Finance Committee

1. To consider and recommend to the Council:

a. Financial implications of the University’s strategic plan
b. University finance strategy
c. Financial statements of the University (joint meeting with Audit and Risk Committee)
d. Annual five-year financial forecast
e. Budget, financial implications and expenditure on the capital programme
f. University borrowing strategy
g. Approval of capital expenditure, infrastructure, revenue maintenance projects, leases and guarantees greater than £8m, in line with the Finance Regulations
h. Financial assessments in respect of any projects with very significant budgetary or strategic implications as determined by UEB and Council
i. The University’s Finance Regulations

2. To approve:

a. Quarterly budget in-year forecasts
b. Policies supplementary to the Finance Regulations

3. To monitor:

a. In-year financial performance against budget of the University (on a quarterly basis)
b. Financial performance against the capital programme
c. Financial risk environment over the medium and long term
d. Long-term financial outlook, sustainability and capacity to fund strategic priorities
e. Post-implementation review of revenue and capital projects with significant budgetary or strategic implications
f. Financial performance of the University pension scheme and other pension arrangements
g. Financial performance of the Students’ Union and GSA
h. Compliance with the TRAC requirements

4. To receive:

a. Financial implications and risks relating to the University’s corporate risk register
b. Five Year Forecast process and resource allocation method
c. Reports from Subsidiaries Management Group
d. Reports from Planning Committee
e. Performance of financial investments including endowments and restricted funds

The monitoring of financial performance and consideration of finance-related issues is delegated from Council to the Finance Committee, and the Committee approves finance related proposals and policy.

The approval of University and group annual financial statements and accounts, and five-year forecasts, cannot be delegated by Council.

The Committee works closely with the Audit and Risk Committee based on their respective remits, including a distinct but joint role in both bodies’ review and recommendation to Council of the year-end financial statements, which are considered at a joint annual meeting of the two committees.

These responsibilities are set out in the CUC HE Audit Committee Code of Conduct and explained below: 

• Finance Committee endorses the content of the Financial Statements as showing a true and fair view of the University financial performance (based on financial reports received during the year) and recommends approval of the financial statements after a detailed examination. The Finance Committee also reviews the accounting policies, judgements and estimates, and going concern assumption proposed by management.  
• Audit and Risk Committee provides assurance that there has been a robust examination of the statements via the internal process and management representations and the external audit. This includes reviewing the audit of the institution’s financial statements, including the audit report, the statement of responsibilities and the statement of internal control. 

Subsidiary companies will be reviewed by the Subsidiaries Management Group chaired by the Finance Director, with independent members in attendance. Subsidiaries Management Group is a subcommittee of UEB. 

Finance Committee is a committee of Council and reports directly to it:

• Frequently through summaries of the minutes of each of its meetings to the next Council meeting
• Annually for its recommendation to approve the five-year forecast and adopt the annual financial accounts to Council.
• Periodically via other policies, reports, plans and progress updates which it reviews and/or recommends for Council approval within the business cycle and its terms of reference.

The committee receives a range of finalised formal reports and documents required to be brought to it, presentations, etc.

Reporting to the committee

The TRAC Oversight Committee is a sub-committee of Finance Committee.

Ex officio members

• Chris Thompson, Treasurer (Chair) (until July 2026)
• Professor Ken Badcock, Deputy Vice-Chancellor and Provost
• Lindsey Fussell, Deputy Treasurer (until July 2026)
• Professor Charlie Jeffery, Vice-Chancellor and President
• Dr Alice Maynard, Chair of Council (until March 2026)

Appointed by Council on recommendation of Constitution and Nominations Committee

Two independent members of Council

• Philip Carpenter, Lay member of Council (until July 2027)
• Judith McNicol, Lay member of Council (until October 2024)

Three heads of academic departments recommended by the committee

• Professor Martin Bees, Mathematics (until July 2026)
• Professor Philip Linsley, Business and Society (until July 2025)
• Professor Laura Stewart, History (until July 2024)

Student representatives

• Mardan Nasier, President of the Graduate Students' Association (until July 2024)
• Pierrick Roger, President of the Students' Union (until July 2024)

In attendance

• Nirmal Borkhataria, Interim Finance Director
• Ruth Clark, Group Financial Controller (Secretary)
• Joss Ivory, Chief Operating Officer
• Alice Wakely, Governance and Assurance Officer (Minutes Secretary)
• David Watson, Chair of the Audit and Risk Committee (until January 2026)
• Adam Hewitt, Interim University Secretary

Meeting dates 2023-24

Meeting dates 2024-25

Meeting frequency: a minimum of four times per year, with decisions also being able to be transacted and recorded by written resolution or, where necessary, Chair’s Action.

Meeting modes: physical or virtual convening of members and attendees, or meetings which simultaneously enable both modes.

2023-24

12 December 2023

• Finance Committee agenda 121223 (PDF , 15kb)
• Finance Committee executive summary 121223 (PDF , 96kb)

Joint meeting with Audit & Risk Committee 16 November 2023

• Joint ARC Finance Committee agenda 161123 (PDF , 67kb)
• Joint ARC Finance Committee exec summary 161123 (PDF , 70kb)

19 October 2023

• Finance Committee agenda 191023 (PDF , 94kb)
• Finance Committee executive summary 191023 (PDF , 117kb)