Terms of Reference
The Committee’s remit encompasses oversight of the planning, funding and financial performance of all the College’s resources, including its funds and investments, staffing, estate and intellectual property.
1. Oversee the College’s financial strategy and policies, its long-term financial sustainability and its financial planning process, in support of the College’s strategic plan.
2. Recommend the College’s annual revenue and capital budgets, and financial forecasts, for approval by Council
3. Monitor delivery against the previously approved annual budgets, including income and expenditure, cashflow and investments.
4. Ensure appropriate arrangements are in place for the control and monitoring of expenditure, and that the College deploys its resources in an economic, efficient and effective manner.
5. Review the College’s annual financial statements and recommend these to the Audit Committee and Council for approval.
6. Approve any amendments or additions to the College’s Financial Regulations.
7. Approve the level of student tuition fees to be charged by the College.
8. Review and approve the level and cost of the College’s insurance cover.
9. Approve the College’s annual TRAC return to the OfS, and ensure that appropriate arrangements are in place for the costing and pricing of the College’s core activities
10. Approve contractual commitments, including those relating to partnerships, collaborations or consultancy, the sale, purchase or leasing of land, where the College is committing financial resource above £500,000 (either in a single transaction or cumulatively under a single agreement). Commitments in excess of £2 million to be approved by Council.
11. To receive reports on the progress (cost, quality and programme) of capital projects over £500,000.
12. Approve any significant changes to banking arrangements on behalf of the Council, including where a bank requires a decision by a formal committee.
13. Recommend any borrowings to Council.
14. Maintain an overview of the College’s commercial activities and the activities of any College-owned companies or legal entities in which it has a significant legal interest and approve the creation of new College companies.
15. To keep the College’s estates strategy under review and to make recommendations to Council on any proposed changes to the strategy.
16. To monitor the implementation of the Estates Strategy.
17. Agree and periodically review objectives of Project Board for Battersea South, and monitor progress.
18. To consider proposals for the purchase, lease or disposal of land or buildings and to make recommendations to the Council on these.
19. To agree a long-term maintenance programme and monitor its implementation.
20. Ensure appropriate strategies and arrangements are in place to manage the College’s money, whether funds are allocated for short, medium or long-term use, including the investment of money designated as endowment funds and other money not required in the short term.
21. Receive reports from its Investments Sub-Committee.
22. Advise the Council on major implications for the College arising from the OfS Memorandum of Assurance and Accountability or similar framework agreements with other funding bodies.
23. Annually review the activity of InnovationRCA and performance against its business plan.
23. To resolve, report on or make recommendations (as appropriate) concerning any financial matters within the Committee’s purview, whether or not specifically referred to it by Council.
- The Treasurer (Chair), Caragh Merrick
- Vice-Chancellor, Dr Paul Thompson
- Deputy Vice-Chancellor and Provost, Professor Naren Barfield
- Interim Chief Operating Officer, Jocelyn Prudence
Lay members of Council
- Catherine Parry
- Richard Petrie
- Patrick Plant
- The Committee may recommend to the Council the appointment of co-opted members with relevant expertise
- Howard Jenner (Investment only)
Quorum: Three members, two of whom shall be lay members.