Finance Committee


Dr Arvind Parmar Treasurer, RAS (Chair)

Prof Mark Lester, Senior Secretary, RAS

Mr Ian Russell 

Prof. Lyndsay Fletcher



The Treasurer (Chair) plus 4-5 Fellows with relevant expertise. The Executive Director and Accountant attend all meetings; the Investment Manager and Auditors attend by invitation.

Term of Appointment

The Treasurer and any Officers/Councillors serve for the duration of their office; others for 3 years, with the option of a further renewal of 3 years.

Terms of Reference/Responsibilities

Act of behalf of the council on such matters as the council delegates to it, from time to time. Perform the following functions: a. Ensure that adequate records of the assets, liabilities, receipts and disbursements are being maintained. b. Review the Operations Plan, including Incoming/Outgoing Resources and Reserves (Unrestricted and Restricted) c. Review the objectives and structure of Management Reports. d. Review the performance of the Society's Investment funds, as reported by the Investment Manager, and, as necessary and desirable and in accordance with the prescribed objectives, to make recommendations to the Council regarding any changes to the benchmarks, asset mixes, risk characteristics, management objectives, investment manager, etc. e. Ensure compliance with statutory requirements for external reporting, as applied by the Charity Commission. f. Ensure compliance with H.M. Revenue & Customs V.A.T. requirements. g. Review the Society’s Risk Analysis. h. Seek to maintain and improve the financial health of the Society. i. Consider and make recommendations to Council, on matters referred to the Committee in relation to the Society's Pension Schemes. i. Advise the Council on such other matters, as it deems appropriate. j. Liaise with other committees re income generation and expenditure.


Two meetings are held, in April and November. One or two additional meetings are held during the year. The Accountant prepares the agenda. The main item of business, in November, is the Investment Manager’s report, while in April the main item of business is the previous year's draft Annual Accounts. The business at the additional meetings is variable according to circumstances. The Operations Plan is tabled at each meeting.