Secretariat
Committee Secretary and University Secretary / Minutes Secretary : Ian Callaghan, email i.callaghan@uea.ac.uk
Governance Office : email governance@uea.ac.uk
Contacts for Apologies:
Ian Callaghan: email i.callaghan@uea.ac.uk
Governance Office : email governance@uea.ac.uk
2024/2025 Membership
Treasurer - Simon George (2025) (Chair)
Chair of Council – Dr Sally Howes (2027)
The Vice-Chancellor - Professor David Maguire
Independent members of Council - Jeremy Clayton (2025), Jonathan Paine (2027), Dr Andy Wood (2026), David Hansom (2026).
One of the two Student Council members – Rebekah Temple-Fielder (2025)
Director of Finance - Jason Brown
Scope and purpose of the committee
The Finance Committee oversees the University's financial sustainability by supervising finances, ensuring good financial management practices, and making recommendations on investments, borrowing, and capital expenditure to the Council. It advises on annual revenue and capital budgets aligned with Council-approved strategies, monitors budget performance, and approves revenue and capital projects within delegated limits established in the University Scheme of Delegation, subject to Council review. Additionally, the Committee reviews the University's Financial Statements to fulfill its purpose effectively.
Ordinance 4 ‘Role of The Vice-Chancellor and University Secretary states that:
3.10 [The Vice-Chancellor] ensures that the University meets or betters any approved surplus or deficit and net operating cash flow targets as approved by Council as part of the annual budget and that the University operates within the approved plan for capital expenditure. The Vice-Chancellor (jointly with the University Secretary) may vire between any expenditure headings of the revenue budget, and between years of the capital programme, but will not incur expenditure, without the approval of the Finance Committee or Council, where this could lead to future liabilities which could have a material impact on the University.
Terms of Reference
The Finance Committee will:
1) consider and recommend to Council the University’s long term financial plans and annual budgets ensuring that these are sustainable and financially viable and meet the interests of stakeholders, especially staff, students and alumni.
2) develop the budget for the coming financial year for Council’s approval.
3) monitor the estimated outturn for the year (revenue, capital and cash and compliance with banking covenants.
4) have the authority to vire between expenditure headings of the revenue budget and between years of the capital programme in situations where this could lead to future liabilities having a material impact on the University.
5) have the authority to approve acquisition or disposal of land, property or borrowing of values of more than £500,000 but less than £1,000,000 and making recommendations to Council if the value exceeds £1,000,000.
6) approve University fees, University residential accommodation fees, and University nursery fees.
7) advise the Chair of Council, should the Chair be asked to act on material issues (particularly those with financial impact) on behalf of the Committee between meetings.
8) ensure that processes are in place to monitor and evaluate the financial performance and effectiveness of the University against the strategy, plans and approved key performance indicators, which should be, where possible and appropriate, benchmarked against other comparable institutions.
9) consider any issues which arise which will be material to the University’s finances.
10) to consider any other matters that Council may ask the Committee to address and periodically review its own effectiveness and report the results of that review to Council.
11) The Committee may, if it considers it necessary or desirable, recommend to Governance Committee that Council appoint co-opted members with particular expertise.