Finance Committee

Terms of Reference and Membership 2016-17

Role

To provide oversight of and advice on matters relating to the financial position of the University.

Responsibilities

  1. Recommend to the Council approval of the Annual University Budget and medium term Financial Forecasts, (including allocations to Corporate Services, the Library, the Colleges, the Capital Programme, and the Students’ Union) in order to achieve the objectives of the University’s Strategic Plan.
  2. To monitor the University’s financial key performance indicators and performance against the Annual Budget, (including the investment programme for capital and infrastructure) and to approve variations to that of over £1 million and up to £5 million.  Above £5 million variations are to be considered and recommended to the Council for approval.
  3. To receive the annual accounts of the University and recommend their approval to the Council.
  4. On behalf of the Council to investigate aspects of the financial situation which require further analysis or action.
  5. To approve and monitor the University’s treasury management policy and activities including endowed funds and investments.
  6. To advise on borrowing policy, and to consider and approve proposals for borrowing and capital financing structures and related external funding arrangements, and the details of their terms, reporting as necessary to the Council.
  7. To oversee the University’s arrangements for tax, purchasing, TRAC, subsidiary companies and financial relationships with associated bodies. To approve the formation of spin-out and subsidiary companies.
  8. To determine and oversee the University’s policies for the University’s own pension schemes (PAS and the FriendsLife Stakeholder) and to determine University policy towards the national pensions schemes that the University participates in (USS and the NHS Pension Scheme).   To approve changes to pension arrangements which do not impact on the overall terms of conditions of the employment of staff.  To authorise the Director of Finance to act on behalf of the University, as employer, at meetings of the PAS Trustees.
  9. To oversee significant financial aspects of Estate’s developments in the delivery of the capital programme, to monitor capital disposals and receive reports in respect of the condition of the estate.
  10. To receive and consider the financial risks section of the University Strategic Risk Register.
  11. To receive and consider reports of the Strategic Fundraising Committee.
  12. To determine the University’s Financial Regulations. To approve substantive changes and receive reports of changes made under the scheme of delegation.
  13. To monitor performance of the University's commercial activities and consider proposals to establish new commercial ventures.
  14. Maintain an overview of the financial performance and sustainability of the Students' Union.
  15. To consider, record and address the potential equal opportunity impacts of decisions made by the Committee (in accordance with the ‘due regard’ provisions of the Equality Act 2010

Reports to

Council

Constitution and Membership 2016-17

  1. The Treasurer (Chair) (Mr D Moore)
  2. The Chair of Council (Dr B Towle)
  3. The Provost (Professor M Peel)
  4. The Director of Finance (Mr M Riddleston)
  5. The President of the Students’ Union (Ms R Holland)
  6. Three lay members of Council, appointed by the Nominations Committee (Mr G Dixon, Ms C Thorogood – both from 1/8/2015-31/7/2018 and Mr P Lawson from 1/8/2016-31/7/2019)
  7. One member of Senate, appointed by the Senate (Professor R England, 1/12/2015-31/7/2018)
  8. Up to two co-opted members with investment management experience, appointed by the Committee (Mr H Stevenson, 1/8/2016-31/7/2017; Mr M Chamberlain, 1/8/2016-31/7/2017)

Duration of appointment

  • Members appointed under a. to e. are ex-officio.
  • Members appointed under f. and g. shall serve for three years, renewable, but maximum length of service is normally six years.
  • Members appointed under h. shall serve for one year, renewable, but maximum length of service is normally three years.

Normally in attendance at meetings

  • Deputy Directors of Finance (Mr G Hague (to 31 March 2017) Mr R Griffiths and Mr P Gowdridge (from 1 January 2017)
  • Director of Estates (Ms Brita Sread, Director of Estates and Campus Services)

Secretariat

Governance Office 

Frequency of Meetings

The Committee will normally meet five times in each academic year

Quorum

4 members including one lay member