Governance & Regulations

The University is an exempt charity by virtue of the Charities Act 1993. Its structure of governance is set out in its charter and statutes. The strategy, regulations, policies and procedures included here form part of a system of accountability established by the University.

Financial Strategy

The University's Strategic Plan was released on 22 September 2015. The Strategic Plan consists of the overarching strategy, together with a number of discovery-led and discovery-enabling sub-strategies, One of these sub-strategies, the Financial Strategy sets out our financial commitments and priorities and establishes how we will measure success.

With a new approach to strategic and operational planning, including a greater focus on scenario planning and
future scoping, and a financial model that is fit for purpose, robust and easier for academic and professional
leaders to use, we will ensure that we have the tools to track and improve our performance. This will enable us to
plan to meet our long-term ambitions, take advantage of opportunities and address our immediate priorities.

The overarching principles of how our finances will operate are:

  • We will be financially sustainable. We define this as having financial performance which allows us to deliver our Strategic Plan, generating resources to invest in our environment and allowing us to sustain our performance into the medium and long-term.
  • Our core income for academic areas will be sustainable in that it will be sufficient to fund our expenditure and generate surpluses to reinvest in our digital and physical infrastructure. Strategic Plan Quote
  • We recognise and value the importance of supporting a wide range of academic activities and external engagements, some of which will rely upon support from others.
  • We will have a balanced approach to maintaining liquidity while making sure that we get the best return on investment from our funds.
  • Our debt finance will allow us to deliver our priorities and be funded by our growing income.
  • Our professional services will be efficient and effective.
  • Our trading areas will provide a surplus for reinvestment alongside an exceptional customer experience.
  • Our decision making will be transparent and evidence based.
  • Our financial model will be clear, enable accountability and reward excellent performance.
  • We will maintain financial control and compliance, whilst supporting reasonable risks.

The University uses a planning process to describe our vision for the future and explain how we intend to get there. The process also helps us to set budgets and account for our use of public funds.

For non-finance specific governance policies please visit the University's Governance Office

Financial Regulations

These Financial Regulations are approved by the Finance Committee under authority delegated by Council in accordance with its responsibility for the proper control of the financial business of the University. The primary objective of these Regulations is to ensure the proper use of resources and finances in a manner which satisfies the requirements of accountability and financial control.

Compliance with these Financial Regulations is a requirement for all employees of the University (irrespective of how their appointment is financed) and for all those not directly employed by the University who have responsibility for the management or administration of University funds.

You may:

1. General Provisions

1.1 Background

1.2 Status of Financial Regulations

2. Corporate Governance

2.1 Financial Responsibilities in the University

2.2 Risk Management

2.3 Whistleblowing

2.4 Code of Conduct and Declaration of Interests

2.5 Gifts and Hospitality

2.6 Prevention of Bribery and Corruption

2.7 Money Laundering

2.8 Response to Fraud

2.9 Audit Requirements

2.10 Treasury Management

3. Financial Management and Control

3.1 Determination of Budgets

3.2 Management of Budgets - General Principles

3.3 Departmental Development Funds

3.4 Accounting Arrangements

3.5 Income

3.6 Pay Expenditure

3.7 Non-pay Expenditure

3.8 Assets

3.9 Taxation

3.10 Research Grants and Contracts

3.11 Services to Business and the Community

3.12 Endowed Funds

3.13 Insurance

3.14 Companies, Joint Ventures, Intellectual Property Rights and Patents

3.15 Approval Process for the Employment of Temporary Clerical Staff (Management and Administrative Grades 1 to 6)

3.16 General Advice on the Employment of Temporary Staff

3.17 Students' Union

3.18 Other Items

4 Procurement Regulations

4.1 General

4.2 Procurement Exercise

4.3 Formal Tender Process

4.4 Award of Contract

4.5 Framework Agreements

4.6 Contract Management

4.7 Miscellaneous Provisions

4.8 Schedule 1 - Interpretation

5. Employee Expenses

5.1 Introduction to Procedures

5.2 Expense Reimbursement Procedure

5.3 Travel and Subsistence, covering

    • Mileage
    • Travelling expenses (other than mileage)
    • Rail Fares
    • Air Fares
    • Car Parking
    • Hire Cars
    • Hotel Accommodation
    • Other Subsistence (including Meetings and Entertainment)
    • Spouses' Travel and Subsistence

5.4 Catering

5.5 Removal Expenses

5.6 Other Expenses and Benefits covering

    • Courses and Conferences
    • Professional Subscriptions
    • University Credit Card
    • Advances and Foreign Currency
    • External Examiners
    • Publications
    • Self Employed
    • Taxable Benefits
    • Social Events
    • Club Membership Subscriptions
    • University or Hired Vehicles
    • Business Telephone Calls from Home and Mobile Telephones
    • Costs of Working from Home
    • Taxis for Late Working
    • Out of Pocket Expenses
    • Uniforms
    • Other Expenses


Appendices

Appendix A: The Seven Principles of Public Life from the Report of the Committee for Standards in Public Life (The Nolan Report)

Appendix B: Departmental Development Funds: Good Practice Guide

Appendix C: Treasury Management Policy

Audit

The University’s Internal and External Audit functions provide assurance to the University’s governing authorities, senior management, and other stakeholders:

  • that risks are understood, appropriately managed and controlled
  • that accounting information is accurately and meaningfully recorded & reported
  • that the University’s objectives are met in a way that provides good value for money
Audit manual
Internal Audit and External Audit

The Internal Audit Process, including:

Stage one: Planning

Stage two: Fieldwork

Stage three: Reporting

Stage four: Follow-up

5 Steps to preparing for an audit
Audit FAQs

Internal Audit plans

  • The Audit Plan 2015/16

 

 

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