Sub-committees
Audit Committee | Employment Committee | Finance and Capital Projects Committee | Governance and Search Committee | Remuneration Committee |
Finance and Capital Projects Committee
Constitution
Ex-officio members: the Chair of the Board of Governors, the Deputy Chair of the Board of Governors and the Vice-Chancellor
Appointed members: six independent members of the Board of Governors
In attendance: the Clerk to the Board of Governors and the Director of Finance (for all the business of the Joint Committee) and the Director of Facilities and the Head of Capital Projects (for those matters of business relating to capital projects)
Terms of Reference
Subject to any direction that may be given by the Board of Governors, and subject to the requirements of the Instrument and Articles, the Finance and General Purposes and Capital Projects Joint Committee shall have the following powers:
- Annual Budget
To consider and recommend to the Board of Governors the annual Revenue Budget for the following year, on the advice of the Vice-Chancellor.
To consider statements of actual income and expenditure throughout the year and to report thereon to the Board of Governors.
- Annual Accounts
To recommend to the Board of Governors adoption of the annual accounts for the preceding year.
- Financial Forecasts
To receive the University’s Financial Forecasts as submitted annually to the HEFCE and to advise the Board of Governors as to the implications for financial strategy and planning.
To consider reports on major developments with potential financial implications for the University, and to report thereon to the Board of Governors.
- Tuition and Other Fees
In accordance with Article 13.1, and on the recommendation of the Fees Working Group, to consider and to recommend to the Board of Governors the tuition and other fees payable to the University.
- Capital Projects
To consider reports from the Director of Finance on the financial position of current and projected capital projects, and to report thereon to the Board of Governors.
To ensure that the University develops and maintains an appropriate Estate Strategy and Estate Management Action Plan consistent with the requirements of the Funding Council
To approve minor changes to the Estate Strategy on behalf of the Board of Governors
To make recommendations to the Board of Governors regarding major revisions to the Estate Strategy.
To monitor and review the implementation of the Estate Strategy approved by the Board of Governors and report progress to the Board of Governors.
On behalf of the Board of Governors to consider and recommend approval of proposals to acquire, sell, convey, exchange, lease, build, alter, enlarge, replace or renew any heritable property, making recommendations to the Board of Governors regarding such matters where appropriate.
- Trading and Other Activities
To receive statements as required of the latest projected out-turn for the current financial year and to approve the budget for the following year for the student residences, catering services, and other trading activities.
To consider from the Students’ Union the budget for the forthcoming year and to receive the annual accounts (Note: Students' Union accounts are not part of the University accounts).
To oversee the operation of subsidiary companies and, where appropriate, to approve and receive financial statements.
- General Financial Management
To consider and to take action on behalf of the Board of Governors on the following matters:
- the University’s long and short-term investments.
- policy relating to the University’s insurances.
- Arrangements for short-term and long-term borrowings for capital projects or other purposes.
- Maintenance of the University’s Financial Regulations.
- Policy relating to the University’s banking arrangements, including the bank mandate and overdraft facilities.
- To receive and consider reports from the Higher Education Funding Council for England as they affect the University’s financial affairs, and to monitor adherence to any regulatory requirements.
