Finance and Resources Committee

Composition and Membership

3 to 9 members (excluding staff and student governors), including: – up to 6 independent or co-opted members of the Board, 2 of whom must be independent members and one of whom to be Chair – up to 3 co-opted members of the Committee.

Membership

  • David Francis (Chair)
  • Richard Lloyd-Owen (Chair of Board ex officio)
  • Dr James Gravelle (Interim Vice Chancellor)
  • Michael Stevens
  • Irfan Fahim (SU President)
  • Geraint Evans (Academic Staff)
  • Ian Morgan (co-opted)
  • Helen Thomas (co-opted)
  • Vacancy (co-opted)

Quorum

At least three members, including two lay members and the Vice-Chancellor or other member of the Executive.

Attendance at meetings

The Chief Finance Officer and relevant officers of the University and the colleges may also be asked to attend as appropriate. 

Frequency of meetings

Not fewer than three times per year.

Duties

The duties of the Committee for the University and for each of its subsidiaries shall be to:

  1. consider and advise the Board on long-term financial strategies
  2. approve the Financial Regulations including any financial policies therein (formally at three-year intervals or when significant changes are made)
  3. review and approve the University’s insurance and banking arrangements (to be considered at five-year intervals or when significant changes are made)
  4. review and recommend to the Board annual revenue and capital budgets and longer term forecasts
  5. receive regular reports on financial performance (revenue and capital) and financial position and monitor these reports against budget
  6. develop and maintain an appropriate Treasury and Investment Policy. To monitor borrowing levels and requirements, liquidity and the investment of surplus funds in line with that Policy and to report to the Board at least annually 
  7. receive regular reports and accounts for the operation of any trading subsidiary company
  8. approve the Students’ Union budget for each year in advance and monitor its expenditure by receiving reports in the form specified in the Code of Practice on the Operation of the Students’ Union
  9. approve or recommend expenditure proposals, contracts and grant applications in line with the Financial Regulations
  10. recommend for approval by the Board an annual Estates Programme, including all property maintenance and building projects
  11. review the ICT Strategy and the Estates Strategy including the monitoring of the financial aspects of ICT and Estates activities, and monitoring of major projects implementation
  12. make recommendations to the Board on the proposed acquisition, sale or lease of property and land
  13. consider any other significant transactions and make recommendations to the Board
  14. review the financial aspects of research activity
  15. review the strategic risks affecting the University for those areas covered by the Committee’s terms of reference and any specific risks assigned to it by the Board
  16. advise the Board on any matter referred to it by the Board.
  17. consider, in conjunction with the Audit Committee, the consolidated annual financial statements of the University and its subsidiaries, prepared and duly audited in accordance with Schedule 7 of the Education Reform Act in the presence of the external auditors and ensure that:
    • suitable accounting policies are selected and applied consistently;
      • the methods and principles in relation to the Statement of Recommended Practice: Accounting for Further and Higher Education Institutions are observed;
      • judgements and estimates are made that are reasonable and prudent;
      • applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
      • financial statements are prepared on the going concern basis unless it is inappropriate to presume that the University will continue in operation

Reporting procedures

The minutes (or a report) of the meeting of the Finance and Resources Committee will be circulated to all members of the Board of Governors and external auditors.

Clerking arrangements

The Clerk to the Committee will be the Clerk to the Board of Governors (or other appropriate independent individual approved by the Chair).

 

Annual Report

Download Annual Report