Further Reading

A. FAC Terms of Reference

Financial Duties

  1. To ensure that the Charity operates within the financial guidelines set out in current legislation, by the Charity Commission, the Charity’s constitution and by the Board.
  2. On behalf of the Board to ensure that the Charity’s financial obligations are met.
  3. To review regularly and advise the Board on the appropriate regulatory framework within which the Charity must function, including ensuring adequate financial control.
  4. To advise the Board on the financial implications and operational risks arising from Board decisions – especially the Board’s strategic and policy decisions.
  5. To review longer term forecasts of capital resources and of income and expenditure, and to review and monitor financial trends within the Charity and the sector within which it operates.
  6. To formulate for the Board to approve and agree, and regularly to review and monitor a financial strategy and reserves policy that will help to achieve the Charity’s objectives, as set out in the Board’s current strategic plan and business plan.
  7. To advise on, scrutinise and evaluate a draft annual budget leading to the recommendation for approval by the Board, ensuring that it is compatible with, and supports the Charity’s objects and the strategic, business and annual plans.
  8. To work with the Chief Executive and other senior executive staff (for example, the Chief Finance Officer) to ensure that the financial information is both accurate and presented in such a way that it facilitates good governance and management.
  9. To consider regularly the Charity’s management accounts and monitor performance against the approved budget.
  10. To scrutinise and evaluate regularly the Charity’s current and forecast cash flow and to inform the Board of any concerns and to work with management to respond accordingly.
  11. To approve, within the limits laid down by the Board, emergency and unbudgeted expenditure.
  12. To explore, within the criteria specified by the Board, expenditure of a significant nature on new initiatives.
  13. To ensure that the Trustees’ Annual Report meets all legal and regulatory requirements as well as reflecting good governance principles.

Audit Duties

External Auditors

  1. To act as the primary liaison point on behalf of the Board for the external auditors and to make recommendations to the Board as appropriate in respect of external audit processes.
  2. To consider tenders for external auditing services and recommend to the Board which firm should carry out the annual external audit of the Charity’s statutory accounts.
  3. To discuss with the external auditors any problems or reservations arising from the draft external audit report and draft management letter.
  4. To advise the Board on the contents of the draft external audit report and of any management letter that the external auditors may wish to present to the Board, and to formulate for Board use any written representations that may be needed by the external auditors in connection with the Charity’s statutory accounts or any other financial statements.

Internal Audit

  1. To advise the Board on the appropriate level of internal audit arrangements.
  2. To ensure that regular audit reviews are carried out in appropriate areas such as legal, risk, financial (including VAT, PAYE), investments and insurance, and to contribute to these reviews.
  3. To investigate on behalf of the Board any financial, administrative or personnel behaviour matter which may put the Charity at risk.
  4. To examine reports on special investigations and to advise the Board accordingly.
  5. To consider the appropriateness of executive action following internal audit reviews and to advise Senior Management on any additional or alternative steps to be taken.


  1. To ensure there is coordination and good working relationships between internal audit, external audit and any other review bodies that have been set up.
  2. To monitor external and internal audit reviews and to advise the Board accordingly.
  3. To review periodically the register of material contracts.
  4. To monitor compliance with the Standing Orders and Standing Financial Instructions.
  5. To encourage a culture within the Charity whereby each individual feels that he or she has a part to play in guarding the probity of the Charity, and is able to take any concerns or worries to an appropriate member of the Executive or, in exceptional circumstances, directly to the FAC Chair.

Risk Assessment

  1. To review the Charity’s Risk Policy and recommend approval to the Board.
  2. To review the Charity’s strategic risk register and to highlight the high risk areas for the attention of the Board.
  3. To review the results of the annual placement of insurance to ensure adequate cover is in place for property related activities and other activities within the Charity; and to highlight any significant matters for the attention of the Board.

B. Barts Charity Finance and Audit Committee

Claire Brown (FAC Chair) Claire is a consultant, mentor, trustee and co-opted member of investment and audit committees for various charities, including: The Nuffield Foundation, The Royal Foundation, and New Forest Citizen’s Advice. She is also on the Advisory Board of Schroders’ Charity Authorised Investment Funds. Previously Claire was the Finance & Investment Director of the Esmée Fairbairn Foundation, a leading UK charitable foundation and Finance Director for GlobeOp, a highly successful start-up financial services business serving hedge funds. Claire is a Fellow of the Institute of Chartered Accountants.

Vijay Bharadia  Vijay is a qualified Chartered Accountant. He is the Chief Finance and Operating Officer at Intermediate Capital Group plc and was previously International Chief Financial Officer of The Blackstone Group and First Vice President and the Co-CFO for European Equities at Merrill Lynch & Co.

Dr Richard Lewis Richard is an independent health strategy consultant and a former partner and health leader at Ernst & Young LLP. He is a Visiting Senior Fellow at the Nuffield Trust and has formerly worked at the King’s Fund and Cabinet Office, and also a member of the Barts Charity Grants Committee.

Paul Rawlinson (Board Chair) A Chartered Accountant, Paul is a non-executive director of Charles Wells plc and The Classic Prop Company. He is formerly partner and member of Executive Board of PricewaterhouseCoopers LLP. He became Chair of the Charity in April 2016 and will step down as Trustee and Committee member at the end of March 2021.

September 2020