Governors: Finance Committee
Calendar of business
September
- Review final management accounts for last F/Y
- Review budget for any required adjustments
- Review enrolments
- Prepare input for Governing Body meeting
September - Full Governing Body
November
- Short presentation on Overseas enrolments, outlook, and thoughts for next F/Y
- Adopt audited results for last F/Y
- Review Capital expenditure
- Review Nursery and Itchen Company
- Prepare input for Governing Body
December - Full Governing Body
January
- Presentation on Adult/Full Cost enrolments, outlook, and initial planning indication for next F/Y
- Initial Discussion on Budget
- Initial discussion on College Financial targets
March
- Short Presentation on Overseas plan and expectation for next F/Y
- Agree headline parameters for Budget
- Prepare revised Financial Targets for presentation to Governing Body – (if required)
March - Full Governing Body. Present initial budget recommendations
May
- Update on Adult/Full Cost budget for next F/Y
- Update on Overseas budget for next F/Y
- Add detail to the Budget work, incorporating feedback for Governing Body
- Refine Financial Targets following Governing Body comments – (if required)
June
- Finalise and Agree the Budget for recommendation to the Governing Body
- Review Terms of Reference
- Review this Schedule of Work and adjust as necessary for the next year
July - Full Governing Body. Present Budget and Financial Target recommendations –(if required)
Terms of reference
Membership
- The Finance Committee should consist of a maximum of 7 Governors, one of whom will be the Principal. Those attending will be the Finance Director and other senior staff as appropriate.
- The meeting will be considered to be quorate if 40% of the members are present or 2 governors, whichever is the greater.
- Any two members shall be entitled to call a meeting of the committee by giving 10 days notice to the Clerk.
Terms of reference
- To consider and advise the Corporation on all aspects of the Corporation’s finances, financial policies, controls and strategy.
- To consider and make representations to the Corporation on the annual financial estimates and budgets.
- To consider, review and report on the periodic management accounts of the Corporation and of any subsidiary trading companies or other joint ventures.
- To consider any proposed capital projects and to advise the Corporation on their financial implications.
- To consider and make representations to the Corporation on the solvency of the Corporation and the safeguarding of its assets including insurances.
- To consider and advise the Corporation on taxation issues.
- To advise the Corporation generally on investments and borrowings and to seek appropriate advice from external sources.
- To produce at least termly a report that reviews the Corporation’s financial position.
- The Corporation shall remain responsible for the approval of the annual estimates of income and expenditure, ensuring the solvency of the Corporation and safeguarding its assets.
- The committee shall also consider such matters of general purpose which are not the remit of any other committee of the corporation.
- The Committee may request reports on matters of interest of concern to the Committee that are relevant to its terms of reference.