Resources Committee

Terms of Reference

The Committee has responsibility:

Finance

1. To endorse the institutional Finance Strategy and Estate Masterplan (Infrastructure Capital Plan)

2. To consider and make a formal recommendation to Council, seeking its approval for the following:

• Financial Statements
• Financial Forecasts/ Annual Financial Return Commentary
• The process used to ensure compliance with TRAC requirements

3. To consider and recommend to Council any new/revised Financial Memorandum, or equivalent document, put in place top govern the relationship between the University and its sponsoring Department.

4. To consider and recommend to Council significant University projects or initiatives (where these do not qualify as Capital/Estates projects) over the value of £10m (based on total net cost of procurement plus the cost of delivering the project/initiative over its first five years).

5.To inform Council where the Committee has considered any projects/initiatives where there is potential for significant income generation to the University. Such decisions to be determined by the Vice-Chancellor, in consultation with the Chair of Council/Resources where appropriate.

6. To approve the budget allocation model, following its endorsement by the Vice-Chancellor, informed by consultation with the Senior Leadership Team. This is then used to allocate the forecast distributable income across Faculties and Departments.

7. To consider and approve the (Five Year) Financial Forecasts (OfS Return).

8. To consider and approve the Financial Regulations.

9. To approve the appointment of the University Bankers, following a procurement exercise, as well as to approve the list of appointed signatories for University bank accounts.

10. To approve the establishment of borrowing facilities and limits, including overdraft facilities.

11. To approve the Treasury Management Policy, together with the appointment of Investment Managers for the oversight of endowment funds.

12. To consider and approve the University’s Ethical Investment Policy.

13. To approve any move away from UMAL as the University’s insurance provider/broker.

14. To consider and approve the framework for tuition and other academic fees and discounts for non-regulated students.

15. To consider and approve University Procurement Policy.

16. To consider and approve the Policy governing Direct Award Contracts. To also receive a quarterly report on awards made where the award value exceeds £30k, along with justification of same and confirmation of whether Procurement advice was offered/accepted in each case.

17. To receive an annual report setting out write offs/provision for:

• bad tuition fee debt, with specific reference made to individual debts in excess of £10k.
• bad non-tuition fee debt, with specific reference made to individual accommodation fees? debts in excess of £10k and
• bad trade debt, with specific reference made to individual trade debts in excess of £10k.

People and Culture

1. To receive regular reports on the delivery of the People Culture Strategy.

2. To make recommendations to Council in relation to any required decisions in respect of the University’s continued involvement in either of its pension schemes, as well as to advise Council on pensions matters where appropriate.

Estates

1. To consider and endorse the Estate Masterplan (Infrastructure Capital Plan) prior to recommending this to Council for approval.

2. To approve the acquisition, construction, refurbishment and disposal of buildings (and acquisition and disposal of land) outside the Estate Strategy, where the level of associated spend is £1.5m to £3m.

3. To approve increases in approved budget for capital projects and to be advised where increases in cost are detrimental to other institutional priorities.

4. To monitor performance in relation to University policies on energy efficiency and the environment as these relate to responsibilities falling to Estates Services.

Related Companies

1. To consider and make recommendations to Council in relation to the establishment of Subsidiary Companies and legal Joint Ventures.

2. To consider and approve funding requests for subsidiary companies, based on a recommendation from the relevant Board/University Committee and supported by the PVC Research and the Chief Strategy and Finance Officer.

3. To consider, approve and keep under review the governance arrangements of IUL.

4. To make recommendations to Council in respect of any sale of equity in IUL.

Reporting

1. To provide a report on the work of the Committee to each meeting of the University Council in a format to be determined by the Council.

The Committee will have due regard, in reaching decisions, to their impact on, and implications for, the University’s commitment to ensuring equality of opportunity and good relations as outlined in its Equality Scheme, and associated policies, and where possible and practicable the Committee will ensure that its actions are proactive in this respect.

These Terms of Reference will be subject to annual review.