Table of Delegated Authority

Finance Policy

1. This statement sets out the Governors policy on the management of finances within the school. It applies to all funds delegated or devolved within the provisions of the Schools Standards and Framework Act 1998. 2. The Governors regard proper control of the school finances as being of utmost importance. All staff involved in financial transactions are required to be fully aware of and to comply with the requirements of . Minimum Standards . Financial Regulations . The LMS scheme 3. The Governors endorse and have adopted the principles of good practice contained within the Finance Manual and require all staff to comply with them also. 4. Staff must not exceed their delegated authority and will be held accountable for their decisions and actions. 5. All financial dealings are to be conducted in a framework of openness thereby allowing proper scrutiny and evaluation. 6. All financial dealings shall be conducted with absolute integrity and regard for the good reputation of the school. 7. Any matter of financial consequence shall be drawn to the attention of the Governing body in a timely manner. 8. Proposals for the deployment of financial resources shall be properly supported and each proposal shall demonstrate its sustainability in the light of the resources likely to be available. 9. To secure these objectives the Governors and Head teacher have delegated authority as shown in the following tables. Table of Delegated Authority Financial Management r r r s s s e e d # # # # # r t O

e e o r e v v t r r r r r

Function t t o h k o o o C e e e e e a C - n c a C r

t d d d d d r

G G N a t o l l l l l l

e e e s e e E r o o o o o i C d o t c v

t n a S e h h h h h n d

t d i n a t t t t C k a a d n o G r e e e e e m n n s n u e i g g g g i r d l H u F F d d d d e

m A C F u u u u P F o B B B B S N

Comply with Financial Regulations                Comply with Minimum Standards                Ensure separation of duties  A A A A A A A A Ensure internal controls operate correctly  A A A A A A A A Ensure Governors Policies are complied with                3 Year Development plan: updated annually Prepare including costings (new + next 2 yrs)  A A A A A A A A Sets spending priorities  Approves costed items for new year budget  Review plan outcomes  A Annual Revenue Budget Prepare  A A A A A A A A A Approve  Monitor See separate policy Register of Interests 

Key to all tables Frequency Functions Notes O =Ongoing O = Oversee # Substitute name of fund or budget holders W = Weekly S = Supervises £ Insert individual limits. M = Monthly R = Reports H = each half term C= Co-ordinates T = Termly  = does Y= as soon as possible after Year-end A =Assists as required * Acts within delegated powers and if required Table of Delegated Authority Policy Review r r s s s e e t r e o e v v t

Function t t o h o o a C n c C r

G G a t l

e e s e e i d o t c v n t e n d

n o t i n a k a a o G r e m n s n e i i r d l H F e m A C P o N

Finance Policy Prepare  Approve  Initiate annual review  Remission of Fees & Charging Policy Initiates Annual review  Recommendations   Approve  Lettings Policy Initiates Annual review  Recommendations  Approve  Insurance review Initiates Annual review  Recommendations  Approve  Governors Expenses Initiates Annual review  Recommendations  Approve  Personnel: annual review of salaries Initiates Annual review  Recommendations   Approve   Income Determine policy for advancing credit  R Purchase of Services Initiates review  Recommendations   Approve   Appointment of Auditors Initiates review  Recommendations   Approve   Table of Delegated Authority Financial Administration r r r r s s s e e d # # # # # r t O

e e e o r e v v t r r r r r

Function t t o h k g o o o C e e e e e a C - n c a a C r

t d d d d d r

G G N a t o l n l l l l l

e e e s e e a E r o o o o o i C d o t c v

t n a S e h h h h h n d

n o M t d i n

a t t t t C k a a d n o G r e e e e e m n n s n u m e i g g g g i r d l H e u F F d d d d e t

m A C F s u u u u P F o y B B B B S S N

Spending decisions Authorise appointment of staff  R R Authorise spending: routine recurrent items*  £ Authorise spending on approved costed items   £  £  £  £  £ provided in current years budget.* Authorise spending on other items (non routine £ £ /not identified in plan)* Open tenders  Accept tenders   Evaluate tenders  A Receive goods           Verify invoices          Certify spending at “2”  Petty cash authorise payments  £  £ Ensure correct attribution of costs S          Income Approve write offs  R Virement Authorise virement  £ £ Asset protection Security of Property S          Security of Cash S          Data protection registration  Compliance with data protection rules O         S Maintain back-up of data O  S Maintain security of data O         S Maintenance of Inventories         Checking and certification 

*Subject to compliance with Governors Best Value requirements The Governors require that all purchasing decisions are made after adequate market testing or research. Quotations and tenders as appropriate are required as shown below. A note of verbal quotes for lower value items should be made and retained. Estimated value of goods or services Number of quotes required Table of Delegated Authority School fund/non public funds r r s s s e e # r t

e o e v v t r

Function t t o h o o e a C n c C r

G G a t l l

e e s e e o i d o t c v t n e h n d

t i n a k a a d o G r e m n n s n e i i r d l H u F e m A C F P o N

School fund/non public funds Appoint auditor  Set objectives  Custody and control of fund  Receive management reports   Presents accounts for audit (within 1 month of  period end) Receive audit reports and certificate (within 3   months of period end) Authorise spending: routine recurrent items  £ Authorise spending on other items   £  £  £ Authorise bank accounts & signatories  Security of Cash O 