Page | 45 41. To ensure compliance with all Trust HR and employment policies. Terms of Reference – Finance, Revenue, Audit, Pay and Personnel Committee (FRAPP) To ensure the Trust Board maintains robust oversight of the Trust’s financial performance and assets, it has delegated responsibility to the Finance, Revenue, Audit, Pay and Personnel Committee for Trust scrutiny and challenge of all ODBST’s financial affairs, stewardship of its assets, and use of its resources efficiently to maximise outcomes for pupils and maintain the Trust as a going concern. Additionally, in its responsibility for Audit and Risk, it provides challenge to hold the Accounting Officer to account for ensuring probity, regularity and compliance in use of Trust’s resources and for the technical leadership of the Trust’s financial management and procedures and finance team. Membership The Trust Board appoints the Finance, Revenue, Audit, Pay and Personnel Committee’s membership which is composed of a minimum of three Trustees (including the Chair of the Committee) who possess the skills, knowledge and experience required to fulfil the committee’s delegated remit effectively and up to three coopted non-voting members appointed by the Board. The committee will make recommendations for these appointments. The Chief Finance Officer will attend in an advisory capacity. The Trust Board appoints the committee Chair for a two-year term of office, and to ensure Audit compliance under the terms of the Academy Trust Handbook, the Chair of the Board should not be the FRAPP Chair. An outgoing Chair may stand for re-election. The Committee appoints its own Vice-Chair annually. Reporting • The Accounting Officer (AO) and Chief Finance Officer (CFO) should attend to provide information and participate in discussions but are not committee members and have no voting powers. The committee may ask the AO/CFO to withdraw and/or invite other staff/advisers to attend to assist it with any issue(s) it wishes to discuss. • A Clerk is appointed to the committee, who will produce minutes of all meetings to be circulated with the agenda and papers of the next following full ODBST Trustees’ meeting. • The committee Chair is to formally report to the Trust Board after each meeting, where the minutes will be shared. Quorum and Meeting Frequency This committee shall meet at least three times per year and a minimum of three Trustees (including either the committee Chair or Vice-Chair) is required to be quorate. The Trust Board or CEO may ask to convene further meetings if they want the Committee’s advice on any issue(s). No vote on any matter may be taken unless a quorum is present. The Chair has a casting vote. Main Duties Finance 1. To recommend to the Board a Financial Manual of guidance incorporating all the finance policies and Schemes of Delegation which will apply to the Trust and all schools within it. 2. To review the Financial Manual annually, responding as appropriate to any recommendations from Internal or External Auditors, and to recommend it annually for review and approval by the Board. 3. To consider, as part of the conditions for joining the Trust, a financial due diligence report (to include a plan for the Financial Management and Governance Self-assessment, FMGS, schedule) from the Chief Finance Officer giving an assessment of the budget position and financial management, of each new school proposing to join the Trust.
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