Background

These Financial Regulations were updated and issued with effect from 1 August 2000.

These in turn are subordinate to

(i) the University’s Articles and Instrument of Governance;

(ii) other applicable statutes;

(iii) any restrictions contained within the University’s Financial Memorandum with the Higher Education Funding Council of England (HEFCE) and the Learning and Skills Council (FLSC); and

(iv) the HEFCE Audit Code of Practice.

The University should also observe other requirements set out in HEFCE circulars which are issued periodically. The Regulations apply to all of the University’s activities (including, for instance, research and donations), and to any subsidiary companies or joint venture arrangements into which it enters.

Compliance with the Financial Regulations is compulsory for all staff connected with 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. Any such breach will, where appropriate, be notified to the Board of Governors through the Audit Committee. This financial procedure handbook aims to ensure compliance with the University’s Financial Regulations. Divergence from these procedures can therefore also constitute non compliance with Financial Regulations as described above.

It is the responsibility of Budget Managers (principally, though not exclusively, Deans and Directors) to ensure that their staff are made aware of the existence and content of the Financial Regulations and these financial procedures.

The Financial Regulations are a framework of internal controls within which all University staff must operate. They form the basis from which all financial systems operate.

The handbook has been designed to provide an operational interpretation of the Regulations. Throughout the handbook, references have been made to the Regulations. It is important that the Regulations are understood by all staff involved in the operation of financial systems.