The Finance, Audit and Risk Management Committee is made up of Trustees of the Trust. They meet half termly to ensure that the Trust is financially compliant and that we provide best value. The quorum of the Committee is 3 Trustees.
The focus of the committee is to make appropriate comments and recommendations on such matters to the Trust Board on a regular basis on four key areas covering financial oversight, Audit and Risk Management. In doing so, the committee is authorised to request any information it requires from any employee within Northern Lights Learning Trust.
It is authorised to obtain any outside legal or independent advice it considers necessary and may require experts to be present to advise when drafting disclosures to be made in the Trust’s Annual Report and Accounts.
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Membership:
- Neil Williams (Chair)
- Katie Hammond (Chair of Board)
- Jason Brine
- Jack Falcus (Vice-Chair)
Finance
The committee will ensure sound financial management of the Trust’s finances and resources, including proper planning, monitoring and probity in line with the ESFA guidelines, the Funding Agreement & Accounting Officer letters. Below is a brief summary of roles and responsibilities:
- Ensure any DfE related Hubs, including Teaching School Hub and Stronger Practice Early Years Hub are financially compliant and operating efficiently, in line with the Scheme of Delegation (SoD).
- Pay: determine all matters/take all decisions relating to pay and related performance of staff (in line with policy and SoD) to establish and approve a Trust Pay Policy and to monitor the Policy as necessary.
- Premises: ensure sound management of the Trust’s premises including maintenance, development and health and safety.
- Ensure IT is fit for purpose and compliant, including related to safeguarding.
Audit & Risk
The committee will identify, challenge and review the adequacy and effectiveness of control processes in responding to risks within the Trust in Governance, Operations and Information systems. Below is a brief summary of roles and responsibilities:
- Ensure that all risks categories are identified, reported and managed by the Trust.
- Monitor the Trust risk register and review this termly.
- Monitor the Trust’s Risk Management Plan and report to the Trust Board of its effectiveness.
- Identify the areas to be reviewed as part of the internal assurance cycle and receive feedback on this to report back its effectiveness to the Trust Board.
- Receive feedback from External Auditors and report the findings deemed necessary to the Trust Board.
- Monitor and challenge the leader’s response to the findings and actions identified by External Auditors.
- Advise the Trust Board of the appointment, re-appointment, dismissal and renumeration to the internal and external auditor.
- Regularly monitor outstanding audit recommendations from whatever source and ensure any delays to implementation are reasonable.
- Ensure that the Trust Board is compliant with reporting requirements and the GIAS checks are up to date and Companies House records are maintained.
- Monitor and advise the Board on any alleged fraud or irregularity in the Trust’s financial and other control systems and ensure that these are managed and investigated appropriately.
- Review and investigate any other matters referred to the committee by the Trust Board.
The committee will also:
- review and recommend ratification for all finance related policies.
- review and recommend ratification for all premises related policies.
Staff (attend meetings as non-members)
- Jo Heaton (CEO, Accounting Officer)
- Hayley Swinhoe (Chief Finance Officer)
- Lisa Cockburn (Chief Operating Officer)
