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The Committee is responsible for monitoring and advising Council on the financial health of the University, including the financial strategy, and risk management, budget setting, annual accounts, investment activity, and consideration of capital expenditure including estates and infrastructure activity.
The Committee is responsible to Council and has the following remit:
The Committee shall exercise such powers and responsibilities as are delegated to it by Council, as set out in the Schedule of Delegated Authority, appended to these Terms of Reference. In the event of any inconsistency, the University’s full Scheme of Delegation and Key Decision-Making shall prevail.
The Committee has oversight for monitoring the progress of risk action plans and management controls for risks in the University Risk Register categorised as: Financial Sustainability; and Commercial and Operational.
Financial Sustainability
Commercial and Operational
Chair: Member of Council appointed by Council
Vice Chair: Member of Council
Officer: A member of the Governance and Legal team
See after membership
5 times per year
University Council
Following each meeting, the Chair (or nominee) shall provide a Key Issues report to Council, highlighting any matters on which Council is advised, assured, or alerted, including any issues requiring Council approval, escalation, or further consideration. Where no such matters arise, the publication of the Committee minutes shall constitute the Committee’s report to Council.
Minutes are held by the Secretary to Council, and published on the University website.
Four External members of Council and the Vice-Chancellor.
The Student Council Members shall be invited to attend the annual meeting at which investments are considered (and the Investment Manager is in attendance), for that item only.
| Membership | Appointment Dates | |
|---|---|---|
| Member of Council (Chair) | Ruth Dooley | Nov 23 – Nov 27 |
| Member of Council (Vice-Chair) | Mark Burch | May 25 – Feb 29 |
| Member of Council | James Cooper | May 26 – Nov 27 |
| Member of Council | Geoff Layer | Apr 26 – Sept 29 |
| Vice-Chancellor | Clare Marchant | Ex officio |
| Co-opted Member (4-year term) | Jaki Meekings Davis | Apr 24 – Apr 28 |
| Co-opted Member (1-year term) | Paul Minnis | Jul 26 – Jun 27 |
| In attendance: | ||
| Chief Financial Officer | Camille Stallard | Ex officio |
| Chief Operating Officer | Katharine Clough | Ex officio |
The Committee shall be quorate when at least two External members are present.
Where the Committee is, or becomes during the meeting, inquorate, Council will be informed of these circumstances at its next meeting. The Committee Chair shall decide whether:
Relevant Extracts from the Scheme of Delegation and Key Decision-Making*
*In the event of any inconsistency, the full Scheme of Delegation and Key Decision-Making shall prevail
| No. | Description/Action | The Delegated Authority | Nature of Delegation and Process It should be stated here whether any other senior bodies/individuals other than those set out in the ‘Delegation’ column are involved in the governance process |
|---|---|---|---|
| 1.1 | The ultimate oversight of the University’s activities to ensure within charitable purposes | – Audit and Risk Committee; – Governance and Nominations Committee; – Remuneration and Human Resources Committee; – Finance and General Purposes Committee; – University Executive Committee; – Academic Board | Please see individual terms of reference for each Committee. |
| 1.5 | Development of and amendments to the Terms of References for relevant sub-committees (set out separately below) | – Audit and Risk Committee; – Governance and Nominations Committee; – Remuneration and Human Resources Committee; – Finance and General Purposes Committee – University Executive Committee; – Academic Board | All committees review and approve any potential amendments to their Terms of Reference on an annual basis, which are then reviewed and approved by Council (however amendments can be made in-year as required). Minor amendments are made by the University Secretary or the Assistant Secretary and noted by the relevant Committee and Council. Minor amendments may include, but are not limited to, administrative changes such as updates to reflect revised policies or processes, changes to job titles, changes to committee names etc. |
| 1.5 | Terms of Reference: The Finance and General Purposes Committee | Finance and General Purposes Committee | Any in-year amendments are submitted to The Finance and General Purposes Committee as required. |
| 5.1 | Approval of Financial Policy and Regulations | Finance and General Purposes Committee | The process will be supported by Chief Financial Officer. |
| 5.3 | Determination of detailed budgets and financial forecasts within overall approved framework of the University’s Financial Plan | Finance and General Purposes Committee | This process will be supported by Chief Financial Officer. |
