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

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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