POLICY AND RESOURCES COMMITTEE

1. Membership

1.1

The Committee will consist of a minimum of six members to include the Principal, the Chairman of Governors, the Vice Chairman and the Chairmen of the Estates committee, the Personnel committee and the Curriculum and Quality Assurance committee. Wherever possible at least one member of the committee should have recent relevant financial experience or expertise.

1.2

The membership may not include members of the Audit Committee or student and staff governors. There will be no co-opted members of the committee.

1.3

The Vice Principal, Assistant Principal/Bursar, Assistant Principal (Students) and the Finance Manager will be in attendance at each meeting.

1.4

The Chair of the committee shall be selected annually by the Governing Body and is always to be a governor.

1.5

The quorum for the Committee shall be four, to include the Principal or his representative and if fewer than four members are present the business may still go ahead but any decisions will be ratified by the Governing Body.

1.6

In the event of the Chairman of the committee being unable to attend, the remaining members shall elect a Chair from those present.

1.7

The Clerk to the Governors shall normally act as Clerk to the Committee.

2. Attendance at Meetings

2.1

The Committee may invite advisors or other third parties (including members of the Audit committee), to attend meetings of the Committee as appropriate. However, persons invited to attend shall not have a vote but shall be entitled to speak at the meeting at the invitation of the Committee Chair.

2.2

The Chair is entitled, whenever it is satisfied that it is appropriate to do so, to go into confidential session and (subject to the rules of quoracy at paragraph 1.5 above) to exclude any participants and observers except the Clerk to the Governors.

3. Frequency of Meetings

3.1

The Committee will meet as and when necessary but will usually carry out its business by meeting at least twice per term: one to take place before the first Board meeting in a term and the other before the second Board meeting in the term.

4. Committee Objectives

4.1

The Committee shall advise the Governing Body on all matters relating to the College’s finances, financial policies and controls, and in all other non financial matters not addressed through other committees of the Governing Body.

4.2

The committee’s decisions shall be directed towards the protection and enhancement of the College’s assets and the best use of its income and expenditure so that the objects of the College as defined in the Instrument and Articles and College’s Strategic Plan may be achieved.

5. Specific Terms and Responsibilities

5.1

To consider and advise the Governing Body on all aspects of the College’s finances, financial policies and controls.

5.2

To consider and make recommendations to the Governing Body on the annual estimates of income and expenditure, other budgets and the financial forecasts for the College and to this end will determine the format of the financial statements it receives.

5.3

To secure the efficient, economic and effective management of all the College’s resources, expenditure and assets.

5.4

To consider, review and report to the Governing Body on the periodic management accounts of the College (and of any joint ventures), to include monitoring of the budget and the College cash flow throughout the year and to consider and review the annual accounts before they are presented to the Board.

5.5

To receive from the Estates committee the following:

  • Details of any proposed capital projects
  • Details of proposals for the College’s property strategy

and, after consideration, to report to the Board on any financial implications arising from such proposals. In the event of a capital project being approved by the Board to then monitor such project and advise the Governing Body on its financial implications.

5.6

The committee shall monitor health and safety issues within the college to include the annual review of the College’s Health and Safety Policy and the review of any concerns on health and safety issues referred to it by the Estates committee.

5.7

To consider and advise the Governing Body on all matters or policy referred to it by the other committees of the Governing Body, which have a financial and/or strategic implication for the College.

5.8

To consider and make representations to the Governing Body on the solvency of the College and the safeguarding of its assets.

5.9

To consider and advise the Governing Body on the financial elements of the risk management policies in the College (including insurances).

5.10

To consider and advise the Governing Body on any relevant taxation issues and to seek appropriate advice from external sources.

5.11

To consider and report to the Governing Body generally on investments and borrowings and to seek appropriate advice from external sources.

5.12

To advise the Governing Body on the content of the Financial Regulations and to undertake an annual review of the same and to carry out the duties and any other matters delegated to the committee in the Financial Regulations.

5.13

To consider and make recommendations to the Governing Body on tuition fees (so far as they refer to adult students only) and other fees payable (including boarding fees) subject to any terms and conditions attached to grants, loans or other external funding bodies.

5.14

To receive and note business/development plans for MIS, IT Support, Student Recruitment and Finance Departments.

5.15

To consider and recommend to the Governing Body for approval the annual pay award for staff and to consider the financial implications of the recommendations of the Remuneration committee regarding the pay and conditions of the Senior Postholders and the Clerk to the Corporation.

6. Reporting Procedures

6.1

The committee will report to the Board following each meeting.

7. Other

7.1

To consider and advise the Governing Body on any other matters that the Governing Body may delegate or on any other matters not falling within the remit of the Committees established by the Board

7.2

To review its Terms of Reference biennially

7.3

To review its own effectiveness.

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