Finance
& Investment Committee

Membership

Mary Kerr, Committee Chair
Professor Aldwyn Cooper
Dominic Laffy
Vimmi Singh

Dr. Diana Walford, Board Chair (Ex Officio Member)
Carole Baume, Board Vice Chair (Ex Officio Member)

In attendance:
Company Secretary
Assistant Company Secretary
Chief Operating Officer
Finance Director

F: Finance & Investment (F&I) Committee Delegations & Duties

Key Purpose
F.1 To oversee the College’s financial affairs and to give initial consideration to and advise on any other business of particular importance or complexity as set out in the terms of reference and report on this to the Board.

Delegations
F.2 Approval of the allocation of funds for capital projects, contracts and new projects of strategic or material significance (in excess of £250,000 but below £500,000). *

F.3 Setting of student fees including accommodation fees. Fees will be set by Directorate within clearly defined boundaries by the F&I Committee. If the fees exceed the agreed boundaries, the proposal will be reviewed by F&I and approved by the Board of Trustees.

F.4 Authorisation of writing off bad debts, over £100,000 in any financial year. Any aggregate amount over £100,000 or single debt in excess of £50,000 will be reported to the Committee.

F.5 To review the financial delegations and financial authority delegated to the Board and Executive, including procedures for tendering and procurement annually and fundraising three yearly and make recommendations to the Board for approval

* following scrutiny by the Estates & Infrastructure Committee if appropriate and the business case approval

Duties
Strategy & Management
F.6 To review the financial strategy, five year forecast, quarterly financial and management reports, annual budgets, interim budgets and forecast and performance against budget and make recommendations to the Board.

F.7 To approve the boundaries within which Directorate set student fees including accommodation fees. Challenge fee proposals from Directorate which fall outside the agreed boundaries. To receive an annual report on the programme costing model

F.8 To authorise the expenditure on specific business cases :
a. To authorise the allocation of funds for capital projects (as agreed in the budget) in excess of £250,000 and the recommendation of larger projects to the Board (in excess of £500,000 of the full project value).
b. To recommend a course of action to the Board on any overspend of 10% on capital projects in excess of £500,000.
c. To approve donations to the College, above the CEO’s authority of up to £100,000 and make recommendations to the Board on donations above £500,000.

F.9 To review annually the investment strategy and recommendations made by professional advisors.


F.10 To receive a report at each meeting on the reserves position with particular reference to the available cash.

Financial Reporting and internal controls
F.11 To review the annual accounts (audit cleared), prior to review by the Audit & Risk Committee and the Board, to ensure their delivery is in line with projected budgets and outcomes and that appropriate and effective control mechanisms were in place.

Appointments
F.12 To review the appointment of the investment managers, bankers and insurance brokers on a three yearly basis and recommend any changes to the Board for approval.

Delegations of authority
F.13 To review authorisations regarding signatures, payments, initiating of contracts, signing of contracts, reviewing expenses policy for staff and for Trustees

Contracts
F.14 To advise the Board on:
a. Contracts entered into by the organisation not in the ordinary course of business, for example loans and repayments, overdraft facilities, the acquisition or disposal of property leases, or joint venture arrangements. **
b. Major investments, including the acquisition or disposal of interests of more than five percent in the voting shares of any organisation. **

** subject to the views of the E&I and/or Audit & Risk Committee(s)


F.15 To monitor and review key performance indicators relating to finance and investment