Minutes of the Finance Sub Board Genesis Education Trust Meeting

Held on Monday 19th June 2017

At 6.30pm at St Mary’s

Attendees: Reverend Canon Ade Ademola (Chair Finance Board/ Director)

Elaine Mc Donald James (COO)

Beverley Hall (CEO)

Graham Moss (Director)

Apologies: Anita Fenn (GET Chair/ Trust Member)

Carlene Reid (Director)

Ruth Ejvet (Executive Head St Margaret’s)

  1. WELCOME AND APOLOGIES FOR ABSENCE

1.1 The opening prayer was led by Reverend Canon Ade Ademola.

1.2 The Chair welcomed all those present to the meeting.

1.3 Apologies for absence were received and accepted from Anita Fenn, Carlene Reid and Ruth Ejvet.

1.4 The chair confirmed the meeting quorate with 4 members present.

  1. DECLARATIONS OF INTEREST
  2. There were no new or potential conflicts of interest raised in relation to any of the items listed to be discussed on the agenda.
  1. TERMS OF REFERENCE
  2. Members had received a copy of the Terms of Reference with documentation ahead of the meeting.
  3. Members requested that the Terms of Reference be amended to state that half or 50 percent of members in attendance at a meeting would be quorate.
  4. Subject to amendment of wording as detailed the Terms of Reference were approved.

Action:To send to Full GET Board meeting on 6th July.

  1. ST MARY’S AND ST SAVIOUR’S FINANCIAL YEAR BUDGET TOGETHER WITH FUNDING LETTER- 1ST APRIL TO 31ST AUGUST 2017 AND 1ST SEPTEMBER 2017 TO 31ST AUGUST 2018
  2. Income and expenditure report was circulated to members a week ahead of the meeting for St Mary’s and St Saviour’s via the drop box.
  3. GM queried if there were assumptions that run alongside the report on the system. EJ confirmed Yes.
  4. GM stated the need to drive by assumptions and decide as a Trust whether to build reserves. GM highlighted it would then need to be clearly recorded how the Trust would create the reserves. During the early years of the operation of the MAT it would be difficult to create a surplus. EJ and GM would meet in the Autumn term to discuss a strategic way forward and further enhance the Capital and Revenue Reserves policy currently in place.
  5. BH stated contingency had been discussed at the Federation’s finance sub-committee and it had been agreed to build some reserves. However we would have to ensure that this did not affect the provision for the pupils of the schools.
  6. EJ highlighted to committee members that when setting the budgets for St. Mary’s & St. Saviour’s she ensured that she was prudent in the level of income they could bring in as the country are going through a period of uncertainty with the changes in Government etc and there was a need to be especially prudent.

Action: GM and EJ to meet during the Autumn term to discuss the Reserves policy and strategies for the way forward.

4.6The Chair and EJ explained the Income and Expenditure reports for St Mary’s and St Saviour’s listed on the agenda under 4a, 4c 5d and 5f have all been discussed in detail at the Finance and Premises meeting with funding letters. Each of the reports for St Mary’s and St Saviour’s were approved by board members and agreed to send to Full GET Board meeting on 6th July.

