City of Winchester Trust
  • kingalf
  • cathedral
  • roundtable
  • westgate
  • guildhall
  • wolsey
  • stcross
  • library




logo


The City of Winchester Trust Ltd

INFORMATION PACK FOR
TRUST COUNCIL MEMBERS



11 TERMS OF REFERENCE OF THE FINANCE AND RESOURCES COMMITTEE



Accountability


The Finance and Resources Committee is accountable to the Council of the City of Winchester Trust for the internal organization of the Trust, administration, legal issues and financial matters as well as land, buildings and their contents.


Frequency of meetings


Meetings are to be convened as required to discharge the Committee’s role. Meetings are to be minuted, with minutes being reported to the next meeting of the Council.


Membership


The membership of the Committee shall comprise:


The Chairman of the Trust


Vice Chairmen of the Trust


The Honorary Treasurer



A minimum of one but not more than four additional members of the Council


These are the voting members of the Committee


The Secretary shall be in attendance


The members of the Committee appoint a Chairman. The Chairman may invite other members or non-members of the Council to attend but without voting rights. The President of the Trust has the right to attend and speak at the meeting, but has no vote.


Decisions are taken on the basis of a simple majority of votes, with the Chairman having a casting vote in the event of an even vote. A meeting is quorate providing at least three voting members are present.


Functions of the Finance and Resources Committee


It is the function of the Finance and Resources Committee to deal with matters of an organizational, administrative, legal or financial nature and make recommendations to the Council. The Council may delegate decision-making powers to the Finance and Resources Committee and powers have been delegated in respect of:


• Supervision and Management of the Trust’s investment portfolio, taking into account the advice of the Trust’s investment advisers and the deployment of cash resources, in accordance with the adopted investment policies of the Trust.


• Setting of the level of rentals receivable from the Trust’s tenanted flats and other leases or licences, taking into account the advice of the Trust’s property management advisers.


Financial Responsibilities


The Finance and Resources Committee is responsible for:


• Overseeing the use and distribution of Trust funds and their cost-effective deployment;


• Overseeing that all credits due to the Trust are collected and authorised payments made promptly;


• Approval of the budget and half-yearly financial review;


• Ensuring that Council approval is obtained before financial commitments are entered into, or at the earliest future date in exceptional and urgent circumstances, acknowledging that the budget respects Council approval for routine matters;


• Overseeing the Trust’s accounting and book keeping systems, ensuring that they satisfy legal requirements and those of the Trust’s reporting accountants;


• Approval of the Trust’s draft accounts for submission to Council.


Investment member


The Committee is to nominate one member in addition to the Honorary Treasurer as the Investment member. This member is to liaise with the Honorary Treasurer in the management of the Trust’s investment portfolio, within the context of the decision making powers delegated to the Committee.


Legal responsibilities


The Finance and Resources Committee is responsible for ensuring that all administrative and other duties imposed on the Trust by statute are complied with, or that action is taken so that the Council may discharge these obligations.


Land, Buildings and their contents


The Finance and Resources Committee is responsible for carrying out the duties of leaseholder of the property at 30/32 Upper Brook St and as landlord of these buildings in terms of maintenance, letting and administration, as well as the contents which belong to the Trust.



[Revised March 2016]