Finance and Audit Committee
Terms of Reference

 

Membership

The Committee shall consist in minimum of one Trustee. Appointments shall be reviewed on an annual basis.

Frequency of meetings

The Committee shall meet formally at least once a year in June to discuss the audit findings and recommendations. Regular exchanges will take place by email and phone throughout the year.

Record of meetings

The Committee shall ensure than an agreed written record of their meetings is forwarded to the Board.

Staff attendance

The Finance Director is required to attend all meetings of the Committee. Other staff may, at the Committee Chair's request, attend meetings as required.

Functions of the Committee

  • To scrutinise the annual budget and operational plan prepared by the Executive team and advise the Board on their adoption.
  • To monitor the financial position and future prospects of the Charity to ensure that it can meet its commitments and strategic objectives.
  • To keep under review the long term financial sustainability of the Charity.
  • To receive and review reports from the Finance Director, including quarterly management accounts.
  • To advise the Board on the financial impact of new accounting policies, laws and regulations.
  • To review with management the efficiency and effectiveness of financial systems and controls and the progress made in implementing internal and external audiit recommendations.
  • To attend preparatory and closing meetings with auditors and to review in detail the Annual Report and Accounts prior to its submission to the full Board.
  • To provide relevant information and recommendations to the Board.

 

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