Finance and Development Committee
Membership and Terms of Reference
1. The Finance and Development Committee shall have the following membership:
A Chair appointed by the Chair of the Board of Education and confirmed by the Finance & General Purposes Committee;
Three members appointed by the Board of Education from among their own number and confirmed by the Finance & General Purposes Committee;
Six members co-opted by the Finance & General Purposes Committee who have specialist skills within their field of finance and property related matters;
Two members from the Further and Higher Education Committee appointed by that Committee;
Two members from the Schools Committee appointed by that Committee;
The Chair (or his nominee) of the Diocesan Board of Finance.
2. The Terms of Reference shall be as follows:-
(i) To ensure that proper accounts are maintained for the Board and to present to the Board, annually, a proper Income and Expenditure Account and Balance Sheet in accordance with the Companies Act, accompanied by a Report prepared by the Committee.
(ii) To prepare an annual budget for the Board.
(iii) To approve expenditure of United Statutory Trust (UST) funds relating to the provision and improvement of voluntary aided schools.
(iv) To review, annually, in consultation with the Schools Committee, the capitation levies on schools and to approve maintenance budgets and expenditure and all other necessary agreements and arrangements for funding the services of the Board.
(v) To ensure that monies are invested through an agent approved by the Board and periodically to review such investments.
(vi) To manage and dispose of redundant school properties, together with the acquisition of land and properties held for investment purposes.
(vii) To manage other properties held by the Board of Education for use in other fields of education and properties held for investment purposes.
(viii) To manage the Board's offices at 48 Union Street.
(ix) To consider any other matters referred to the Committee by the Board or its sub- committees and to initiate any relevant business.