We have been recently advised by Audit that they are coming across a few schools who don’t appear to be taking all the necessary Finance items to Full Governing Body for approval or that these discussions have not being correctly minuted by their clerk. This is reminder that is the responsibility of the governors to ensure that they are carrying out all their statutory responsibilities in terms of finance and that such matters and fully minuted for audit and Ofsted purpose.
There are certain things that cannot be fully delegated to the Finance Committee as the Full Governing Body retains responsibility for them. Please see attached for the latest audit guidance re items to be discussed and minuted at FGB. The key reports that the FGB have to see are:
Termly budget monitoring report
School Fund audited accounts
Schools Financial Value Standard
Please ensure that you request to see these documents and your clerk minutes this accordingly.