Financial Regulations

Financial Regulations

Financial Regulations

Some of the University´s activities are supported by public funds and, as a publicly funded body, the University is accountable to its stakeholders in ensuring the most efficient and effective use of its resources in support of the University´s approved strategy. The Board of Governors is responsible for ensuring that all conditions associated with public and grant funding are met.  As part of this process, the University must adhere to the Regulator’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.

The Financial Regulations contain the key high-level principles contained within the more detailed guidance documents. The reader of the Financial Regulations should gain an understanding of the University’s overall approach toward financial management and control. To support the Financial Regulations there are several documents, which contain more detailed information on each individual area in order to provide policy or procedural guidance to the user within the University.

The Financial Regulations and supporting policies and procedures all aim to achieve a balance between ensuring the University’s compliance responsibilities are discharged in the most effective manner whilst also supporting all members of staff in their activities and roles by providing detailed guidance and advice on those topics most frequently encountered by staff.

The main aim of the Financial Regulations is to ensure the University does the following:

- maintains financial viability;

- achieves value for money;

- fulfils its responsibility for the provision of effective financial controls over the use of public funds;

- ensures that the University complies with all relevant legislation; and

- safeguarding the assets of the University.

Compliance with the Financial Regulations is compulsory for all staff connected with the University.