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Financial Performance and Planning Committee: Terms of Reference

Information regarding the UCL Financial Performance and Planning Committee's formal powers and responsibilities.

Subject to any particular direction that may from time to time be given by the University Management Committee (UMC), the Financial Performance and Planning Committee is charged by UMC:

  1. To oversee the budget-setting and business planning process and make recommendations to UMC.
  2. To review and comment on the institutional budget prior to its consideration by UMC.
  3. To monitor the financial performance of the University against its KPIs by reviewing periodic KPI and benchmark reports, and to advise on strategies to improve that performance, including:

    a) the review and analysis of individual cost-drivers;

    b) operational financial performance by way of the monthly management accounts, and to advise on any necessary corrective action;

    c) the financial performance of Faculties and Services, including business as usual business reviews, and to recommend to UMC steps to improve that performance;

    d) the financial performance of research income and spend. This may include reviewing individual grant awards, funder portfolios or other data where it supports understanding the financial performance of research income and spend.   

  1. To review and approve individual research grant applications where the total UCL contribution over the lifetime of the award is £5m or higher.
  2. To recommend the University’s annual student number targets to UMC including:

    a) implications for size and shape plans;

    b) the consideration of initial business cases for new taught programmes, and recommendation as to whether programme development proceeds to consideration by the Programme and Module Approval Panel;

    c) review of the performance of new taught programmes against their business cases. 

  1. To recommend annually proposed tuition fee and deposit changes to UMC.
  2. To oversee the effective management of key risks within the financial portfolio and to ensure that they are identified, assessed and managed in line with the University’s risk management framework and institutional risk appetite;
  3. To support UMC in developing and keeping under review the risk appetite statement relating to the financial portfolio;
  4. To report financial risks to UMC; to provide assurance that the arrangements to manage financial risks are appropriate and effective; and to escalate to UMC any significant regulatory or compliance risk with recommendations for response;
  5. To make recommendations to UMC on additional investment priorities and opportunities;
  6. To review and approve business cases for major orders, financial commitments, commercial or other contracts, or projects within the Committee’s delegated authority, or to make recommendations to UMC for those with an overall total contract value over £5m (including innovation contracts), and to keep an overview of the progress and performance, including any benefits realised, of any such projects.
  7. To refer matters to UMC where they impact on the responsibility of other UMC committees or where the Chair considers the decision to be of strategic importance;
  8. To recommend major decisions relating to the finance portfolio to UMC.