3.4 Accounting Arrangements

3.4.1 The University’s financial year will run from 1 August until 31 July the following year.

3.4.2 The consolidated financial statements are prepared on the historical cost basis of accounting and in accordance with applicable accounting standards.

3.4.3 The financial statements are prepared in accordance with the Statement of Recommended Practice Accounting for Further and Higher Education, subject to any specific requirements of HEFCE, and in accordance with the provisions of the Companies Act 1985, if that is appropriate.

3.4.4 The Director of Finance is responsible for the retention of financial documents. These should be kept in a form that is acceptable to the relevant authorities. The University is required by law to retain prime documents for the current year and the previous six years. These include:

  • official purchase orders (held in departments)
  • paid invoices (held in the Finance Office)
  • sales invoices raised (held in the Finance Office and in departments)
  • bank statements (held in the Finance Office)
  • copies of income remittances (held in the Finance Office)
  • paid cheques (held in the Finance Office)
  • payroll records, including part-time lecturers’ contracts (held in the Finance Office).

3.4.5 Goods delivery notes should be retained in departments for eighteen months after the end of the financial year, i.e. goods delivery notes for the financial year 2010/11 should be destroyed on 31 January 2013.

3.4.6 The Director of Finance will make appropriate arrangements for the retention of electronic records.

3.4.7 Members of staff should ensure that retention arrangements comply with any specific requirements of funding organisations such as regional development agencies.

3.4.8 Under the terms of the Charities Act 1993, Council is required to supply any person with a copy of the University’s most recent financial statements within two months of a request. The Act enables Council to levy a reasonable fee and this will be charged at the discretion of the Director of Finance. The University will also allow members of the public to inspect the statement of accounts during normal working hours, provide copies to local libraries and make a summary available on the University’s website.

 

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