Staff & Governance

Meetings

It is intended that the Finance Committee will meet four times a year prior to each Council of Management meeting, but this will be adjusted as circumstances require.

Members

Chairman of Council
Principal
Finance Director
Three other Members of Council

Other Members of the Council may be co-opted onto the Committee to discuss specific issues where their expertise is required.

Terms of Reference

The quorum is three members of Council and should also include at least one of the Principal or the Finance Director.

The Committee reports to the Council through the Chair of the Finance Committee. It reviews the School’s financial arrangements and performance, including;

• The School’s financial strategy
• The School’s annual budget and performance against the budget
• The operation of the School’s financial function
• The appointment of bankers and other financial professionals
• Any other matters of the School which require a financial consideration

The Committee will not duplicate the function of the Audit Committee.

These terms to be reviewed by the Council of Management every three years

The trustees of Bristol Old Vic Theatre School are responsible for:

Approving the Mission and Strategic Plan of the School, the long term academic plan and the Business Plan.

Ensuring compliance with the requirements of the CDD and validating university.

Appointing the Principal and putting in place suitable arrangements for monitoring his/her performance and remuneration.

Delegating authority to the Principal for the academic, corporate, financial, and personnel management of the School. Keeping under regular review the policies, procedures and limits for those management functions undertaken by, and under control of, the Principal.

Establishing and monitoring systems of control and accountability, including financial and operational controls and risk assessment and procedures for handling internal grievances and for managing conflicts of interest.

Ensuring processes are in place to monitor and evaluate the performance and effectiveness of the School against the plans and Key Performance Indicators and to compare them to the performance of peer affiliates of the CDD.

Managing and maintaining the property assets of the School.

Establishing procedures to monitor the effectiveness of the Governance arrangements of the School.

Ensuring the conduct of the School is in accordance with best practice in the higher education sector and with the principles drawn up by the Committee on Standards in Public Life.

Safeguarding and if possible enhancing the good name and values of the School.

Making such provision for the welfare and support of students as considered necessary.

Ensuring compliance with the requirements of Charity law, operating the school for public benefit and managing the funds, particularly the restricted funds, of the School in accordance with donor’s wishes.

Ensuring compliance with the Memorandum and Articles of Association

Purpose

The purpose of the Committee is to assume delegated responsibility, on behalf of the Committee of Management (‘Council’) of the School for ensuring that there is a framework of accountability; for examining and reviewing relevant systems and methods of control, both financial and otherwise including risk analysis and risk management; and for ensuring the School is complying with all relevant aspects of the law and regulations including compliance with HEFCE requirements and good practice.

Terms of Reference

To advise Council on the appointment of external auditors, the auditor’s fee, the provision of any non-statutory services of the external auditors and any questions of resignation or dismissal of the external auditors.

To discuss in advance with external auditors the nature and scope of the audit.

To recommend to the Council a framework of effective audit, having reviewed the internal and external audit processes.

To consider and advise Council on the appointment and terms of engagement of the internal auditors, the audit fee, the provision of non-audit services by the internal auditors and any questions of resignation or dismissal of the internal auditors.

To ensure that regular audits are carried out in the following areas: legal, risk, financial (including statutory annual audits, VAT, PAYE, and plans for income and capital requirements), health and safety, insurance and to contribute to such reviews if necessary.

To keep under review the effectiveness of the risk management control and governance arrangements, and in particular to review the external auditors management letter, the internal auditors report and management responses.

To discuss with external auditors any problems or reservations arising from the external audit report and management letter, reporting relevant issues and advising the Council accordingly (the Committee may consider it desirable, from time to time to meet the external auditors without the School’s officers being present).

To ensure that the School has appropriate policies on serious fraud and irregularity, and that all significant losses have been properly investigated and that the internal and external auditors, and where appropriate the HEFCE accounting officer, have been informed.

To satisfy itself that satisfactory arrangements are in place to promote economy, efficiency and effectiveness

To consider the annual financial statements in the presence of the external auditors, including the auditors’ formal opinion, the statements of members’ responsibilities and the statement of internal control.

Bristol Old Vic Theatre School

To investigate on behalf of Council any financial or administrative matter which may put the School at risk and advise the Council accordingly.

To receive relevant reports from the National Audit Office, the HEFCE and elsewhere.

Membership

Three members of Council, agreed by Council.

The Company Secretary, Principal and Finance Director will be in attendance and any other employee of the School who may be required by the Committee.

The internal auditors and the external auditors shall normally attend meetings where business relevant to them is to be discussed.

Meetings will be quorate with two committee members present.

Frequency

As required but at least two times per year.

Administration

The Committee will be serviced by the staff at the School.

Reporting to the Council of Management

The minutes (or a report) of meetings of the Committee will be circulated to the Council

The Committee will report annually to Council at the end of each financial year and the report will be sent to the Conservatoire for Dance and Drama. The report will give the Committee’s opinion on the extent to which Council may rely on the internal control systems.