Financial Resources

Introduction

This section covers information on the institution's strategy and management of financial resources. The Finance Department provides accounting, procurement and contracting services, helping to make best use of resources and fulfilling statutory responsibilities. Information that may damage the institution's commercial interests will be excluded from publication.

Finance and Resource Planning

The financial memorandum between the Higher Education Funding Council for England (HEFCE) and the Institution sets out the terms and conditions for the payment of funds by HEFCE. The Institution's Board of Governors and the Accounting Officer are responsible for ensuring that conditions of grant are met. As part of this process the Institution must adhere to the HEFCE’s audit code of practice to ensure accountability for risk managememnt, control and governance.

The Model Financial Memorandum and Audit Code of Practice are available on the HEFCE website.

The report and financial statements of the Institution and its subsidiary are prepared annually and filed with Companies House.
Hard copy available - no charge

The financial regulations of the Institution and terms and conditions for staff (see HR section) form part of the overall system of accountability, policies and procedures relating to planning and resource allocation, and deployment of resources. The regulations include details on the following:

Corporate Governance
Accounting Policies
Budgeting
Treasury Management
Expenditure
Purchasing and Tendering
Staff Emoluments
Staff Consultancies / External Fees
Income and Fees
Research Grants and Contracts with Other Services
Assets
Investment and Trust Funds
Copyright and Publications
Miscellaneous
Risk Management
Policy and Procedure in case of Suspected Fraud

Hard copies available - no charge

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