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Constitution and Membership for 2014-15
Number in brackets to the right-hand side of a committee member’s name indicates length of continuous service in years, up to and including the 2013-14 session. Length of service is not indicated for ex officio and student members, or for observers.
|Chair of Council||Dame DeAnne Julius|
|President and Provost||Professor Michael Arthur|
|Treasurer (Chair)||Mr Simon Melliss|
Six Lay Members, including at least one current Lay Member of Council, appointed by Council on the recommendation of Nominations Committee
- Mr Ven Balakrishnan (5)
- Dr Ben Booth (4)
- Mr Mark Clarke (6)
- Mr John Morgan (4)
- Dr Gill Samuels (3)
Three professorial members appointed by Council on the recommendation of Nominations Committee
- Professor Sue Hamilton (2)
- Professor Alan Smith (1)
- Professor Alan Thompson (2)
Two non-professorial members appointed by Council on the recommendation of Nominations Committee
- Dr Stephanie Bird (1)
- Dr Liam Graham (1)
- to be notified
|Secretary||Mr Nick McGhee|
Terms of Reference
Terms of Reference
Subject to any general or particular direction that may be given from time to time by Council, the Finance Committee is charged by Council to:
- Give assurance to the Provost and Council on the suitability and appropriateness of UCL’s financial strategy and policies within the context of UCL’s overall objectives and strategy as set by Council. This includes: i) reviewing UCL’s financial plans and budgets; ii) monitoring financial performance against budget; iii) reviewing funding, banking and other financing arrangements; iv) approval of capital projects and other major commitments.
- Consider and recommend to Council the annual income and expenditure budget for the forthcoming year.
- Consider, and report to Council, on the budgeted cash flow and capital expenditure for the forthcoming year.
- Monitor, and report to Council, on actual income and expenditure and cash flow throughout the year.
- Monitor, and report to Council, on the projected financial outturn for the year compared with budget.
- Review the annual financial statements, particularly in relation to financial strategy and performance. The Chair, as Treasurer, will present the Financial Statements to the Council for approval.
- Review UCL's long-term forecasts of income and expenditure (recurrent and capital) as submitted to the HEFCE or as otherwise required, and to report thereon to Council.
- Consider reports on developments that may result in additional future financial commitments for UCL, and to report thereon to Council.
- Review and approve a capital programme which provides the context for the consideration of capital project proposals.
- Consider reports from the Director of UCL Estates on the financial position of current capital projects, and to report thereon to Council.
- Consider the financial implications of capital projects, relating to expenditure exceeding £5 million including the detailed evaluation of business cases, on the advice of the Estates Management Committee, and proposals for acquisition or disposal of freehold or leasehold sites or buildings.
- Consider for approval other orders, contracts and financial commitments exceeding £5 million.
- Review annually the financial plans and performance of UCL Business.
- Review annually the Development and Alumni Relations office activity, including the income received from donations
- Review annually the Investments Committee's activity and the achievement of investment return targets for the endowment funds.
- Receive and approve the UCLU Budget for the forthcoming financial year and note the annual UCLU Financial Statements.
- Receive advice from appropriate bodies in respect of companies in which UCL has a substantial shareholding, and to request financial reports and forecasts from these companies, where appropriate.
Consider and take action on the following matters:
- Policy relating to UCL’s banking arrangements, including: i) the appointment of bankers and of any other officers or agents whom the Committee deems it expedient to appoint, and ii) the bank mandate and overdraft facilities.
- Ensuring that appropriate funding is in place, including arrangements for short-term and long-term borrowings for capital projects or other purposes.
- The setting of tuition fees, on the advice of UCL officers.
- UCL's long- and short-term investments, on advice from the Investments Committee.
- Policy relating to UCL’s insurances.
- Writing off of losses or deficiencies in money or stores, irrecoverable debts or overpayments, and disposal of obsolete equipment.
- Other relevant financial matters including loans and advances; guarantees involving a material financial liability; accounting for Trust Fund.
- Consider the financial risks to UCL, together with the financial implications of non-financial risks, and monitor performance against the associated risk management plans.
- Liaise where appropriate with the Audit Committee on financial controls and risk management.
- Receive the Minutes of the Estates Management Committee and the Investments Committee.
- Receive and consider reports from HEFCE, as they affect UCL’s business, and monitor adherence to any regulatory requirements.
- Report to Council by submission to the Council members of the Minutes of each meeting of the Finance Committee, together with an oral report by the Treasurer.
Meeting Dates 2014-15
- Tuesday 23 September 2014, 10.30am
- Thursday 20 November 2014, 10.30am
- Tuesday 27 January 2015, 10.30am
- Thursday 26 March 2015, 10.30am
- Thursday 2 July 2015, 10.30am