Finance Committee

Purpose

The Finance Committee is established by the Board of Governors to consider and report to the Board on matters of financial strategy and performance and to make recommendations in relation to the University estate. It has delegated authority from the Board of Governors for some decisions.

Terms of reference

1. To advise the Board of Governors on:

• a. the overall financial sustainability of the University and that it has the necessary financial resources to deliver against its obligations including complying with OfS conditions;
• b. the financial strategy and financial forecasting of the University;
• c. the solvency of the Institution and the safeguarding of its assets; d. the annual estimate of income and expenditure;
• d. the annual estimate of income and expenditure;
• e. the Capital Plan and Annual Capital Programme;
• f. the overall borrowing requirements including any overdraft facility and the University’s operation within these facilities;
• g. the financial implications of the acquisition and disposal of land and property, and proposals for the development of the University’s estate; and
• h. matters relating to the University’s subsidiary companies.

2. To monitor and review the overall financial strategy and performance of the University;

3. To monitor and review the current and projected levels of income and expenditure across individual areas of the University;

4. To monitor and review performance against budget and suggest any action necessary to ensure that the University remains within the annual budget approved by the Board;

5. To review the Estates strategy and to consider issues relating to the estate and make recommendations to the Board as appropriate

6. To oversee the financial implications of and expenditure on detailed schemes for the development, maintenance and enhancement of the University’s estate within the overall project remit approved by the Board;

7. To review the framework for the financial management of the University for effectiveness and compliance with relevant regulations

8. To approve income and expenditure contracts over the value of £1,000,000;

9. To approve all banking arrangements;

10. To approve the Financial Regulations of the University

11. To approve, on behalf of the Board of Governors, the annual transparency costing reporting return (TRAC)

12. To approve the Tuition Fees for recommendation to the Board of Governors and ensure that the University does not exceed the appropriate fee limit for designated courses;

13. To recommend to the Board, in conjunction with the Student Liaison Committee the Students’ Union’s Annual Business Plan and budget, and to receive the Students’ Union audited Annual Accounts;

14. To receive an annual report on donations to the University and their disbursement.

15. To advise the Board of Governors on the annual accounts (Finance Committee advises the Board of Governors on the content and implications, the Audit and Risk Committee on the correctness of the annual account)

16. To maintain an overview of pension liabilities.

Composition and membership

• At least four Independent or co-opted Governors, one of whom shall be in the Chair
  • Ms Shirley Cameron (Chair)
  • Ms Helena Peacock
  • Ms Aprileen Alexander
  • Vacant (Deputy Chair)
• Up to two members, not otherwise Governors, members of staff or students, who have specialist expertise relevant to the Committee’s work
  • Mr Neil Ashton
  • Vacant
• The Vice-Chancellor and President
  • Professor Peter John

Quorum

Quorum is three Independent Governors.

Frequency

The Committee usually meets four times a year.

Notes

The Chief Financial Officer and the University Secretary are normally expected to be in attendance at meetings. Other officers may be asked to attend when appropriate.