Committee Purpose

The purpose of the Finance and Resources Committee is to support Council fulfil its statutory responsibilities by scrutinising high-level aspects of the finance and HR functions of the RSE and to support the executive team in the development of longer-term financial and resource planning. In performing this role, the Committee will have regard to best practices for charities implemented by OSCR and to current legislation and advice relating to corporate governance.


KEY RESPONSIBILITIES

To support financial planning and budgeting through:

  • Detailed scrutiny of the annual budget and business plan prior to presentation to and approval by Council
  • Monitoring financial performance through reviewing quarterly management accounts
  • Advising Council on medium-term (3-5 years) financial strategy with reference to overall strategy agreed by Council and business plan objectives
  • Considering major infrastructure projects and disposal/acquisition of property and providing advice to Council on financial impact

To oversee risk management and internal systems and controls as they relate to finance and resourcing through:

  • Reviewing the financial procedures of the RSE annually and reporting to Council on any systems and control failures and actions required to remedy
  • Reviewing the risk register annually and feeding back to Audit and Risk Committee any comments or suggested amendments

To consider wider financial and investment policy through:

  • Reviewing the reserves policy and strategy annually, including consideration of designated and restricted funds, and plans for investment
  • Reviewing reports on investment performance from the Investment sub-group
  • Monitoring and advising Council on pension arrangements and the pension liabilities of the RSE (with advice from the pensions sub-group)

Operational process

The committee meets quarterly with a specific focus on budget and pay awards at appropriate points in the annual cycle.

Committee Membership

TRUSTEES

Treasurer (interim)
Vice President; Physical Sciences
Ordinary member
Ordinary member

OTHER FELLOWS