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


Total membership: 8 members, with a minimum of 4 lay members and 1 student governor
Chair: Treasurer, ex officio
Ex Officio members: Treasurer, Vice-Chancellor
Other members by appointment

Procedural rules

Alternates: The Vice-Chancellor can nominate an alternate as Accountable Officer
Quorum: Three, of whom at least two lay members
Rules for voting: Voting normally by show of hands on the basis of a simple majority
Report/Minutes: Submitted to Council
Terms of Reference: Amendment requires two thirds majority and approval by Council

Version information

Owner: Finance Committee
Version number:
Approval Date: 24 June 2021
Approved By: Council 22 July 2021
Date of last review: 24 June 2021