1.2 Status of Financial Regulations

1.2.1 This document sets out the University's Financial Regulations. It translates into practical guidance the University's broad policies relating to financial control. This document was approved by the Finance and General Purposes Committee in June 2010. It applies to the University and all its subsidiary undertakings.

1.2.2 These financial regulations are subordinate to the University's charter and statutes and to any restrictions contained within the University's Financial Memorandum with HEFCE's Accountability and Audit Code of Practice.

1.2.3 The purpose of these Financial Regulations is to provide control over the totality of the University's resources and provide management with assurances that the resources are being properly applied for the achievement of the University's strategic plan and business objectives:

  • Financial viability
  • Achieving value for money
  • Fulfilling its responsibility for the provision of effective financial controls over the use of public funds
  • Ensuring that the University complies with all relevant legislation
  • Safeguarding the assets of the University.

1.2.4 Compliance with the Financial Regulations is compulsory for all staff of the University. A member of staff who fails to comply with the financial regulations may be subject to disciplinary action under the University's disciplinary policy. Council will be notified of any such breach as appropriate through the Audit Committee. It is the responsibility of each member of staff to be aware of the existence and content of the University’s financial regulations, and to seek advice in case of any uncertainty as to how to act.

1.2.5 The Finance Committee is responsible for maintaining a continuous review of the Financial Regulations, through the Director of Finance, and for advising Council of any additions or changes necessary.

1.2.6 In exceptional circumstances, this committee may authorise a departure from the detailed provisions herein, such departure to be reported to Council at the earliest opportunity.

 

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