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Finance Committee terms of reference

The terms of reference for the Finance Committee, including its primary responsibilities and procedural rules.


Terms Of Reference

Purpose of the committee

To provide assurance to Council on the long-term financial sustainability of the University, through general supervision of the University’s finances. This includes the principles of good practice in financial management; recommendations on investments, borrowing and capital expenditure; and assessment and monitoring of the financial plan.

Key Responsibilities

  1. To maintain oversight of the University’s financial plans, highlighting risk and opportunities to Council
  2. Making all decisions and recommendations with the aim of assuring long-term financial sustainability, including maintaining an overview of fee income against expected expenditure
  3. To review and recommend the annual budget to Council
  4. To review and approve the Student Union annual budget
  5. To recommend to Council the principles of financial management to be applied by the University and approve amendments to the Financial Regulations.
  6. To consider and approve the Annual Audited Accounts and Financial statements in accordance with the Office for Students Accounts directions and consequently, with the Audit and Risk Assurance Committee (ARAC), review the Annual report and make recommendations to Council.
  7. To supervise the University’s investments and borrowing, determining the appropriate allocation of funds and their risks and terms, and approving these directly or making recommendations to Council according to the approval limits as set in the Scheme of Delegation
  8. To oversee capital expenditure, approving expenditure and disposal between £2 and £5 million, and to consider and make recommendations to Council on material changes to capital budgets
  9. To provide insight to ARAC on key financial risks on the risk register
  10. To test the validity of financial assumptions made in the business cases of major projects and to provide advice to Council accordingly
  11. To take any other such decisions as defined in the Scheme of Delegation, or as may be agreed from time to time

Reporting Relationships

Finance Committee reports to Council. Finance Committee will receive reports from the Investments Sub Committee and the University Commercialisation Executive Board.

Procedural rules

Frequency of meetings: Typically four meetings per year

Quorum: Three, of whom at least two must be lay members

Membership

Ex Officio Members

Appointed Members

In Attendance

Finance Committee has 6 members, with a minimum of 3 lay members including the Treasurer, and 1 student governor. Members are appointed on a yearly basis through Nominations Committee.

Other members may be co-opted or invited to attend for specific meetings at the discretion of the Committee.

Version information

Owner: Finance Committee
Approval Date: 20 September 2024

Enquiries

If you have any questions, please contact us.


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