Terms of Reference
1. Reporting on matters of a financial nature affecting the Synod.
2. Reviewing reports received under delegated powers and reporting any matters of concern to the Standing Committee.
3. Prudential oversight of the Synod funds (including the PCR group) and liaising with the external auditors of the Synod Fund on an annual basis to discuss the following matters –
(i) the scope of the external audit, and
(ii) the estimated fees for the current year and the next year, and
(iii) any major audit problems, and
(iv) the review of internal controls.
4. Exercising the following powers delegated by the Standing Committee.
Clause
Accounts, Audits and Annual Reports Ordinance 1995
8 Receiving reports from auditors in relation to deficiencies in any matter if the auditor qualifies the audit report because of the deficiency or if the auditor has not signed an audit report within 6 months after the balance date. 8A(1)
Declaring by resolution that an Organisation is either Category 1, 2 or 3 for the purposes of this Ordinance.
11
Receiving notifications from Organisations of liquidity problems.
13
Receiving the nominated internal management financial information from each Category 3 Organisation within 3 months after the end of each Financial Year and 3 months after the end of each Half Year.
14
Receiving the annual report (including financial statements, a charities group status report, information on charter and membership, a ‘liquidity’ report, and a risk management report) of Organisations and arranging for these reports to be tabled at Synod.
15
Requiring Organisations to supply additional information on their affairs.
19(1)
Specifying a period or periods to be the Financial Year for an Organisation or part of an Organisation.
19(2)
Specifying the date by which Organisations are to lodge the internal financial information required under clause 13.
Anglican Church Growth Corporation Ordinance 2018
23
Receiving information as to the affairs of the Corporation as may be requested by the Standing Committee.
Church Insurances Ordinance 1981
10(1) Receiving the financial statements and auditor's report [for the Church Insurance Fund] submitted under clause 10 of this Ordinance.
Cost Recoveries Framework Ordinance 2008
7
Receiving reports from Archdeacons in relation to parishes which have not paid an instalment of their charge.
8(1), (2) & (3)
Approving arrangements for the payment of arrears of charges, relief from charges and the remittance of charges in certain circumstances.
9
Collecting moneys and controlling expenditure on behalf of the Synod.
13(a)
Approving bodies from which grants are classified as an exclusion for the purpose of calculating the net operating receipts of parishes.
15(1), (2) & (3)
Making estimates of and adjustments to the net operating receipts if audited financial statements are not lodged or are incomplete or inaccurate and requesting ministers and churchwardens to correct or complete those financial statements.
General Synod - Long Service Leave Canon 1992 Adopting Ordinance 1992
4 Making regulations to administer the fund known as the Sydney Diocesan Long Service Leave Fund.
Long Service Leave Ordinance 1973
2(3)(b) Declaring that this Ordinance applies to an organisation which otherwise would have been exempt.
2(4)(b) Declaring that this Ordinance does not apply to an organisation.
7 Exempting parochial units and organisations from the obligations of this Ordinance.
Ministry Infrastructure Development Fund Ordinance 2022
5(1)(b)(iv) Approving the application of personal property of the Ministry Infrastructure Development Fund - comprising proceeds of the Property Receipts Levy subject to the dollar limit (currently $750,000) that may be applied to meet the operating costs of the Anglican Church Growth Corporation.
Parish Administration Ordinance 2008
Rules 3.9(1) and
3.10(2)(a)
Schedule 1,
Rules 3.8(1) and
3.9(2)(a) Schedule 2Prescribing the form of the financial statements and accounts to be prepared by the wardens.
Rule 3.9(1)(e)
Schedule 1,
Rule 3.8(1)(d)
Schedule 2Prescribing the form to be used by the wardens in reporting their insurances.
Standing Committee Ordinance 1897
4(2) Defraying the working expenses of the Synod and the Standing Committee, and paying further sums authorised by the Synod.
