Financial Decisions

The scheme of financial delegation is based on expenditure based on the approved annual budget. Any out of budget expenditure must be escalated to the CFO for approval.

Adherence to these limits is the responsibility of the signatory/ies and attempts to avoid the application of a particular threshold may result in disciplinary proceedings. Expenditure rules must not be circumnavigated deliberately or unintentionally through split invoicing, splitting contracts, etc. which may exceed an individual’s limits.

All approvals must be made in line with Lift Schools' procurement guidelines and the ESFA Academy Trust Handbook. Budget approval DOES NOT override Lift Schools' procurement regulations.

No authority is delegated where the normal delegated authority has a pecuniary or other interest, as determined through their Register of Interest declarations, or where the decision would mean the academy or Trust would fail to stay within its budget. An approved budget is one approved by Lift Schools' Board, except where virements or budget variances have been agreed.

There may be occasions where the Chair of the Board may be required to take a decision on behalf of the Board where a time imperative precludes awaiting the next Board meeting. In these cases, the Chair of the Board will consult with the Chair of the Finance Committee, and any action taken will be reported at the next Board meeting.