Committee details

Terms of reference:-

• To review all financial matters with delegated power to act;

• To consider the business plan and budget prior to submission to the Board;

• To review all capital cap and premises matters with delegated power to act;

• To review any matters that may affect the finances of the Barbican Centre, reporting to the Board if the annual revenue is expected to vary by +/- 10% or the annual funding requirement from the Corporation is expected to vary by +/- £1 million

• To consider corrective measures proposed by Barbican Centre management to address material budget variances;

• To review risk management and consider periodic assessment of the adequacy of internal controls and financial best practices; and

• To review the Barbican Centre’s Risk Register every six months, and make recommendations to the Barbican Board.

The composition:-

Chair of the Board (Chair)

Deputy Chair of the Board (Deputy Chair)

A representative of the Barbican Centre Trust

Up to four other Board Members*

*There is a requirement for City of London Members to have a majority on the Sub-Committee. The quorum is any three Committee Members.