  1. GENESIS EDUCATION TRUST BUDGET FROM 1ST APRIL 2017 TO 31ST AUGUST 2018
  2. Members had been sent the Income and Expenditure reports a week ahead of the meeting.
  3. EJ summarised the income showing on the reports has been taken solely from pooled funding. EJ explained it was agreed in the interim 5 month budget period that we would take 3%from each school’s budget share at the present time. It was further agreed that 3% pooled funding woulod be used for the new budget 1sdt September 2017 to 31st August 2018. EJ explained the rationale behind the % pooled funding that it had been used to collectively save money by purchasing as a collective for our finance, auditors, legal, Health & Safety and HR requirements the MAT had made savings of almost 20% and also had ensured that the MAT was achieving best value.
  4. BH explained that the MAT had been successful in securing a bid for Seed funding which allow the MAT to grow and increase capacity. Money paid to GET from this funding stream will also be used to develop and train staff for leadership capacity and aid in extra support required at St Edward’s with a secondary focus.
  5. BH summarised the decisions regarding how pooled funding is to be spent and building of reserves will always be driven by school improvement and teaching and learning.
  6. INSURANCE UPDATE
  7. The forms for EFSA Risk Protection Arrangements, was shared with members for all 3 schools. EJ explained although already discussed, it is good to practice to present the formal documents for transparency.
  1. CAPITAL PROJECTS
  2. EJ informed members there were no capital projects to report on for St Mary’s and St Saviour’s.
  1. HEALTH AND SAFETY REPORTS
  2. The Health and Safety report for 2015-16 was shared with members. EJ explained the report is always a year behind and that the 2016-17 report would not be available until next academic year.
  3. No Health and Safety Report was provided from St Margaret’s only the policy.
  4. MANAGING CONFLICTS OF PECUNIARY INTERESTS
  5. The Chair raised with members that if there is an interest of any member with regards to a family member or someone known in relation to an item being discussed, the member should disclose this and remove themselves from the meeting whilst the item is being discussed. GM stated that Trust members are not meant to engage in Trust items too much.BH highlighted that financial management standards must be followed.
  6. GM requested that there is a minimum cost set that must be put out to tender. EJ confirmed the limit set at present is £1000. EJ explained as part of financial regulations any items worth over £1001 3 quotes would be required, on a larger project where spending would be over £75k the tender process would be that a firm of building contractors/surveyors were appointed to draw up a full specification and a minimum of 3 tenders would then be obtained. The finance sub-committee would then make the decision or the project manager which company would be the successful contractor.
  7. The Chair highlighted as long as the process is followed and the decision has been made diligently there would be no concern over one contractor getting a number of jobs.
  8. ST MARGARETS
  9. It was noted that there was no representative from St Margaret’s at the meeting and members agreed it was important that a representative should be present to answer questions that are school specific.
  10. The Chair summarised that all GET Policies adopted at the first GET meeting were Federation policies. He explained that requests have since been made for outstanding policies from St Margaret’s which were school specific. Anita Fenn responded before going into hospital for operation and handed the matter over to another member of St. Margaret’s staff. The reasons behind the delay of documentation were discussed. Some of the outstanding policies were sent the day before the meeting and therefore could not be reviewed in detail. These included:

Bank Card Policy

Charging and Remissions

Child Protection

Debt Recovery

Health and Safety

Schools Financial Value Standard supplied was out of date. It was confirmed we are still awaiting the Safeguarding Policy, Emergency School Closure Policy, Stocktaking Certificate, Statement of internal control, and Business Continuity Plan.

10.3 Some Financial Documentation was received just before the start of the meeting this included income and expenditure reports but no EFA reports. A discussion was held regarding the importance of documents being provided on time to enable sufficient time for them to be reviewed by Members. No minutes were provided to acknowledge these reports had been sent to the Finance Committee at St Margaret’s and to see the level of discussion surrounding the setting of both budgets and whether prudent questioning had been raised in relation to the budget setting process.

10.4EJ confirmed to governors that in line with good financial practice a Responsible Officer had been booked to come into all 3 schools to carry out a financial management check which includes ensuring that best practice is being carried out. The RO has attended St Margaret’s and have reportedthat due to key personnel being unavailable it was felt prudent to carry out a follow up visit. The reports will be shared once received. GM asked that the CEO and COO offer support.

10.5Action BH/ EJ to offer support to St Margaret’s

10.6Action: The chair to request the following documents and information from St Margaret's::

1. Health & Safety Report

2. Safeguarding policy

3. Emergency School Closure Policy

4. Stocktaking Certificate

5.Statement of internal control to 31st March 2017

6. Business Continuity Plan

7. Schools Financial Standard

8. The Business Charge Card

Notes on both budgets, Minutes from previous finance and premises meetings, notes in relation to the premises and whether there are any new/outstanding capital projects lined up for the school.

  1. DATE OF NEXT MEETING/AOB
  2. The date of the next meeting was confirmed to be 30th November 2017 at St Saviour’s.
  3. The closing prayer was led by Reverend Canon Ade Ademola.

Signed by Finance GET Board

Chair:______

Print Name: ______

Date: ______

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