Financial Regulations & Procedures

Status of Financial Regulations

This document sets out the University's Financial Regulations and translates into practical guidance the broad policies relating to financial control. This document was originally approved by the Council on 1st of November 2006. Amendments may be proposed by Finance & General Purposes Committee and approved by Council retrospectively. They are reviewed by the University’s Audit Committee annually. The Financial Regulations apply to all parts of the University and all its subsidiary undertakings. These Financial Regulations are subordinate to the University's Charter and Statutes and to any restrictions contained within the Financial Memorandum with HEFCW and HEFCW’s Audit Code of Practice.
Compliance with the Financial Regulations is compulsory for all staff employed by 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 as set out in the Staff Handbook. Any such breach will be notified to the Audit Committee and thence to Council. It is the responsibility of Heads of Departments and Sections to ensure that staff in their Department or Section are made aware of the existence and content of the University's Financial Regulations and that they have access to the document (via the Finance Office web pages or hard copy).
The University's detailed Financial Procedures set out precisely how the Regulations are implemented and form an appendix to the Financial Regulations. They are also available via the Finance Office web pages. Where an item in the Financial Regulations is supported by more detailed Financial Procedures then a reference (see Financial Procedures) appears after the title in the Financial Regulations.

Financial Regulations 2006

Financial Procedures (August 2007)

All University staff are bound by the financial policies and procedures and should ensure that
their actions comply with them. The breach of financial policies and procedures by a
member of staff may lead to formal disciplinary action. Any instances where the policies and
procedures are not being strictly observed must be reported to the Director of Finance and the
Audit Committee. The Financial Procedures do not require formal Committee approval but must be approved by the Registrar & Secretary and the Director of Finance.

Financial Procedures (2007)