- 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
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
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.
- to appoint the University's banker(s) and approve the designation of bank account signatories
- to monitor the University's investments in any trading activities or operations in which the University has an interest
- 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
- 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
- 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.
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.
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
to consider significant land and building leasing arrangements and to make recommendations to Council
to receive the minutes of the Audit Committee for information
to approve the annual budget of the Students' Union, and to receive, for information, its Annual Financial Statements
to approve fees chargeable by the University (subject to any changes in the statutory fee level being considered and recommended to Council)
to consider significant changes in the University's Bursary Scheme and to make recommendations to Council
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
to approve amendments to the Financial Regulations
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.
There shall be a quorum at meetings of one-third of the membership, including at least two lay members. See Council Standing Order 16(vi).
Rules for voting
There are no specified rules for voting.
Minutes are submitted to Council.
Owner: Finance Committee
Approval Date: 1 July 2005, revised 5 July 2007, 3 July 2008, 27 November 2008, 25 February 2010, 27 February 2004 and 25 February 2016
Approved By: Council
Date of last review: 25 February 2016