Terms of Reference – NMITE Finance & Resource Committee

Finance

1. To recommend to the Board of Trustees the Financial Plan and budgets and to the Audit and Risk Committee, NMITE’s annual audited accounts.
2. To approve variations to the Financial Plan within the limits of delegated authority of the FRC.
3. To recommend financial and procurement regulations proposed by the executive [See CUC quote above – ‘While responsibility for devising, developing and maintaining control systems lies with the Executive…..]for approval by the Board.
4. To act on behalf of the Board in the application and supervision of financial and procurement regulations approved by the Board.
5. To review and make recommendations to the Board on funding arrangements for major capital projects.
6. To review and make recommendations to the Board on any long-term loan finance or major financial commitment (if required).
7. To make recommendations to the Board on the:
   • Annual estimates of income and expenditure;
   • Staff establishment and salaries;
   • Financial statements;
   • Major variations of expenditure, notably variations from revenue expenditure profiles agreed with DfE; and
   • Submission of funding applications to HMG, LEP and philanthropic and other donors.
8. To receive and review monthly management accounts which shall include:
   • detailed income and expenditure, (current month and year to date)
   • performance against budget,
   • balance sheet,
   • cashflow
   • employee establishment (current and committed)
   • enterprise metrics tracking progress of:
     1. Learner pipeline
     2. Degree apprenticeship pipeline
     3. CPD/upskilling pipeline
     4. Donor cash pipeline
     5. Donor in kind pipeline

Based on these reports, to ensure short term budgets are in line with longer term plans, and, on behalf of the Board, determine action to be taken within the overall budgets previously approved by the Board.

9. To approve fees and charges for recommendation to the Board.
10. To advise the Board and review arrangements for ensuring the solvency of the NMITE and the safeguarding and maintenance of assets.
11. To pursue value for money and the efficient and effective use of resources and ensure that financial considerations are considered by NMITE staff at all relevant stages in reaching decisions.

Human Resources Matters (Note: not in relation to Senior Employees – see Nominations &Remuneration Committee)

12. To approve employment-related policies pursuant to the Human Resources Strategy and to recommend to the Board of Trustees for approval the framework of pay and conditions of service of employees.
13. To approve regulations relating to the conduct of employees and procedures relating to grievances, dismissal on grounds of misconduct, capability, medical incapacity, redundancy and procedures on appointment, promotion and public interest disclosure.
14. >To receive or obtain assurance that the framework and procedures for pay and conditions and for grievance and dismissal are appropriate and effective.

General Matters

15. To approve NMITE’s investment policies within the programme approved by the Board.
16. To keep under review the financial implications of the NMITE’s Fundraising Strategy and Capital Development, Infrastructure and Accommodation Plans, including performance against targets, and to advise the Board accordingly.
17. To review annually the provision of pensions and other employee benefits.