You are here:
Finance committee: purpose, membership and agendas
Find out what a finance committee should do, who should be on it and how often it should meet. See examples of terms of reference and meeting minutes.
This article is based best practice guidance as described in:
- The checklist guidance for the schools financial value standard (SFVS) for maintained schools
- The checklist support notes for the school resource management self-assessment tool for academy trusts
Finance committees aren't a statutory requirement
If you're in a maintained school, the board can choose whether or not to delegate financial oversight to a committee.
This is also true if you're an academy trust, though the Academies Financial Handbook (AFH) says that a trust should have a finance committee to which it delegates financial scrutiny and oversight (section 2.5). Do check your articles of association in case they specify whether you must have a finance committee.
Know your remit: have clear terms of reference
Presenting a draft of the annual budget to the governing board for
More from The Key
The Key has taken great care in publishing this article. However, some of the article's content and information may come from or link to third party sources whose quality, relevance, accuracy, completeness, currency and reliability we do not guarantee. Accordingly, we will not be held liable for any use of or reliance placed on this article's content or the links or downloads it provides. This article may contain information sourced from public sector bodies and licensed under the Open Government Licence v3.0.