Worcester Cathedral Finance Committee member

Role: Finance Committee member

Location: Worcester Cathedral

Reporting to: The Dean and Chapter (via the Chair of the Finance Committee)

Tenure: This is a three-year appointment in the first instance, with the opportunity to renew for two further, consecutive terms.

Job purpose: The Chapter members, as the charity trustees, are collectively responsible for managing the financial assets of the cathedral. The Finance Committee is tasked with keeping the activities and management of the Cathedral under review, in relation to such matters as the Chapter has specified in the Finance Committee Terms of Reference.

Meetings:
The Finance Committee meets formally 4 times per year (usually between 9.30am and 11.30am on a weekday morning, although this may vary). Papers are received in advance, and all members of the Finance Committee are expected to have read papers and be prepared to contribute as needed to discussion. Expenses can be claimed for attendance at meetings or carrying out functions on behalf of the Chapter.

For an informal conversation about this post, please contact the Dean by emailing thedeansoffi

The Finance Committee is responsible for:

• Monitoring and reviewing the overall financial strategy and financial policies, with a five-year time horizon, of the Chapter and formulating and making recommendations to Chapter.
• Exercising oversight of the financial procedures and delegations across the cathedral and making recommendations to Chapter as required.
• Reviewing the Chapter’s draft annual budget, including proposed capital expenditure and major projects, and providing advice to Chapter to assist Chapter’s consideration and approval of the budget.
• Monitoring the most recently prepared financial management information including management accounts, performance against budget, relevant key performance indicators, forecasts and cash flow forecasts, and reporting to the Chapter.
• Reviewing the draft annual accounts and auditor’s report and meet with the auditors as necessary and recommend adoption of the annual accounts.
• Exercising oversight of financial implications of proposed and actual events and major projects and developments, including scrutinising judgements and financial management systems, and making recommendations to Chapter as appropriate.
• Approving items of expenditure not included in the annual budget where required of amounts in excess of £25,000.
  • Considering and recommending to the Chapter all banking arrangements including selection of bank counter parties and bank mandate arrangements.
• Monitoring borrowing requirements, including any overdraft facilities and any loans taken out by the cathedral and reviewing compliance against covenants, and reporting regularly to the Chapter
• Monitoring and reviewing the Chapter’s arrangements in relation to investments to yield the best financial return within the level of risk considered acceptable by the Chapter, including review of the investment policy, ensuring that investment arrangements are aligned with the Chapter’s long-term objectives and ethical policy and ensuring compliance with endowment and other restrictions.
• Monitoring performance of investment and property managers, receiving their reports and making recommendations to the Chapter in relation to the appointment, reappointment and removal of the Chapter’s advisors and managers.
• Receiving periodic performance reports covering the main income generating activities of the cathedral including those of Worcester Cathedral Enterprises Limited and any other commercial enterprises, development board and fundraising activities and those activities where significant costs are incurred and reporting to the Chapter as required.
• Reviewing the Chapter’s arrangements in relation to reserves, including its reserves policy and making recommendations to the Chapter.

The Finance Committee also acts as the Audit and Risk Committee, in accordance with the Cathedrals Measure 2021. In this capacity, the Finance Committee is responsible for:

• Reviewing the annual report and financial statements, paying particular attention to accounting policies, areas involving significant judgement or…