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As governors, we acknowledge we have overall responsibility for ensuring that Eaglesfield Paddle CE Primary Academy Trust has an effective and appropriate system of control, financial and otherwise. However such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives, and can provide only a reasonable and not absolute assurance against material misstatement or loss.
The governing body has delegated the day-to-day responsibility to the Head Teacher, as accounting officer and the School Business Manager (as Chief Financial Officer) for ensuring financial controls conform with the requirements of both propriety and good financial management and in accordance with the requirements and responsibilities assigned to it in the funding agreement between Paddle CE Primary Academy Trust and the Secretary of State for Education. They are also responsible for reporting to the governing body any material weaknesses or breakdowns in internal control.
Governance
The information on governance included here supplements that described in the Report of the Trustees and in the Trustees Responsibility Statement. The board of trustees has formally met 6 times during the year. Attendance during the year at meetings of the board of trustees was as follows:
Trustee |
|
Meetings Attended |
Out of a Possible |
A-M Steel (Chair) |
6 |
6 |
|
J Hamilton (Vice-chair) |
Resigned 28/01/2020 |
2 |
2 |
N Vatter |
|
6 |
6 |
C Fleming |
|
5 |
6 |
L McNeil |
|
6 |
6 |
S Tucker |
|
5 |
6 |
P Sharman |
|
6 |
6 |
F Boyles |
|
6 |
6 |
L Elliot |
Appointed 06/10/2019 |
6 |
6 |
H Gillam |
6 |
6 |
|
C Tiffen |
|
6 |
6 |
E Strong |
Appointed 13/03/2020 |
2 |
3 |
S Carruthers |
Appointed 13/03/2020 |
2 |
3 |
D Watson |
|
5 |
6 |
Revd A Thompson |
4 |
6 |
|
|
|
|
|
The Finance Committee is a sub-committee of the main governing body. Its purpose is to assist the decision making of the governing body, by enabling more detailed consideration to be given to the best means of fulfilling the governing body's responsibility to ensure sound management of the Academy's finances and resources, including proper planning, monitoring and probity. Attendance at the meetings in the year was as follows:
Trustee |
|
Meetings Attended |
Out of a Possible |
P Sharman |
Chair of Finance |
6 |
6 |
A-M Steel |
Chair of Trustees |
4 |
6 |
S Tucker |
|
5 |
6 |
F Boyles |
|
6 |
6 |
C Fleming |
|
6 |
6 |
H Gillam |
|
6 |
6 |
D Watson |
Accounting Officer |
5 |
6 |
C Raven |
Chief Financial Officer/SBM |
6 |
6 |
Review of Value for Money
Financial Governance
As accounting officer, the head teacher has responsibility for ensuring that the academy trust delivers good value in the use of public resources. The accounting officer understands that value for money refers to the educational and wider societal outcomes achieved in return for the taxpayer resources received.
The accounting officer considers how the trust’s use of its resources has provided good value for money during each academic year, and reports to the board of trustees where value for money can be improved, including the use of benchmarking data where appropriate. The accounting officer and chief financial officer for the academy trust has delivered improved value for money during the year by:
Purchasing of Goods and Services
Fit for purpose
purposes required.
Benchmarking
Economies of Scale
Income Generation
service on demand for children's parties etc.
The Purpose of the System of Internal Control
The system of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives. It can, therefore, only provide reasonable and not absolute assurance of effectiveness.
The system of internal control is based on an on-going process designed to identify and prioritise the risks to the achievement of academy trust policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically.
Capacity to Handle Risk
The board of trustees has reviewed the key risks to which the academy trust is exposed together with the operating, financial and compliance controls that have been implemented to mitigate those risks.
The Risk and Control Framework
The academy trust’s system of internal financial control is based on a framework of regular management information and administrative procedures including the segregation of duties and a system of delegation and accountability. In particular it includes:
The board of trustees have appointed CWR Chartered Accountants as Responsible Officer (RO). The RO's role includes giving advice on financial matters and performing a range of checks on the academy trust's financial systems. As permitted by the ESFA Financial Handbook for Academies, this task has been outsourced to external auditors. Twice a year the external auditor reports to the board of trustees on the operation of the systems of control on the discharge of the RO's financial responsibilities. From 1st September 2020 the external auditors are no longer permitted to perform this role and the board of trustees is reviewing how to provide this function in the future.
The board of trustees has delegated the day-to-day responsibility to the Head Teacher, as Accounting Officer, for maintaining a sound system of internal control that supports the achievement of the Academy's policies, aims and objectives, whilst safeguarding the public funds and assets for which she is personally responsible, in accordance with the responsibilities assigned to her in the Financial Memorandum between Eaglesfield Paddle Trust and ESFA. She is also responsible for reporting to the board of trustees any material weaknesses or breakdowns in internal control.
In addition the board of trustees has considered the guidance for directors of public listed companies contained within the Turnbull Report. They believe that although it is not mandatory for the Academy it should, as a public funded body, adopt the guidelines as best practice.
Review of Effectiveness
As Accounting Officer, the Head Teacher has responsibility for reviewing the effectiveness of the system of internal control. Her review of the effectiveness of the system of internal control is informed by:
The accounting officer has been advised on the implications of the result of their review on the effectiveness of the system of internal control by the Finance Committee, which oversees the work of the responsible officer, and a plan to address weaknesses and ensure continuous improvement of the systems in place.
The Senior Leadership Team receives reports setting out key performance and risk indicators and considers possible control issues brought to their attention by early warning mechanisms, which are embedded within the school and reinforced by risk awareness training. The Senior Leadership Team and the Finance Committee also receive regular reports from the responsible officer, which include recommendations for improvement. The Finance Committee's role in this area is confined to a high level review of the arrangements for internal control. The emphasis is on obtaining the relevant degree of assurance and not merely reporting by exception.
Mrs Ann-Marie Steel
Chair of Trustees, and Foundation Trustee