Mayville Primary School Roles and Responsibilities in relation to Financial Regulations and Internal Procedures with the Academy Date: October 2017 Next Review Due: 1 year from next Finance Committee Trustees. Body Chair Finance Committee Head Teacher Authorised Personnel Establish Finance Committee Provision of Minutes to Full governing Body Business Manager Set up review Terms of Reference Authorise staff to act on its/his/her behalf Maintain a list of authorised officers Financial Probity Declare a potential conflict of interest Bursar/Finance Officer Finance Assistant Cost Centre Manager SMT Clerk Office Staff Maintain a register of declaration of interest Review the register Maintain a register of hospitality Approve acceptance of gift or hospitality Budgets Preparation of Budget Approval of Budget Name: Signature.. Date: Page 1 of 6
Budgetary Control Notify Finance Committee and EFA of any likely overspend Make BACS payments/bank mandates available Undertake quarterly bank reconciliations Review and sign bank reconciliations Submit bank reconciliations to the LA Notification of reserves Audit Arrangements Make arrangements Make arrangements for audit and share findings Contracts To obtain relevant quotes/tenders and report to Trustees where required To consider and enter into contracts in compliance with the Councils Standing Orders (depending on value as outlined in Financial Regulations) Value for Money and the Tendering Process To consider requirements of Best Value when selecting suppliers for goods, works and services Preparation of Best Value Statement Ratification of Best Value Statement Preparation of tendering Page 2 of 6
documents and carrying out of tendering process as outlined in the financial regulations Capital Expenditure Incorporation of capital investment into three year development plans Maintenance of records of capital expenditure Review of capital spend at year end Orders for Supplies, Works and Services Raise internal requisition Check available funds Raise Official Order Sign Official Order Check goods received and authorise payment Leasing Authorisation of Leasing Agreements, ensuring compliance with financial regulations Payments of Accounts Ensure proper liability and not already paid Confirm supplies received Check invoice totals and VAT Check expenditure falls within estimate Check any discount Add to inventory Certify payment Designated cheque signatories Ensure copy invoices are valid Page 3 of 6
Ensure correct VAT codes are used VAT Preparation of VAT Returns Review and sign VAT Returns SIC Ensure SIC Regulations are fully and correctly implemented Check that person or company undertaking any work is properly registered and to record details Send relevant invoice to Exchequer Services Check that person or company undertaking any work is properly registered and to record details Send relevant invoice to Exchequer Services Petty Cash Accounts Set limit for PC claims Certify petty cash claims Issue petty cash and keep relevant accounts and documentation Salaries, Wages and Pensions Responsible for payroll provision Monitor and keep updated records of monthly payroll Authorisation of timesheets Approve Pay Policy Travelling and Subsistence Claims for Trustees Certify car allowance Set Policy for Trustee claims Record claims made Authorise claims Inventories Page 4 of 6
Maintain security of assets Maintain inventory Certification of stocktaking certificate Presentation to Chair of Trustees Write-off Assets Notification of disposal assets Income and Credit Control Records of income from students and issue receipts Counting and banking cash Charging Policy Write off irrecoverable debts Take reasonable steps to recover outstanding sums (letters etc.) Approval of write off Ensure financial regulations are followed e.g. obtaining three offers Use of equipment off site Maintenance of register of items on loan Lettings Lettings Policy Agree and review scale of charges/best value Unofficial Funds Keep appropriate records, bank reconciliations, accounts, etc, Ratify school fund accounts Security Ensure compliance with financial regulations in regulation to limits of cash held on school premises Insurance Page 5 of 6
Ensure that all risks for which insurances are taken out are adequately covered Page 6 of 6