8 Presenting an annual report and financial statements to each session of the Synod.
Sydney Anglican (National Redress Scheme) Corporation Ordinance 2018
3, 10-12 Providing assurances to Anglican Representative (National Redress Scheme) Limited (ARNRSL) regarding Sydney Anglican (National Redress Scheme) Corporation (SANRSC)’s ability to meet its Membership Liabilities as and when they fall due in each remaining year of the NRS, subject to –
(a) receiving advice that the balances of the ACPT Fund and Synod Fund, as certified by the Secretary of the Finance Committee, are expected to be more than sufficient to enable SANRSC to meet its Membership Liabilities as and when they fall due, and
(b) reporting any exercise of this delegated authority to the Standing Committee.
Sydney Diocesan Sickness and Accident Fund Ordinance 1969
6
Prior to commencement of each year, fixing the determined rate of benefit for that year.
10(2)
Setting the “Prescribed Amount” for the maximum amount of medical expenses payable.
12
Directing SDS to pay a claim where it appears the circumstances are within the spirit and intent of the Ordinance.
Synod Fund (Mission Areas) Variation of Trusts Ordinance 2011
4
Determining the application of funds for the purposes of the Mission Areas, on approval of the Regional Bishop, if he is satisfied that good work is proceeding.
Interactions with the Australian Charities and Not-for-profits Commission
Authorising interactions with the Australian Charities and Not-for-profits Commission on behalf of the Synod.
Ordination Training Fund
Providing bursaries for further theological training to ordination stage for partly trained personnel.
Providing financial assistance for “needy students”.
Authorising payments for the following types of costs for new ordinands –
· psychological testing of all new candidates,
· ordination retreat/conference,
· Bibles for ordinands,
· ordination service, and
· dinners for ordinands.
Standard Trust Ordinances
8(2) After consulting with the relevant regional bishop, authorising a later date (10 years in the case of parishes and 5 years in the case of provisional parishes) on which the authority to apply income for the purposes of a parish or provisional parish terminates under a parish trust ordinance, except if -
(i) all or part of the parish or provisional parish's property income is exempt from the Property Receipts Levy (other than due to its Net Operating Receipts being below $120,000 pa), or
(ii) the parish or provisional parish has an alternative arrangement under ordinance in respect to all or any part of its property income.
Sundry Ordinances
Authorising the distribution of funds under any ordinances which give the Standing Committee authority to approve distributions by resolution.
Synod Fund Contingencies
Authorising the application of amounts of up to $10,000 from the remaining balance of uncommitted Synod Fund Contingencies provided that the report to the Standing Committee on the exercise of this delegated authority indicates the then remaining balance of uncommitted Contingences.
Members
Mr Rodney Cosier
Mr Greg Muddle
Mr John Pascoe
Mr Mark Robinson
Mr Ian Steward OAM
Ms Nicola Warwick-Mayo
5. There is no minimum or maximum number of members. At least one third of the members must be Standing Committee members.
6. A member ceases to hold office if any of the circumstances set out in rule 7.1(2)(a) of the Schedule to the Synod Elections Ordinance 2000 arises.
Chair
7. The Committee is to elect a chair from among its members, who is to hold office until the first Standing Committee meeting after the first session of each Synod.
Quorum
8. 3 members (Meetings (Quorum, Attendance and Resolutions) Ordinance 2007), including at least one Standing Committee member.
Administrative Arrangements
9. SDS provides staff and services. The costs are met by the Synod. The Committee usually meets during the lunch-hour on a Wednesdays 12 days before the Standing Committee meeting each month except for January when there is no meeting.
Retirement
10. The members hold office at the pleasure of the Standing Committee, but retire at the first Standing Committee meeting after the first session of each Synod.
Reporting
11. The Finance Committee will report to the Standing Committee on the exercise of any delegated authority. Any 2 members of the Finance Committee may require any matter to be referred to the Standing Committee, in which case the Finance Committee is not to exercise any delegated authority in relation to the matter but may provide its comments to the Standing Committee and the members referring the matter may make a submission to Standing Committee to explain the reason for their referral.
Contact Details
All correspondence for the Finance Committee should be sent to the Secretary, Finance Committee using the contact details below -
Mail: The Secretary
Finance Committee
Anglican Church Diocese of Sydney
PO Box Q190
QVB Post Office NSW 1230
AustraliaEmail: mab@sydney.anglican.asn.au
Current as at 15 February 2024