Governance

Finance and Resources Committee

 

Membership

Chair:  Lay member of Council appointed by the Council: Bob Scruton (to 31.7.2018) [Deputy Chair of the Council]; 
Deputy Chair: tbc.

Members:
Senior management members ex officio:
Vice-Chancellor and President:  Professor Karen Cox; 
Senior Deputy Vice-Chancellor and Provost: David Nightingale; 
Deans of the Faculties:  Professor Mark Burchell (Sciences); Dr Simon Kirchin (Humanities); John Wightman (Social Sciences).

Lay members: four, one of which shall be the Chair of the Council*
*Sir David Warren (to 31.7.2020); 
Richard Honey (to 31.7.2018); 
Dr Harshad Topiwala (to 31.7.2018);

Angela McNab (to 31.7.2020) 

Non-academic staff representative: one non-academic staff representative on Council: 
Mark Ellis (to 31.7.2018).

Student Observers (Students' Union sabbatical officers):  
President of Kent Union: Ruth Wilkinson;
VP Actitivies: Aaron Thompson.

In attendance
Senior Deputy Vice-Chancellor and Chief Operating Officer:  Denise Everitt; 
Director of Finance: Jane Higham; 
Deputy Director of Finance: Frank Richardson.

Secretary: Dr Keith Lampard, Secretary of the Council (K.J.Lampard@kent.ac.uk).

Papers: There is a SharePoint site providing an online resource for members.

 

Terms of Reference

The Committee is responsible to the Council for:

(a) Long-term financial strategy, in accordance with the Financial Memorandum, other HEFCE requirements and financial covenants, this to include target reserves and surpluses, financial policy and planning and the consideration of an annual budget, consistent with the long-term strategy, for recommendation for Council's approval.

(b) Major projects: consistent with (a) above, determining expenditure on capital or building projects and, at the level set by the Council, recommending the Council's approval for major projects.

(c) Financial management and final accounts:  oversight of financial management and control, accounts and investments, approval of nationally-agreed pay awards, staff allowances (e.g. for travel and subsistence), the approval of tuition fees and other University charges and the levels of bursaries and scholarships, consideration of the University's quarterly financial statements and the final year-end financial statements and for forwarding the audited financial statements to the Council for its approval.

(d) Estates: the University's Estates Strategy, determining policy matters relating to the University's Estate and, within the available resources, the programme of expenditure on capital or building projects (see (b) above) and long-term maintenance.

(e) Students' Union: oversight of Kent Union's financial management and affairs as required by the 1994 Education Act and any other relevant requirements, this to include review of the Union's quarterly accounts and approval of its annual budget and final year-end accounts.

(f) Regulations: approval of the Financial Regulations and related matters.

(g) Fundraising: financial oversight of money received from fundraising activities, gifts and donations, including from “matched funding”.

Notes: (a) Delegation of powers to act on the Committee's behalf

The Committee has adopted a formal resolution delegating power to act on its behalf between meetings to its chair and the principal officers.  The following resolution was approved at the meeting of the Finance and Resources Committee on 22 November 1996 (Minute 377 refers):

(i) that the Chair of the Finance and Resources Committee and the Vice-Chancellor be authorised to act on the Committee's behalf where necessary during the periods between meetings.

(ii) that in the absence of the Chair of the Finance and Resources Committee or the Vice-Chancellor the following be authorised to act in their places: 

In the absence of the Chair of the Finance and Resources Committee:  The Chair of the Council, Deputy Chair of the Finance and Resources Committee or Lay Member of the Finance and Resources Committee.

In the absence of the Vice-Chancellor: * Deputy Vice-Chancellor or one of the Pro-Vice-Chancellors.

(iii) that a report on any matters approved under the arrangements outlined in (i) or (ii) above be given to the next meeting of the Committee.

*taken as the Senior Deputy Vice-Chancellor, the Deputy Vice-Chancellor(s) (except not the Deputy Vice-Chancellor (Finance and Commercial Services)) or one of the Pro-Vice-Chancellors.

(b) Arrangements concerning financial authority limits were approved by the Council in December 2003 (Paper C2003/12(ii) and Minute 4069 refer) and amended in July 2009 (Paper C2008/49(iii) and Minute 4352 refer) and subsequently amended in July 2009, March 2010 and June 2012. Current financial authority limits can be viewed.

(c) Revised Terms of Reference for the Finance and Resources Committee were approved with effect from 1 August 2004 and amended on 3 April 2009 (addition of (g) above).

(d) Quorum: one third of total actual memebrship with a lay majority. The Committee has 5 lay and 6 University members making a total of 11 so the Quorum = 4 with at least 3 lay members (approved by Council in December 2005).

(e) Frequency of meetings: 3 meetings p.a.

(f) Sub-committees: Investments Sub-Committe (Chair: Dr Harshad Topiwala; Members: Martin Cook, Denise Everitt, Jane Higham).

1 August 2017

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Last Updated: 14/11/2017