Treasurer and Chair of the Finance Committee

Job Title: Treasurer and Chair of the Finance Committee
Contract Type: Permanent
Location: Bury St Edmunds
Reference: REF 111
Contact Name: Katy Ford
Contact Email:
Job Published: November 16, 2018 16:07

Job Description

Foundation East is a mission driven mutual society based in Bury St Edmunds, Suffolk. It promotes social and financial inclusion by providing affordable loans and support to businesses located across the UK.

Foundation East has been operating for almost 15 years and in this time, has made a measurable difference to businesses, to communities and to individuals.

The Society recognises that to be both proactive and reactive in the SME and Social Enterprise finance market place it needs to change. Can you, as a team member of the Board, support it and the Chief Executive of this strong organisation to and through to the next phase of its development?

Foundation East is seeking to appoint a new Treasurer and Chair of the Finance Committee to provide input and guidance to the mutual Society.

The successful candidate will ideally:

  • be a qualified accountant with senior management experience;
  • understand corporate governance including risk management and financial control;
  • have experience in the development of strategic business plans to support the Board Chair and the Chief Executive;
  • have experience in preparing business budgets and forecasts;
  • have experience in reviewing draft audited financial statements and auditor’s letters prior to submission to the Board for approval;
  • review and update financial policies including delinquency, reserves and provisioning policies prior to submission to the Board for approval;
  • monitor the loan portfolio between Board and Finance Committee meetings;
  • consider matters relating to banking and investments;
  • consider matters relating to Registered Society/ Community Benefit Societies and their investors.

The role demands close working relationships with diverse stakeholders, small business networks, social enterprise support networks, funders, the Board and the Finance Team.

The primary purpose of the Treasurer's role as Chair of the Finance Committee is overseeing the financial status of Foundation East - financial management and performance, fundraising, budgeting, forecasting and audit.

The Treasurer will:

  • lead a Finance Committee of up to 5 members working closely with the Chief Executive and Finance Manager, and have experience developing strategic business plans for the Society;
  • conduct the business of Finance Committee meetings to ensure that the Finance Committee members are provided with timely information and have the opportunity to express their views before recommendations are made;
  • consider matters relating to the corporate structure and governance of Foundation East;
  • understand the small business sector and social enterprise sector and recognise the challenges these sectors face when seeking to raise finance;
  • understand the financial services industry.

There is a degree of flexibility in the role but to meet the demand of the business the Treasurer is expected to spend approximately 12-15 days a year on Society business.

Foundation East is a membership organisation and the person appointed would be required to become a Member.

Foundation East is authorised to provide Consumer Credit regulated loans. The person appointed will be required to become a Financial Conduct Authority Approved Person.

The role of Treasurer is voluntary. Reasonable expenses are paid.

This appointment will be for an initial term of three years with the option for a second term of three years.

Please submit your CV, and a cover letter detailing your suitability for the role to Katy may also be contacted if you would like to discuss the role in advance of applying.

Closing date of applications is Friday 9th November 2018.

Interviews likely to take place week commencing 12th November 2018.

Foundation East

Foundation East is the only Responsible Finance provider offering loans and business support to businesses across the East of England. We create £15 of social value for every £1 we loan. To continue helping local entrepreneurs, we're becoming increasingly reliant on funds raised through members buying our CITR shares. Buying CITR shares brings many social, economic and financial benefits.

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