Membership

At least 8 Governors including the Vice-Chancellor, the Chair of the Committee shall be an Independent Governor.

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-appointment.  Membership shall cease on expiry of the member's term of office on the Governing Body.

Meetings

The Committee shall meet at least four times a year. Additional meetings may be called by the Chair of the Committee as required.

Quorum

Five members.

Terms of Reference

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

2. To make recommendations to the Governing Body 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 £500,000 for specific items, on buildings and capital projects*

2.9 budgeted revenue expenditure over £500,000 for specific items*

2.10 expenditure in excess of a budget previously agreed by the Governing Body 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 £300,000 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 the Governing Body on the policies governing the levels of these fees.

5. To monitor the financial performance of the University's Transnational Education (TNE) activities.

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

7. To recommend to the Governing Body, the appointment of the University's bankers, investment managers and financial advisers (with the exception of Auditors).

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

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

10. To monitor the insurance arranged to cover the University's property and liabilities.

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

12. To review the effectiveness of the Committee from time to time (either as a distinct exercise or as part of a wider governance review).

  * 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 – Chief Finance Officer
  • £50k - £125k – Finance Committee
  • above £125k - Governing Body

Approved by the Governing Body on 27 June 2019