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Terms of Reference


7 Members of Court including the Vice Chancellor

Period of Office

The members of the Committee, other than the Vice Chancellor, shall serve for a period of three years and are eligible for re-election.  Membership shall cease on expiry of the member’s term of office on the University Court.


The Committee shall meet at least four times a year.


Three members, or one half of those members eligible to attend, whichever is the fewer.

Terms of Reference

1. To review the finances, accounts and investments of the University and to report to Court thereon.

2. To make recommendations to the Court on:

2.1 the requirements of funding bodies

2.2 the annual budget of the University

2.3 the draft annual Report and Financial Statements with supporting schedules

2.4 the Financial Regulations of the University

2.5 the rolling review of the financial forecasts

2.6 expenditure against budgets.

2.7 any proposal for the University to borrow money or to mortgage or charge all or any part of its property

2.8 budgeted capital expenditure over £400,000 for specific items, on buildings and capital projects*

2.9 budgeted revenue expenditure over £400,000 for specific items*

2.10 expenditure in excess of a budget previously agreed by the Court for specific projects (including VAT and fees)

2.11 the acquisition or disposal of any land or property under the terms of  the University’s Financial Regulations.

2.12 the financial arrangements in respect of proposals for the University to form or join any company, partnership or other form of legal association.

3. To approve budgeted capital expenditure and revenue expenditure over £250,000 for specific items not covered under any other Term of Reference*.

4. To approve the level of tuition fees and residential fees payable by students, and to make recommendations to Court on the policies governing the levels of these fees.

5. To approve the allocation of funds and resources to the Students’ Union, to monitor the finances of the Students’ Union and to review its audited annual report and accounts.

6. To recommend to Court the appointment of the University’s bankers, investment managers and financial advisers (with the exception of Auditors).

7. To scrutinise investments held by the University and the returns thereon.

8. To approve the classification of specific debts as irrecoverable.

9. To monitor the insurance arranged to cover the University’s property and liabilities.

10. To enter into, vary or cancel contracts under the terms of the University’s Financial Regulations.


* Items of expenditure that do not have budgetary provision will require specific authorisation from the Director of Finance prior to approval by the Committee as follows:

  • under £50k – Director of Finance
  • £50k - £125k – Finance Committee
  • above £125k - Court


Approved by Court: 2nd July 2012