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Finance and Resources Committee

Terms of Reference

Membership

1. The Committee shall comprise five Corporation members. The Committee may invite the Corporation’s advisers or other third parties to attend meetings of the committee as appropriate.

2. Members of the Finance and Resources Committee shall not serve on the Audit Committee.

3. The Chair of the committee shall be approved by the Corporation.

4. In the absence of the Chair, the members attending the meeting shall select one of their number to ‘Chair’ that meeting.

5. Any governor not a member of the Committee may attend in a non-voting capacity.

6. The Director of Finance, Planning and Funding and the Financial Controller shall attend meetings of the Committee

7. The quorum for meetings of the committee shall be three Corporation members.

8. The Clerk to the Corporation shall act as Clerk to the Committee.

9. The committee shall meet at least three times per year.

Finance

Policies / Strategic Functions

10. To review and approve for recommendation to the Corporation the Financial Regulations, Subcontractor Fees and Charges Policy, Fees and Charges Policy, and Admissions Policy.

11. To approve the College’s Treasury Management Policy and the Treasury Management Annual Report.

12. To monitor key performance indicators (KPIs) and risks assigned to it within the Corporation’s KPIs and risk register and to advise the Corporation as necessary.

13. To assist the College in securing, economy, efficiency and effectiveness, inclusive of a value for money strategy;

14. To ensure the observance of all financial regulations, and the Financial Memorandum.

15. To assist in developing appropriate financial systems and in promoting the most effective dissemination and presentation of financial information both throughout the College and to the Corporation and external agencies.

Primary Financial Statements

16. To agree and recommend to the Corporation 2 year financial plans, the income and expenditure budgets, and balance sheets;

17. To analyse significant trends of income and expenditure in order to make recommendations to the Corporation to ensure the financial stability of the College;

18. To approve expenditure within the annual estimates and in accordance with the Financial Regulations, and to monitor actual expenditure. All members of the Finance and Resources Committee will receive monthly up-dated actual and projected income and expenditure figures, together with cash flow statements.

Capital Budget

19. To agree and recommend to the Corporation a capital budget and any capital proposals and possible financial routes in respect of all capital expenditure including, for example, finance, loans, purchase of large items of equipment or refurbishment of the buildings.

20. To approve capital expenditure within the annual estimates and in accordance with the Financial Regulations, and to monitor actual expenditure.

Project Budgets

21. To approve capital expenditure for the College Redevelopment Project Budget in accordance with the Financial Regulations.

22. To agree fee levels and letting charges.

23. To receive the Student Union accounts and make recommendations to the Corporation about the level of grant.

24. To receive the full accounts of the College and of its subsidiaries and, in conjunction with the Audit Committee, to recommend approval to the Corporation if appropriate.

25. To monitor the financial health of the College’s Trading Company and to report to the Board on its financial performance.

26. To consider expenditure proposals from other committees of the Corporation as appropriate.

Human Resources

27. To review and advise the Corporation on the pay and conditions framework for all staff (excluding the Principal, senior postholders and the Clerk to the Corporation).

28. To monitor the framework for the agreement of staff contracts and staffing policies, including those on grievance and discipline.

29. To receive a Workforce Composition Report on staffing and recruitment, which will include information about the percentage of turnover of teaching and support staff, equality and diversity, age profile and reasons for leaving.

30. To monitor the implementation of the College’s Personnel Development Plan.

31. To make recommendations to the Corporation on the human resources implications of the College’s strategic plan

32. To approve and recommend to the Corporation performance management and staff development arrangements for all staff other than senior post-holders.

IT and Estates

33. To review the College’s IT Strategy before submission to the Corporation for approval.

34. To monitor the implementation of the College’s IT Strategy.

35. To review the College’s property strategy before submission to the Corporation for approval.

36. To advise the Corporation on the budgetary and strategic implications of all matters related to the Property Strategy.

37. To keep under review issues relating to health and safety and to ensure that any new or improved building work meets health and safety regulations and provides access for those with special needs.

Approved by the Corporation July 2017