Finance Committee

Terms of Reference

Terms of Reference

The remit of the Committee under the following core, agenda-aligned headings, is:

2a) Strategic Development, Planning, Performance Monitoring and Resourcing items for consideration and/or decision

i. To recommend the University and Group annual financial statements for Council approval (in
conjunction with the Audit and Risk Committee) from the perspective of endorsing their content as
showing a true and fair view based on a detailed review of their content;

ii. To consider on behalf of Council, the financial implications of the University Strategy 2030, and the
financial assessments for any enabling strategies, initiatives and projects with significant budgetary
implications;

iii. To approve the University finance strategy;

iv. To consider and recommend for Council approval, the annual five year financial forecast, to include
budget, financial implications and expenditure on the Capital programme;

v. To approve quarterly budget in-year forecasts;

vi. To approve capital expenditure, infrastructure, revenue maintenance projects, leases and
guarantees greater than £8m, in line with the Finance Regulations;

vii. To consider Financial implications and risks relating to the University’s corporate risk register;

viii. To review the Five Year Forecast process and to review the resource allocation method as
approved by Planning Committee;

ix. To review and approve the performance of financial investments including endowments and
restricted funds;

x. to monitor In-year financial performance against budget of the University (on a quarterly basis);

xi. To monitor financial performance against the capital programme;

xii. To monitor financial risk environment over the medium and long term;

xiii. To monitor long-term financial outlook, sustainability and capacity to fund strategic priorities;

xiv. to monitor post implementation review of revenue and capital projects with significant budgetary
or strategic implications;

2b) Policy and Regulatory Matters

i. To consider and recommend for Council approval, the University’s Finance Regulations;

ii. To approve policies supplementary to the Finance Regulations;

iii. To consider compliance with the TRAC requirements;

iv. to monitor financial performance of the University pension scheme and other pension
arrangements, including USS;

v. To monitor financial performance of York Students’ Union and the Graduate Students Association
(GSA).

3) COMMITTEE AUTHORITY

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.

4) REPORTING AND FREQUENCY OF MEETINGS

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

● Frequently: through summaries of the minutes of each of its meeting 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.

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 annual
financial statements. The 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. The 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. Reviews the audit of the institution’s financial statements, including the audit report, the statement of responsibilities and the statement of internal control.

Reporting to the Committee

The TRAC Oversight Committee is a sub-committee.

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.

Membership

Membership 2023/24

In attendance

Constituency of Members

Meetings

Meeting dates

The meeting dates for the 2023/24 academic year are as follows:

• Thursday 19 October 2023, 2pm to 5pm, online via Zoom
• Thursday 16 November 2023, 9am to 11am, in the Ennis Room (H/G21) and online via Zoom (joint with Audit and Risk Committee)
• Tuesday 12 December 2023, 2pm to 5pm, online via Zoom
• Wednesday 13 March 2024, 2.15pm to 5pm, in the Yarburgh Room (H/G15) and online via Zoom
• Tuesday 25 June 2024, 10am to 1pm, online via Zoom

The meeting dates for the 2024/25 academic year are as follows:

• Monday 14 October 2024, 2pm to 5pm, online via Zoom
• Tuesday 12 November 2024, 2pm to 4pm, in-person (room TBC) and online via Zoom (joint with Audit and Risk Committee)
• Monday 16 December 2024, 2.15pm to 5pm, online via Zoom
• Wednesday 12 March 2025, 2.15pm to 5pm, in the Yarburgh Room (H/G15) and online via Zoom
• Thursday 26 June 2025, 2.15pm to 5pm, online via Zoom

Sub-committees

Associated Committees and Sub-Committees

• Council
• Planning Committee
• Subsidiaries Management Group
• TRAC Steering Group