Finance and Risk Committee of the Barbican Centre Board

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.