Finance and Infrastructure Committee

Terms of Reference and Membership 2023-24

Role

To provide oversight of and advice on matters relating to the financial position of the University, and give delegated approvals.

To provide strategic oversight of matters relating to the University’s estates and digital infrastructure.

Responsibilities

Financial strategy

1. To recommend to the Council approval of the Annual University Budget and periodic Financial Forecasts (including allocations to Corporate Services, the Colleges, the Capital Programme and the Students’ Union), in order to achieve the objectives of the University’s Strategic Plan.
2. To approve variations to the Annual Budget of over £1 million and up to £5 million. Above £5 million variations are to be considered by the Committee and recommended to the Council for approval.
3. To monitor the University’s financial key performance indicators and performance against the Annual Budget, including investment programmes for estates capital planning and digital infrastructure.
4. To consider the annual financial statements of the University and recommend their approval by the Council.
5. To determine and oversee the University’s policies for the University’s own pension schemes (PAS and 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 and Deputies to act on behalf of the University, as employer, at meetings of the PAS Trustees.
6. To determine the University’s Financial Regulations. To approve substantive changes and receive reports of changes made under the scheme of delegation.
7. To monitor the finances of the Students’ Union and to receive a copy of their audited accounts. To approve an annual grant to the Students’ Union after receipt of their provisional budget for the forthcoming financial year.  

Investment and borrowing

1. To approve and monitor the University’s strategy for, and performance of, endowed funds and investments. (Delegated to Investments Committee)
2. 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.

Estates and infrastructure

1. To oversee strategic issues relating to the University’s estate and digital infrastructure. To monitor implementation of the strategic infrastructure programme, including (but not limited to) capital disposals, the condition of the estate and digital infrastructure.
2. To consider and approve capital works programmes (including significant variations) within the University including estates and digital infrastructure. To monitor the progress of these programmes as they are implemented, and to report to Council on areas of concern.

Compliance

1. To monitor and investigate aspects of the University’s financial performance, including financial viability and sustainability.
2. To receive relevant extracts of the University risk registers relating to financial and infrastructure risk.
3. To oversee the University’s arrangements for tax, purchasing and Transparent Approach to Costing (TRAC).
4. On behalf of the Council, to investigate aspects of the University’s financial performance, including regulatory reporting and lender covenants, which require further analysis or action.
5. To consider the equality and inclusivity impact of decisions made by the Committee, and take appropriate action where needed, in accordance with the University’s responsibilities under the Equality Act 2010.

Subsidiary companies

1. To approve the formation of spin-out and subsidiary companies and receive regular reporting from their Boards of Directors or equivalent for the purposes of maintaining an overview of University Group finances.

Reports to

The Council.

Receives reports from

Investments Committee.

Subsidiary company Boards (Leicester Services Partnership Ltd; College Court Conference Centre Ltd; Freemen’s Common Village LLP). 

Constitution and membership 2023-24

• a. The Treasurer (Chair)
• b. The Chair of Council
• c. The Vice-Chancellor
• d. The Deputy Vice-Chancellors
• e. The President of the Students’ Union
• f. Three lay members of Council, appointed by the Nominations Committee
• g. One member of Senate, appointed by the Senate 

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.

Normally in attendance at meetings

• Chief Financial Officer
• Deputy Directors of Finance
• Registrar and Secretary

Secretariat

Governance Office.

Frequency of meetings

The Committee will normally meet five times in each academic year.

Quorum

4 members including one lay member of Council.

Appendix – membership 

Constitution and membership 2023-24

• a. The Treasurer (Chair):  Cathy Ellis
• b. The Chair of Council:  Gary Dixon
• c. The Vice-Chancellor: Nishan Canagarajah
• d. Provost and Deputy Vice-Chancellor: Henrietta O'Connor
• e. Deputy Vice-Chancellor (Professional Services): Kerry Law
• f. The President of the Students’ Union: Archie Robinson
• g. Three lay members of Council, appointed by the Nominations Committee:
  • i. vacant
  • ii. Jack Chambers from 1.9.2023 - 31.8.2026
  • iii. Kevin Nagle from 1.8.2022 – 31.7.2025 (1st term)
• h. One member of Senate, appointed by the Senate
  • i. Linda Ralphs from 1.2.2023 - 31.7.2026 (1st term)

Normally in attendance at meetings

• Chief Financial Officer - Paul Gowdridge
• Director of Operational Finance - Adam Bayne
• Deputy Director of Finance (as required) - Katherine Inns
• Registrar and Secretary - Geoff Green
• Director of Estates and Campus Services - Kirsty Woodward

Secretariat

• Governance Office, Joe Suffield