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The Fellowship
Council and Committees: Finance and Audit Committee
Council has delegated most of its responsibilities in respect of the financial affairs of The Academy to the Finance Committee. The main activities of the Committee are:
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Setting budgets for both revenue expenditure and capital expenditure before the start of each financial year;
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Authorising cheque signatories and setting payment authority limits before the start of each financial year;
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Monitoring actual performance versus budget during the course of the year as well as monitoring the full year forecast against budget;
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Monitoring the cash balances and ensuring best use is made of any surpluses;
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Monitoring the performance of the independent financial advisers in regard to the income from investments and the market performance of the portfolios;
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Reviewing the risk assessment twice per year to ensure that risks have been properly identified and actions are in hand to reduce the risks as far as is reasonably possible;
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Reviewing insurance policies annually;
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Reviewing Fellows subscription rates every three years;
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Considering ad hoc items which the Committee may initiate itself or be asked to consider by Council, other Standing Committees or individual Fellows.
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Chair |
Mr I C Ritchie CBE FREng FRSE |
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Members |
Dr S E Bold FREng
Professor P J Goodhew FREng
Professor D N Payne CBE FREng FRS
Dr J Venables CBE FREng
Mr N Whitehead FREng
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Committee Secretariat |
Mr H Beeston |
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