Finance and Infrastructure Committee

Terms of Reference and Membership 2021-22

Role

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

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

Responsibilities

  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 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 financial statements of the University and recommend their approval to the Council.
  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. On behalf of Council, to investigate aspects of the University’s financial performance, including financial viability and sustainability, to ensure the University has the necessary financial resources to continue to comply with all OfS Conditions of Registration.
  6. To approve and monitor the University’s treasury management policy and activities including strategy for, and performance of, endowed funds and investments. (DELEGATED TO INVESTMENTS COMMITTEE)
  7. 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.
  8. 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.
  9. To consider and approve capital works and digital infrastructure programmes.
  10. To oversee significant aspects of estate developments in the delivery of the capital programme, to monitor capital disposals, and receive reports in respect of the condition of the estate.
  11. To ensure appropriate governance of strategic issues relating to the University’s estate and digital infrastructure, including asset management, estates and IT projects, maintenance and repair, facilities management, energy and environmental sustainability issues.
  12. To receive relevant extracts of the University risk registers relating to financial and infrastructure risk.
  13. To determine the University’s Financial Regulations. To approve substantive changes and receive reports of changes made under the scheme of delegation.
  14. To monitor performance of the University's commercial activities and consider proposals to establish new commercial ventures.
  15. To approve an annual grant to the Students’ Union after receipt of their provisional budget for the forthcoming financial year.
  16. 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).
  17. To oversee the University’s arrangements for tax, purchasing, Transparent Approach to Costing (TRAC), subsidiary companies and financial relationships with associated bodies. 

Subsidiary companies

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 2021-22

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

Duration of appointment

Members appointed under a. to f. are ex-officio.

Members appointed under g. and h. shall serve for three years, renewable, but maximum length of service is normally six years.

Normally in attendance at meetings

  • Chief Operating Officer
  • Director of Finance
  • Deputy Director of Finance
  • Director of Estates and Digital Services

Secretariat

Governance Office.

Frequency of meetings

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

Quorum

4 members including one lay member of Council.

Appendix – membership 

Constitution and membership 2021-22

  • a. The Treasurer (Chair) Ian Johnson
  • b. The Chair of Council Gary Dixon
  • c. The Vice-Chancellor Nishan Canagarajah
  • d. The Deputy Vice-Chancellor Edmund Burke
  • e. Registrar and Secretary Geoff Green
  • f. The President of the Students’ Union Rhiannon Jenkins
  • g. Three lay members of Council, appointed by the Nominations Committee:
    • i. Azam Mamujee, from 1.8.2018-31.7.2022
    • ii. Cathy Ellis from 1.8.2017-31.7.2022
    • iii. Andrew Morgan from 1.8.2019 – 31.7.2022
  • h. One member of Senate, appointed by the Senate
  • i. Andy Ellis from 1.8.2018-31.7.2021 (TBC)

Normally in attendance at meetings

  • Chief Operating Officer,  Martyn Riddleston
  • Director of Finance, Paul Gowdridge
  • Deputy Director of Finance, Adam Baynes / Katherine Inns (on rotation)
  • Director of Estates and Digital Services,  Michael Flanagan

Secretariat

  • Governance Office, Alison Benson