3. Council

3.1. The Council is the University’s governing body, with responsibility for institutional policies and financial, estates and legal matters.

3.2. Council’s financial responsibilities are to:

• Ensure the solvency of the University;
• Ensure that the University complies with the Funding Council’s (Accountability and Audit) Code of Practice;
• Appoint the University’s internal and external auditors;
• Appoint the University’s Pro-Chancellor (Finance)
• Approve the University’s strategic plan;
• Approve the five year plan and financial projections for submission to HEFCE;
• Approve annual budgets of income and expenditure;
• Approve the capital programme;
• Approve individual substantial capital projects;
• Approve the annual financial statements;
• Ensure that financial control systems are in place and are working effectively;
• Approve a system of financial regulations;
• Appoint the University’s bankers;
• Ensure the effective and efficient use of resources;
• Ensure that the funds provided by HEFCE and TDA are used in accordance with the terms and conditions specified in the University’s financial Memorandum with the Funding Council and the funding agreement with the TDA;
• Safeguard the University’s assets.

3.3. In carrying out the above responsibilities Council governs, manages and regulates the finances, accounts, investments, property, business and all affairs of the University. It has power to invest monies belonging to the University and to sell, buy, exchange lease and accept leases of land and personal property. It may also borrow money on behalf of the University.