the continued knowledge and understanding of governors in respect of the requirements of the Schools Financial Value Standard (SFVS) and ensure annual return is submitted
• To ensure the establishment and maintenance of an up to date 3 year financial plan, ensuring that current data is used to inform the 3 year plan.
• To monitor budgets for all funds under the governing bodies control, including requirement decisions, at least termly and to report significant variances from the anticipated position to the governing body.
• To establish/recommend as appropriate policies to the Governing Body. This will include a:
Charging and Remissions Policy 2021
Governors Allowance & Expenses Policy 2021
• To ensure the continued knowledge and understanding of governors in respect of the Schools Funding Consultation held in September each year and to provide an agreed response to the consultation.
• To monitor expenditure of any voluntary funds kept on behalf of the governing board and ensure the annual audit of these funds.
• To make decisions in respect of service level agreements and service contracts
• To consider and approve non routine expenditure (not provided within the School Improvement Plan) in accordance with the Finance Policy including recommendations from other committees.
• To monitor statistics, performance indicators and key ratios and other non-financial data affecting budgets, directing action as appropriate.
• To receive audit reports and refer key issues to the governing board. Direct the response to such reports and ensure such reports are appropriately acted upon.
• To undertake financial benchmarking, alert the governing body to any best value implications and make recommendations to the full governing board for best practice.
• To monitor the proper allocation of pupil premium, sports funding, CiC funding and report to the full governing board
• Charging and Remissions Policy (Statutory)
• Governor Allowances / Expenses Policy (Statutory)
• Finance Policy (Statutory)
• School’s Financial Value Standard (SFVS) Return (Statutory)
- Suggested questions to ask:
o Are we allocating our resources in line with our strategic priorities?
o Are we making full use of all our assets and efficient use of all our financial resources?
o Are other schools buying things cheaper or getting better results with less spending per pupil?
o How can we get better value for money from our budget?
o Do we have the right staff and the right development and reward arrangements?
o What is the school’s approach to implementation of pay reform and performance related pay? If appropriate, is it compliant with the most up to date version of the School Teachers’ Pay and Conditions Document?
Schools financial efficiency_ top 10 planning checks for governors – GOV.UK
Scheme For Financing Schools Updated Jan 2021