Finance subcommittee terms of reference

Name of group

BDEF CIO Finance Subcommittee

Purpose

The BDEF CIO Finance Subcommittee exists to support the Board of Trustees by overseeing the organisation’s financial health through planning, monitoring, and reporting.

The subcommittee does not hold spending powers but acts in an oversight and advisory capacity, making recommendations to the trustees.

Responsibilities and tasks

The Finance Subcommittee will:

Receive regular financial reports on income and expenditure from the Finance Admin Worker, bookkeeper and other relevant staff.

Recommend adjustments to the annual budget where necessary, based on financial reports (e.g. reallocating funds between overspent and underspent areas).

Oversee the preparation and reporting of annual accounts, ensuring they are reviewed by the subcommittee before submission to trustees.

Prepare the organisation’s annual budget and recommend it to the Board of Trustees (typically beginning planning from October/November for agreement in March).

Recommend the appointment of an independent examiner (auditor) to the Board of Trustees and subsequently to the AGM.

Annually review the organisation’s financial procedures and policies to ensure compliance with legal and charitable requirements.

Consider and respond to any other financial matters as they arise, relevant to the organisation’s operations.

Review and provide oversight on funding applications and strategies, making recommendations to trustees on financial implications.

Meeting frequency

The subcommittee will meet monthly until the end of March 2026.

From April 2026 onwards, meetings will be held every six weeks, or as otherwise agreed by the group.

Meetings will be scheduled to allow financial matters to be reviewed before each Board of Trustees meeting.

Meetings will be held online unless otherwise specified.

Members

The subcommittee will include:

Advisors may be invited to join the subcommittee on an ad hoc basis, depending on the subject matter (e.g. external accountant, funding expert).

The subcommittee retains the discretion to determine when and whom to invite.

Roles and responsibilities

Treasurer: Chairs the subcommittee and leads the planning of meetings in collaboration with the Finance Admin Worker and Director.

Finance Admin Worker: Supports the preparation of financial information and documentation for meetings.

Director: Supports agenda planning and ensures implementation of agreed actions.

In the Treasurer’s absence, the role of Chair may be delegated to another trustee (but not an officer).

Reporting

The Finance Subcommittee reports to the Board of Trustees through written recommendations and formal presentation of reports.

Draft minutes or key decisions will be shared with trustees following each meeting.