Statutory Bodies and Committees

Finance Committee

The Finance Committee is responsible to Council for the finances of the University, including financial strategy, budget setting, annual accounts, monitoring of investment activity and consideration of capital expenditure.

Secretary to the Committee: If you would like further information about the Finance Committee, please contact Caroline Harris, ext 4141.

Committee members

Terms of office expire on 31st July in the year stated.

Name Position Term of Office
Mr P Wyman Chair (Treasurer)
ex-officio
Professor Dame Glynis Breakwell President and Vice-Chancellor
ex-officio
Mr J Stanion
2018
Mrs C Mealing-Jones
2018
Mr J Preston
2020
Professor D Stanton Fraser
2019
Dr A Salo
2019
Professor B Gilbertson
      2018
Mr B Davies
ex-officio
Mr W Galloway (Observer)
2018

The following Officers routinely attend meetings of the Committee:

Name Position
Professor B Morley Deputy Vice-Chancellor and Provost  
Professor S Egan Vice-President (Implementation)  
Mr M Humphriss University Secretary  
Mr M Williams Director of Finance  
Mr M Whalley Director of Estates  
Mr S Fenne Deputy Director of Finance  

Terms of Reference

Approved by Council, 1st July 2005, revised 5th July 2007, 3rd July 2008, 27th November 2008, 25th February 2010, 27th February 2014 and 25th February 2016

1.  To review each year the financial resources available to the University, with a report on the principal internal allocation of resources, and to recommend a budget to Council for the implementation of the plans of the University.

2.  To have general supervision of the finances of the University, to ensure that expenditure incurred has been properly authorised, and to make recommendations to Council on any related matters.

3.  To supervise the University’s investment portfolio in the following ways:

(i)    To determine the allocation of funds for investment, indicating the liquidity requirements attached to the funds.

(ii)  To consider new investments in excess of £10 million and to make a recommendation to Council.

(iii) To receive, for information, reports of new investments between £1 million and £10 million approved by the Vice-Chancellor.

(iv) To determine the strategic orientation, risk profile and allocation policy of funds under its management.

(v)  To appoint fund manager(s) and receive reports on the performance of investments under their management.

4.  To appoint the University’s banker(s) and approve the designation of bank account signatories;             
 
5.  To monitor the University's investments in any trading activities or operations in which the University has an interest.

6.  To examine and approve the basis and structure of any trading companies which the University might propose to set up and to approve their disestablishment.

7.  To consider, prior to submission to the Audit Committee, the audited accounts and to make recommendations to Council.
NB. The External Auditor will be invited to attend for this item of business.

8.  To consider major items of capital expenditure including land and building projects and the acquisition and disposal of land and buildings in the following ways:

(i)     To consider expenditure and disposal estimated to be in excess of £5 million (inclusive of VAT and all other expected costs) and make a recommendation to Council.

(ii)    To approve expenditure and disposal estimated to be in the excess of £2 million and up to £5 million (inclusive of VAT and all other expected costs) and provide a report for information to Council.

9.  To consider any proposed upward revision of an approved capital project budget and to make a recommendation to Council, where the proposed revision totals:

(i)  in excess of £500,000 and the approved budget is £2.5m or below; or

(ii)  in excess of £750,000 and the approved budget is above £2.5m.

10. To receive regular reports on the allocation of borrowing to specific projects and to recommend to Council any variance in the terms of the borrowing arrangements or in the total value of the borrowing.

11. To consider significant land and building leasing arrangements and to make recommendations to Council.

12. To receive the minutes of the Audit Committee for information.

13. To approve the annual budget of the Students’ Union, and to receive, for information, its Annual Financial Statements.

14. To approve fees chargeable by the University (subject to any changes in the statutory fee level being considered and recommended to Council)

15. To consider significant changes in the University's Bursary Scheme and to make recommendations to Council.

16. To make recommendations to Council on the writing off of debts of £250,000 and above and to approve the writing off of debts between £50,000 and £250,000.

17. To approve amendments to the Financial Regulations.

Procedural Rules

  • Membership: Vice-Chancellor/Treasurer/Deputy Vice-Chancellor or Pro-Vice-Chancellor appointed by the Vice-Chancellor/Five Members of Council, elected by Council, of whom two will be members of Senate and three will be lay members of Council/President of the Students' Union or nominee
  • Appointment of Chair: The Treasurer shall be the Chair of the Finance Committee
  • Co-option: Council Standing Orders 16(iv) and 16(v)
  • Alternates: Council Standing Orders 17(iii) to (vi)
  • Quorum: One third of the membership (Council Standing Order 16(vi)), including at least two lay members
  • Rules for voting: None specified
  • Minutes: Submitted to Council.