Finance Committee

a)  Strategic development, planning, performance monitoring and resourcing

1. To recommend the University and Group annual financial statements for Council approval (in conjunction with the Audit and Risk Committee);
2. To consider on behalf of Council the financial implications of the University Strategy 2030 and the financial assessments for any enabling strategies and/or initiatives with significant budgetary implications;  
3. To approve the University finance strategy;
4. To endorse for Council approval the annual financial Five Year Forecast, to include budget, financial implications and expenditure on the Integrated Infrastructure Plan;
5. To approve quarterly budget in-year forecasts and to recommend the yearly outturn report for Council approval; 
6. To approve capital expenditure, infrastructure, revenue maintenance projects, leases and guarantees in line with the thresholds set out in the Financial Regulations; and to consider and recommend novel and/or high risk projects for Council approval;
7. To review the Five Year Forecast process and the resource allocation method as approved by Planning Committee;  
8. To review the Annual Accounts Plan (including accounting policies);
9.  To consider financial implications and risks relating to the University’s corporate risk register;
10. To review the performance of financial investments including endowments and restricted funds;
11. To monitor in-year financial performance against the budget of the University (on a quarterly basis);
12. To monitor financial performance against the Integrated Infrastructure Plan;
13. To monitor financial risk environment over the medium and long term;
14. To monitor long-term financial outlook, sustainability and capacity to fund strategic priorities;
15. To monitor post implementation review of revenue and capital projects with significant budgetary or strategic implications.

b) Policy and regulatory matters

1. To consider and recommend for Council approval the University’s Financial Regulations;
2. To approve policies supplementary to the Financial Regulations;
3. To approve the annual TRAC Compliance and Assurance Report; 
4. To monitor the financial performance of the University pension scheme and other pension arrangements, including USS;
5. To consider and recommend for Council approval changes to local pensions schemes as set out in the Scheme of Delegated Approvals;  
6. To monitor the financial performance of the University of York Students’ Union 

Finance Committee reports to Council.

The monitoring of financial performance and consideration of finance related issues is delegated from Council to the Finance Committee, and the Committee approves finance related proposals and policy. The approval of the University and Group annual financial statements and Five Year Forecasts cannot be delegated by Council.

The Committee works closely with the Audit and Risk Committee based on their respective remits, including a distinct but joint role in both bodies’ review and recommendation to Council of the annual financial statements: 

• The Finance Committee endorses the content of the financial statements as showing a true and fair view of the University financial performance (based on financial reports received during the year) and recommends approval of the financial statements after a detailed examination. The Finance Committee also reviews the accounting policies, judgements and estimates, and going concern assumption proposed by management.
• The Audit and Risk Committee provides assurance that there has been a robust examination of the statements via the internal process and management representations and the external audit. It reviews the audit of the institution’s financial statements, including the audit report, the statement of responsibilities and the statement of internal control.

Finance Committee has budgetary control and decision-making authority as set down in these terms of reference and related policy and documentation, including the Financial Regulations and the Scheme of Delegated Approvals (SoDA). 

Reporting to Council

Finance Committee reports to Council as follows:

• Frequently: through summaries of the minutes of each meeting to the next meeting of Council; 
• Annually: through its recommendations regarding the Five Year Forecast and the annual financial statements;
• Periodically: via other policies, reports, plans and progress updates which it reviews and/or recommends for Council approval within the business cycle and its terms of reference; 
• Ad hoc: where urgent University-wide matters require direct escalation to Council/Urgent Decisions Group for decision or discussion.

Reporting into Finance Committee

Subcommittees:

• TRAC Oversight Committee

Finance Committee also receives for information:

• Reports from the Budget Monitoring Group
• Minutes of the Integrated Infrastructure Board (IIB)
• Subsidiaries Management Group Annual Report

Ex officio members

• Chris Thompson, Treasurer (Chair) (until 31 July 2025)
• Deputy Treasurer
• Dr Alice Maynard, Chair of Council (until 31 March 2026)
• Professor Charlie Jeffery, Vice-Chancellor and President
• Professor Ken Badcock, Deputy Vice-Chancellor and Provost
• Nigel Alcock, Chief Financial and Operating Officer 

Appointed by Council on recommendation of Constitution and Nominations Committee

Two independent members of Council

• Philip Carpenter, Lay member of Council (until 31 July 2027)
• Judith McNicol, Lay member of Council (until 31 July 2028)

Three heads of academic departments 

• Professor Martin Bees, Mathematics (until 31 July 2026)
• Professor Lindsay Hamilton, School for Business and Society (SBS) (until 31 July 2027)
• Professor Jennie Batchelor, English and Related Literature (until 31 July 2027)

Student representatives

• Lewis Parrey, York SU Union Affairs Officer
• Gen Andrews, York SU Union Development Officer

In attendance

• David Watson, Chair of the Audit and Risk Committee (until January 2026)
• Ruth Clark, Group Financial Controller
• Adam Hewitt, University Secretary
• Alice Wakely, Senior Governance and Assurance Officer (Secretary)

Further colleagues may be invited to attend individual meetings in order to advise on specific items.

Quorum

 50% of members, or 50%+ 1 member where the number of members is not even.

Meeting dates 2024-25

Meeting frequency

Finance Committee will meet a minimum of four times per year, with the facility to transact and record decisions by written resolution or Chair’s Action as necessary.

Meeting modes 

Meetings will be held either in-person, online or via a hybrid format, subject to agreement by the Chair and the Vice-Chancellor .

2024-25

• Finance Committee executive summary 141024_redacted (PDF , 60kb)

2023-24

• Finance Committee executive summary 250624_redacted (PDF , 45kb)
• Finance Committee executive summary 130324_redacted (PDF , 65kb)
• Finance Committee executive summary 121223 (PDF , 96kb)
• Joint ARC Finance Committee exec summary 161123 (PDF , 70kb)
• Finance Committee executive summary 191023 (PDF , 117kb)