1.1 Background

1.1.1 The University is a chartered corporation. Its structure of governance is laid down in the instruments of its incorporation (charter and statutes). The charter and statutes can only be amended by the Privy Council. The University is accountable through Council, its governing body, which has ultimate responsibility for the University’s management and administration.

1.1.2 The University is an exempt charity by virtue of the Charities Act 1993

1.1.3 The Financial Memorandum between the Higher Education Funding Council for England (HEFCE) and the University sets out the terms and conditions on which grant is made. Council is responsible for ensuring that conditions of grant are met. As part of this process, the University must adhere to the funding body’s audit code of practice, which requires it to have sound systems of financial and management control. The Financial Regulations of the University form part of this overall system of accountability.


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