In order to allow Yesoiday HaTorah Multi Academy Trust (the “Trust”) to function effectively, the Board of Trustees of the Trust (the “Board”) delegate financial authority to the Chief Executive Officer (CEO/EXECUTIVE PRINCIPAL), Chief Finance Officer (CFO), Finance Committee and the Head of School at each academy.  The extent and level of any such delegation is determined by the Board and is set out in this Scheme of Delegation of Financial Authority (the “Scheme”).

 This Scheme distinguishes between matters reserved exclusively for the Board’s approval or decision, and matters delegated to other individuals.  The Scheme sets out financial limits and signatories applicable to various matters and ensures that there are sufficient operational controls in place for all the financial processes within the Trust.

For the avoidance of doubt any financial powers not mentioned in this document are reserved matters for the Trust Board.

This Scheme was approved at the meeting of the Board on [Autumn term 2019].

FINANCIAL AUTHORISATION LEVELS

  Delegated Duty Value Delegated Authority Method
PROCUREMENT Ordering goods, works and services Up to £3,000 Head of School Notify CFO.

 

  £3,001 – £10,000 CFO CFO to ensure best value demonstrated.  Selection from preferred supplier lists.
  £10,001 – £20,000 Finance  Committee Minimum of three quotes.
  £20,001 – £65,000 Trust Board Minimum of three quotes.
  Over £65,001 Trust Board Formal tendering process including advertising in OJEU (if over the OJEU threshold).
Asset Management Orders Any Finance Committee via Asset and Premises Maintenance Strategy Minimum of three quotes.  Formal tendering process including advertising in OJEU (if over the OJEU threshold).
Authority to accept other than best value quotation or tender Any CFO (up to £10,000) and Finance Committee (over £10,000) Ensure disposal maintains principles of regulatory, proprietary and value for money.
Delegated Duty Value Delegated Authority Method
Write off of Bad Debts/Losses/Disposal of Assets Up to £1,000 per transaction CFO
  Over £1,000 and up to £45,000 per transaction Trust Board
  Over £45,000 ESFA/Secretary of State
Finance Leases Any Trust Board and ESFA approval required See clause 3.4 of Academies Financial Handbook
Purchase or sale of any freehold property Any Trust Board See clause 3.8.1 of Academies Financial Handbook
Granting or take up of any leasehold or tenancy agreement exceeding five years Any Trust Board and ESFA approval required See clause 3.8.1 of Academies Financial Handbook
Operating leases Up to £10,000 CFO
  £10,001 to £20,000 Finance Committee
  Over £20,000 Trust Board
 
Borrowing Any Trust Board and ESFA approval required

Staff Severance payment or compensation
Non-statutory/non –contractual element, up to £50,000 Trust Board See clause 3.7 of Academies Financial Handbook
  Over £50,000 Trust Board and ESFA approval required See clause 3.7.6 of Academies Financial Handbook
Delegated Duty Value Delegated Authority Method
Signatories for cheques Any Two signatories from:

·         Head of School

·         CFO

·         CEO/EXECUTIVE PRINCIPAL

Signatories for BACS payments and other bank transfers Any Two signatories from:

·         Head of School

·         CFO

·         CEO/EXECUTIVE PRINCIPAL

Signatories for ESFA grant claims and ESFA returns Any Two signatories from:

·         Head of School

·         CFO

·         CEO/EXECUTIVE PRINCIPAL

 
Approving transfer between budget headings Up to £10,000 CFO

 

  £10,001 to £20,000 Finance Committee
  Over £20,000 Trust Board
 
Authorising disposal of unusable or obsolete assets Up to £10,000 CFO Ensure disposal maintains principles of regulatory, propriety and value for money
  £10,001 to £20,000 Finance Committee
Disposing of heritage assets Any Trust Board See clause 3.8.1 of the Academies Financial Handbook