Term of reference: The Finance and Performance Committee

1. Overall purpose and objectives

1.1. The National Archives’ Board (the Board) has established a Finance and Performance Committee (the Committee) as a Sub-Committee of the Board to support them in their responsibilities for:

• Reviewing and monitoring progress, performance and outcomes in achieving strategic objectives via in-year business priorities and key performance indicators (KPIs)
• Reviewing and monitoring regular financial performance information (modelling and forecasting) in a timely manner.
• Providing scrutiny, advice and challenge on major projects with a material financial impact
• Providing scrutiny, advice and challenge to ensure The National Archives maximises public value and meets user needs.

2. Membership

2.1. The membership of the Finance and Performance Committee will comprise the following:

• Chair of the Finance and Performance Committee
• Chair of the Audit and Risk Committee
• One further Non-executive Board Member
• Chief Executive and Keeper
• Finance Director
• Chief Operating Officer
• Director of People, Inclusion and Change
• Chief Digital and Information Officer

2.2. The Chair of the Committee will be a Non-executive Board member. However, to avoid conflict of responsibilities, it shall not be the Chair of the Audit and Risk Committee.

2.3. The Head of Financial Planning, Performance and Analysis, and the Head of Governance will attend all meetings.

2.4. Secretariat support will be provided by the PA to the Finance Director, with oversight from the Head of Governance. In the absence of the PA to the Finance Director, secretariat support will be provided by the Governance team.

2.5. Other members of The National Archives’ staff can attend as requested by the Committee for specific agenda items.

3. Responsibilities

• Assurance of Financial Reporting, including commercial and grant performance:
  • Provide oversight and scrutiny of the financial performance of The National Archivesthrough the monthly management accounts and quarterly forecasts to ensure appropriate and effective use of funds, with particular focus on performance against control totals and budget.
  • Monitor the future fiscal sustainability of the organisation to ensure that it can continue to meet its obligations and objectives
  • Monitor proposals for significant changes in spending or revenue-raising not covered by the financial plans for current and future years, including proposals from other Committees or from the Government
  • Champion the importance of value for money (VfM) as set out in Managing Public Money.
  • Review the adequacy of financial information for determining priorities. o Scrutinise and monitor the delivery of commercial and grant funding plans and performance
  • Provide oversight and scrutiny of major procurements ( >£5M contractual value) to ensure value optimisation.
• Assurance of Business Priority Performance:
  • Provide scrutiny and challenge on developing and monitoring Specific, Measurable, Achievable, Relevant and Time-bound (SMART) business priorities as set out in the Green Book
  • Review and provide assurance to the Board on the evidence-based performance of in year business priorities
  • Review and scrutinise the Performance Report included in the Annual Report and Accounts
• Assurance of Major Project Performance:
  • Monitor quarterly progress of major ongoing programmes and projects from the financial plans for current and future years
  • Provide scrutiny over major service change proposals and investments – particularly capital investments

4. Reporting and effectiveness

4.1. The Committee does not have any delegated authority to make decisions on behalf of the Board. However, the Committee shall report on concerns and/or make recommendations to the Board it deems appropriate, on any area within its remit, where action or improvement is needed.

4.2. The Chair of the Committee will formally report back to the Board after each meeting. The minutes of the meeting will also be shared with the Board.

4.3. The effectiveness of the Committee will be assessed as part of the annual Board effectiveness review process.

5. Meeting arrangements

5.1. The Committee will normally meet four times each financial year. Meeting dates will usually be closely aligned to the corporate reporting calendar. The Chair of the Committee, with the agreement of the Chief Executive and Keeper and/or the Finance Director may convene additional meetings, as necessary.

5.2. The quorum for meetings is two Non-executive Board Members and two Executive Directors. If a meeting of the Committee becomes inquorate by reasons of its members leaving the meeting, the meeting shall, at the discretion of the Chair, either be suspended until the quorum is re-instated or adjourned to another date.

5.3. If the Chair is absent for all or part of the meeting, then the Chair, in consultation with the Chief Executive and Keeper and/or Finance Director, will identify/nominate someone to chair the meeting and/or item.

5.4. The Board or the Chief Executive and Keeper (also Principal Accounting Officer) may ask the Committee to convene further meetings to discuss particular issues on which they want the Committee’s advice

6. Frequency of Review

6.1. These Terms of Reference should be reviewed on a biennial basis, or earlier if necessary.

6.2. These terms of reference were last reviewed and agreed by the Finance and Performance Committee on 6 May 2025 and The National Archives’ Board on 10 June 2025. The next scheduled review date is February 2026.