Finance Committee

Find out more about UCL's Finance Committee, including terms of reference, membership, meetings and minutes.

On this page you will find:

 

Overview

Reports to

Council

Chair

Roger Blundell

Secretary

Sarah West | s.j.west@ucl.ac.uk

Assistant Secretary

Michaela Jones | michaela.jones@ucl.ac.uk 

For agendas and minutes; apologies for absence

 

Meeting dates

Scheduled meeting dates: 2025-26

The copy deadlines quoted are the latest dates by which the final papers must be received by the secretary. Please use the templates for papers submission.

Meeting dateCopy deadline
Friday 26 September 2025, 10.00am12 September
Tuesday 14 October 2025, 1.00pm1 October
Monday 3 November 2025, 10.00am20 October
Tuesday 18 November 2025, 4.00pm (joint with Estates Committee)4 November
Monday 26 January 2026, 10.00am12 January
Thursday 12 February 2026, 5.30pm (joint with Estates Committee)N/A
Friday 20 March 2026, 10.00am6 March
Friday 17 April 2026, 10.00am30 March
Thursday 14 May 2026, 08.30am (Special Meeting)N/A
Friday 22 May 2026, 09.30am8 May
Wednesday 10 June 2026, 09.30am27 May

Scheduled meeting dates: 2026-27

Meeting dateCopy deadline
Monday 28 September 2026, 10.00am14 September
Monday 16 November 2026, 10.00am2 November
Friday 22 January 2027, 10.00am8 January
Monday 15 March 2027, 10.00am1 March
Monday 26 April 2027, 10.00am12 April
Friday 21 May 2027, 10.00am7 May
Monday 14 June 2027, 10.00am28 May

Minutes

* These Minutes include a Confidential/Reserved section which is available, through the Committee Secretary, to members of the Committee only.

2025-26

2024-25

2023-24

2022-23

2021-22

2020-21

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:

  1. 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, including sustainability, 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.
  2. Consider and recommend to Council the annual income and expenditure budget for the forthcoming financial year.
  3. Consider, and report to Council, on the budgeted cash flow and capital expenditure for the forthcoming financial year.
  4. Monitor, and report to Council, on actual income and expenditure and cash flow throughout the financial year.
  5. Monitor, and report to Council, on the projected financial outturn for the financial year compared with budget.
  6. 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.
  7. Review UCL’s long-term forecasts of income and expenditure (recurrent and capital) as submitted to the OfS or as otherwise required, and to report thereon to Council.
  8. Consider reports on developments that may result in additional future financial commitments for UCL, and to report thereon to Council.
  9. On the advice of the Estates Committee, review and approve a capital programme which provides the context for the consideration of capital project proposals.
  10. On the advice of the Estates Committee, consider reports from the Executive Director of Estates Development on the financial position of current capital projects, and to report thereon to Council.
  11. On the advice of the Estates Committee, consider and, if thought appropriate, approve the financial implications of capital projects, relating to expenditure exceeding £10 million including the detailed evaluation of business cases and proposals exceeding £10m for acquisition or disposal of freehold or leasehold sites or buildings, and make recommendations to Council for expenditure on capital projects exceeding £25m.
  12. Consider for approval other orders, contracts and financial commitments exceeding £10 million, and make recommendations to Council for expenditure on these items exceeding £25m.
  13. Review annually the financial plans and performance of UCL Business.
  14. Review annually the Office of the Vice-President (Advancement) (OVPA) activity, including the income received from donations.
  15. Review annually the Investments Committee’s activity and the achievement of investment return targets for the endowment funds.
  16. Receive and recommend to Council for approval the Students’ Union UCL Budget for the forthcoming financial year and note the annual Students’ Union UCL Financial Statements.
  17. 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.
  18. Consider and take action on the following matters:
    1. 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.
    2. Ensuring that appropriate funding is in place, including arrangements for short-term and long-term borrowings for capital projects or other purposes.
    3. The setting of tuition fees, on the advice of UCL officers.
    4. UCL’s long- and short-term investments, on advice from the Investments Committee.
    5. Policy relating to UCL’s insurances.
    6. Writing off of losses or deficiencies in money or stores, irrecoverable debts or overpayments, and disposal of obsolete equipment.
    7. Other relevant financial matters including loans and advances; guarantees involving a material financial liability; accounting for Trust Fund.
  19. Consider the financial risks to UCL, together with the financial implications of non-financial risks, and monitor performance against the associated risk management plans.
  20. Consider and approve arrangements (including contracts) with energy suppliers for the availability and supply of gas and electricity.
  21. Receive the Minutes of the Investments Committee.
  22. Receive and consider reports from the Office for Students (OfS), as they affect UCL’s business, and monitor adherence to any regulatory requirements, including the following conditions of registration with the Office for Students: D – Financial viability and sustainability; G1 - Mandatory Fee Limit; G2 – Compliance with terms and conditions of financial support received from the OfS and UKRI; and G3 – Payment of OfS and designated body fees.
  23. Report to Council by submission to the Council of the Minutes of each meeting of the Finance Committee, together with an oral report by the Treasurer.

Membership

Appointed members of Finance Committee shall remain members for a period of up to three consecutive years and shall be eligible for re-appointment for a second or further period not exceeding three years; provided that no person shall normally be re-appointed who has completed six consecutive years of membership until a period of at least one year has elapsed.

The quorum of the Finance Committee shall be half of the total members of the Committee.

Ex Officio members

The Finance Committee shall comprise of:

The Treasurer (Chair) - Roger Blundell

The President of the Students’ Union - Anam Choudhary

The Provost - Dr Michael Spence

Appointed members

Two external members of the Council appointed by Council on the recommendation of Governance and Nominations Committee:
  • Phil Clark
  • Tania Holt
Two internal members of the Council appointed by Council on the recommendation of Governance and Nominations Committee:
  • Professor Stephanie Bird
  • Professor Benet Salway

Co-opted members

  • Kate Collyer
  • Christopher Williams

Secretary

Sarah West