FINANCE & RESOURCES COMMITTEE
The Finance & Resources Committee is responsible for considering the University College's Strategic Plan, staffing establishment and management accounts prior to their submission to the Board of Governors for approval.
Chair: Mr Nigel Theyer
Clerk: Miss Kim Lock
TERMS OF REFERENCE
| Serviced by: | Principal's Office |
| Reports to: | Board of Governors |
| 1. | Membership | |
| 1.1 | Membership of the Finance & Resources Committee comprises: a) The Principal; b) Six Governors appointed by the Board of Governors on the recommendation of the Nominations Committee. |
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| 1.2 | The Committee’s Chair is a member of the Board of Governors and is appointed by the Board of Governors on the recommendation of the Nominations Committee. The Committee shall appoint a Deputy Chair from within its members. | |
| 1.3 | Apart from the Principal, no staff or student Governor shall be members of the Finance & Resources Committee. However, a staff Governor and the SU President may be invited to attend for unreserved items of business. The Vice Principal (Resources) and, where appropriate, the Head of Finance & Corporate Services, will attend meetings. Other senior staff attend, where appropriate, by invitation of the Chair. | |
| 1.4 | Under HEFCE rules, members of the Finance & Resources Committee may not be members of the Audit Committee and vice versa. | |
| 2. | Quorum and Rotation | |
| 2.1 | A quorum exists when no less than three members (including the Principal) are present. Members, excluding the Principal, are appointed to serve four years each and may be nominated for re-appointment. Members serve in accordance with the general rules and regulations set out in the Memorandum and Articles of Association. | |
| 2.2 | The Finance & Resources Committee will not meet in the absence of the Principal except at the discretion of the Chair if and when it is believed to be necessary due to such unforeseen and unavoidable circumstances as, for example, a prolonged absence through illness. | |
| 3. | Terms of Reference | |
| 3.1 | The Terms of Reference for the Committee are to: | |
| a) Review and recommend to the Board of Governors the University College's Financial Strategy, annual forecasts of income, expenditure and cash and the staffing establishment. | ||
| b) Receive and review the University College’s monthly management accounts (including the accounts of subsidiaries) and a written accounts review and analysis which compares actual income and expenditure and cash against forecast and consider any proposals that would have a significant impact on the University College’s forward planning or financial and human resources as set out in the current Financial Regulations. Bi-annually, the Committee will receive a benchmarking report and analysis which compare the institution’s performance with the sector. | ||
| c) Receive and review on a regular basis the latest reports on the University College’s investments and compare results to date with agreed investment objectives, performance indicators and comparative indices. The Committee will also review an annual report from the fund managers which compares overall activity to benchmarks and plan. | ||
| d) Examine and approve, or otherwise, all proposals where planned expenditure exceeds £250,000 and / or for increasing the University College’s borrowing whether this be an increase in the level of overdraft, or longer term borrowing, supported by an appropriately documented business or investment plan including full capital appraisal; projected balance sheet implications; income and expenditure and cash flow statements and within the University College’s agreed Strategic Plan and Funding Council’s Financial Memoranda. | ||
| e) Receive periodic reports on the University Colleges staffing establishment; staff development activities and organisation. Hear and decide on issues arising from the application of the University College’s agreed management / union policies and procedures relating for example to: harassment; grievance; discipline; disability; equal opportunities; Health & Safety; redundancy, Whistleblowing, bribery, etc., and, where appropriate, other matters considered to have substantial industrial relations implications for the University College e.g. applications to Industrial Tribunals; civil actions; threatened industrial action etc. | ||
| f) Receive reports relevant to the institutional annual planning process and monitoring reports on designated KPIs, including financial, partnerships and funding agencies. | ||
| g) Approve all proposals for estate development where expenditure exceeds £250,000 and all other similar levels of commitment to leases and purchases with third parties; and receive periodic reports on the maintenance of the estate; minor works over £50,000; new buildings and construction and their progress. The Committee is to be kept informed of progress with any legal action defended or undertaken by the University College relating to any matter. | ||
| h) Receive and act on behalf of the Board of Governors on financial and resource issues arising at, and delegated from, the Board of Governors meetings (and all such other matters as may be deemed important from time to time) with recommendations for consideration by the Principals’ Office and / or for action or further consideration of the Board of Governors. |
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