Finance Committee

Terms of Reference

2024/25

Assurance

  1. To gain assurance that the University’s financial strategy has been implemented specifically considering:
    • To consider progress against the agreed Financial KPI’s together with the quarterly financial performance of all underlying activities and budgetary units against budget and five-year rolling forecast.
    • To consider reports concerning the University’s cash and investments and to regularly review the Treasury Management Policy.
    • To consider the borrowing requirements of the University and recommend borrowing and financing arrangements to Council.
    • To consider the University’s financial safeguarding of assets.
    • To consider material financial risks and monitor the financial sustainability of the University.
    • To consider the impact of external environment on the financial strategy and to consider relevant sector benchmark data.
    • To receive reports on banking and funding council covenants.
    • To review the performance of university subsidiary companies.
  2. To consider an annual report on fundraising activity

Decision making and other duties

  1. To scrutinise and recommend approval of the annual financial statements of the University to the Audit and Risk Committee.
  2. To review and recommend for approval by Council the revenue budgets and five-year forecasts.
  3. To make recommendations to Council on the appointment of bankers, insurance brokers and other financial specialists and to review their performance periodically.
  4. To review annually and recommend approval of the University’s capital plan to Strategic Portfolio and Resources Committee, with a specific focus on affordability.
  5. To review and approve the University’s TRAC returns.

Standard duties

  1. To report to Council and Senate after each meeting.
  2. To review annually its Terms of Reference.
  3. To review annually its effectiveness.
  4. To refer business to other Committees as it sees fit.
  5. To set up and oversee sub groups of the committee and to commission reports from these sub groups as necessary to assist the Committee in its duties, and to produce terms of reference for these groups.