| 5.4 | Ensuring the University maintains robust systems of internal financial control and accountability, including risk management | – Finance and General Purposes Committee – Audit and Risk Committee | This process will be led by Chief Financial Officer and the Finance & General Purposes Committee and Audit & Risk Committee may seek assurance from other committees in fulfilling its responsibilities in respect of this action. |
| 5.6 | Ensuring the effective and efficient use of resources, value for money arrangements, the solvency of the University and for safeguarding the assets | – Audit and Risk Committee – Finance and General Purposes Committee | Finance & General Purposes Committee involved in relation to the solvency of the University and for safeguarding the assets of the University. |
| 5.7 | Approval of the Office for Students’ Transparent Approach to Costing (TRAC) return | Finance and General Purposes Committee | The Finance & General Purposes Committee is responsible for ensuring that the TRAC process used by the University to produce the TRAC return complies with the TRAC requirements. The TRAC return is subsequently signed off by Finance & General Purposes Committee. |
| 5.8 | Ensuring compliance with the Office for Students’ Financial requirements and obligations | – Finance and General Purposes Committee – Audit and Risk Committee | The Finance & General Purposes Committee is responsible for ensuring compliance with the Office for Students’ Financial requirements and obligations. Audit & Risk Committee are responsible for reportable events. |
| 5.10 | Agreement of Treasury Management Policy | Finance and General Purposes Committee | This process will be led by Chief Financial Officer. |
| 5.12 | Responsibility for the development and application of an Investment Policy | Finance and General Purposes Committee | The Finance & General Purposes Committee will make a recommendation to the Council and this process will be led by Chief Financial Officer. |
| 5.13 | Appointment of investment managers | Finance and General Purposes Committee | This process will be led by Chief Financial Officer. |
| 5.14 | Management of endowments and other investments | Finance and General Purposes Committee | This process will be led by Chief Financial Officer. |
| 5.16 | Responsibility for approval, ownership, and review of the tax strategy | Finance and General Purposes Committee | This process will be led by Chief Financial Officer. |
| 5.18 | Appointment of the University’s insurers | Finance and General Purposes Committee | The University Executive Committee will make a recommendation to the F&GPC and this process will be led by Chief Financial Officer. |
| 5.22 | Appointment of the University’s bankers | Finance and General Purposes Committee | This process will be led by Chief Financial Officer |
| 5.23 | Approval for the opening or closing of bank accounts | Finance and General Purposes Committee | This process will be led by Chief Financial Officer |
| 5.24 | Approval of bank signatories | Finance and General Purposes Committee | This process will be led by Chief Financial Officer |
| 5.26 | Approval of new arrangements with private student accommodation providers | Finance and General Purposes Committee | The process will be led by the Chief Financial Officer. |
| Transaction Type/Authority Levels – after co-pilot review | **** £0 £10,000 | £10,001 – £50,000 | £50,001 £150,000 | £150,000 – £500,000 | £500,001 – £3,000,000 | Above £3,000,000 |
|---|---|---|---|---|---|---|
| – New Capital Expenditure & – New unbudgeted revenue spend – Student claims | Head of Dept/Deputy Head of School | UEC Members | CFO or COO | VC | F & GP | Council |
| Capital Expenditure – approved & budgeted projects* | Head of Dept/Deputy Head of School | Head of School/Prof Dept Dir + FBP | UEC members | CFO, COO | VC | F & GP |
| Budgeted revenue spend* | Head of Dept/Deputy Head of School | Head of School/Prof Dept Dir | UEC members | CFO or COO | VC | UEC |
| Procurement from Non-approved supplier** | Head of Dept/Deputy Head of School | UEC member + CFO waiver if over £30k | CFO or COO | VC | F & GP | Council |
| Capital bids and Research & Commercial income generating contracts (including PIMS) | Head of Dept/Deputy Head of School +FBP | Head of School/Prof Dept Dir + Dir of Research | Dir of Research | VC | VC with CFO review | F&GP (reporting to Council where required) |
| Payroll – one-off Redundancy/Settlements/ Ill health retirements etc | CFO/People Dir | CFO/People Dir | CFO/People Dir | VC | RHRC | Council |
| Bad Debt Write-offs | Financial Controller | CFO | CFO | VC | F & GP | Council |
| Leases & Property Commitments*** | Dir of C&T | Dir of C&T | CFO | VC | F & GP | Council |
| Asset disposal | Head of Dept/Deputy Head of School +FBP | UEC member | CFO or COO | VC | F & GP | Council |