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Financial and Legal Services Financial Regulations, Policies and Procedures


G. Other Regulations

G1 - Insurance
G2 - Banking Arrangements and Cheques
G3 - Authorised Signatories
G4 - Companies, Joint Ventures and Consortium Arrangements
G5 - Security
G6 - Irregularities
G7 - Receiving Gifts or Hospitality
G8 - Students' Union

G1 - Insurance   

The University effects comprehensive insurance against "all risks", travel, employer's liability, public liability, professional negligence etc. for standard University business via an independent insurance broker. The Director of Finance, or their nominee, co-ordinates the University's insurance arrangements and deals with the University’s insurers and advisers about specific insurance issues. 

Staff must ensure that any agreements negotiated within their departments with external bodies cover any legal liabilities and do not give rise to any uninsured risks to which the University may be exposed. The advice of the University Legal Department must be sought to ensure that this is the case. 

All staff shall bring to the notice of the Director of Finance, or their nominee, in writing, all insurable risks relating to their areas of responsibility and should inform the Director of Finance, or their nominee, immediately of all events giving rise to a claim under an insurance policy and provide promptly all information required in connection with any such claim. This notice may be given orally initially but must be confirmed, in writing, within 24 hours.  Staff must provide the Director of Finance, or their nominee, with information promptly when requested for the annual insurance renewal or at any other time. 

All staff using their own vehicles on behalf of the University shall maintain appropriate insurance cover for business use and provide evidence of such insurance to the University on demand. 

Staff travelling overseas must apply for travel insurance using the online form. Reasonable precautions must be taken when the University’s equipment is to be taken off-site/overseas. 

The University will from time to time issue Insurance Guidance for staff and a copy the Guidance can be obtained from the University’s Insurance Officer.


G2 - Banking Arrangements and Cheques

The University's banking arrangements shall be decided by the Board of Governors on the recommendation of the Finance and Resources Committee from time to time. 

All arrangements with the University's bankers concerning the University's bank accounts, the collection of monies, the issue of cheques or other transfer of funds, shall be made by the Director of Finance on behalf of the Finance and Resources Committee.  No other employee shall under any circumstances open or operate a bank account in the name of the University or a University Company, or one holding itself out to be.  Details can be found in the Income and Banking Policy (under review). 

Only employees with delegated authority from the Director of Finance or the Vice-Chancellor may sign or endorse cheques or other similar instruments on behalf of the University. 

Only employees with delegated authority from the Director of Finance or the Vice-Chancellor shall be empowered to give instructions to the University's Bankers.


G3 - Authorised Signatories

G 3.1     University Seal

Where a deed or document requires the University’s seal, it must be sealed by the Registrar as Clerk to the Board of Governors or, in their absence, the Director of Finance, both being in the presence of the Chair of the Board of Governors. The Registrar is responsible for submitting a report to each meeting of the Board of Governors detailing the use of the University’s seal since the last meeting.


G 3.2     Any agreement or contract that does not require the University’s seal

The Board of Governors has resolved that:

(i) the Director of Finance (or their validly appointed nominee) be authorised to execute agreements on behalf of the University that give rise to any risk, liability (financial or otherwise) or responsibility on the part of the University;

(ii) the Vice-Chancellor and Deputy Vice-Chancellors be authorised to execute academic agreements (including, but not limited to, agreements for taught provision, research, academic enterprise and collaborations including international collaborations) on behalf of the University.


G4 - Companies, Joint Ventures and Consortium Arrangements

G 4.1     Companies and commercial activities

In certain circumstances, it may be advantageous to the University to establish a company, joint venture or consortium arrangement.  Any member of staff considering the use of such arrangements should first seek the advice from the Research and Knowledge Exchange Office (RKE) or the Director of Finance, who should have due regard to guidance issued by HEFCE. 

The Board of Governors is ultimately responsible for approving the establishment of all companies, joint ventures or consortiums and the procedure to be followed in order to do so.  This will have regard to any guidance provided by the funding bodies.  

Where the University is the majority shareholder in a company, that company’s financial year shall be consistent with that of the University.      


G 4.2     Shareholding and directors of companies

It is the responsibility of the Board of Governors to establish the shareholding arrangements and appoint directors of companies wholly or partly owned by the University. 

The directors of companies where the University is the majority shareholder must submit, via the Finance and Resources Committee, an annual report to the Board of Governors.  They will also submit business plans or budgets as requested to enable the committee to assess the risk to the University.  The University’s internal and external auditors shall also be appointed to such companies.


G5 - Security

G 5.1     Keys

Keys to safes or other similar containers must be kept securely at all times.  The loss of such keys must be reported to the Director of Finance’s Office immediately.   The University’s  Income and Banking Policy [under review] provides guidance on the security of keys, cash, cheques and other negotiable instruments.


G 5.2     Information

See IT Security Policies  and the University’s Data Protection Policy 


G6 - Irregularities

G 6.1     Whistleblowing

The full procedure for whistleblowing is set out in the University’s separate Public Interest Disclosure Policy (Whistleblowing) Policy.


G 6.2     Fraud and corruption

It is the duty of all members of staff, management and the Board of Governors to notify the Director of Finance, or their nominee, immediately whenever any matter arises which involves, or is thought to involve, irregularity, including fraud, corruption or any other impropriety.  The University’s Fraud and Corruption Policy Statement, Bribery Act Compliance Statement and Response Plan provides advice and guidance.


G7 - Receiving Gifts or Hospitality

Bribery legislation sets out the offences for acts of bribery by individuals, or persons associated with relevant organisations.  The penalties are severe for any employee convicted under the Act, which could mean a criminal record with ten years’ imprisonment and unlimited fines.  The University’s Bribery Act Compliance Statement provides guiding principles to be followed by all members of staff.  Guidance on acceptable hospitality is contained in the University’s Gifts and Hospitality Policy


G8 - Students’ Union

The Students’ Union is a legal entity separate from the University but is recognised as fulfilling a valuable role in relation to the University’s students.

Subject to any constraints imposed by the funding body, the Board of Governors shall determine the level of grant to be paid annually to the Students’ Union.  The Board of Governors requires the union to provide details of its proposed budget to assist in determining the appropriate level of grant.

The Students’ Union is responsible for maintaining its own bank account and financial records and for preparing its own annual financial statements. 

The Students’ Union will provide income and expenditure statements to the Director of Finance and the Finance and Resources Committee for information purposes only.

At year-end the Students’ Union’s financial statements will be audited by an appropriately qualified firm of auditors and will be presented to the Finance and Resources Committee for information.

The University’s internal auditor shall have access to records, assets and personnel within the students’ union in the same way as in other areas of the University.

Article last updated: Friday, October 30, 2015

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