11. Officers/managers with financial responsibility

11.1. The Chair of Council is concerned, both formally and informally, with all the major financial and policy-making decisions of the University and works closely with the Vice-Chancellor and Chief Executive on broad issues of strategy and development.

11.2. The Pro Chancellor (Finance) is also Chair of Audit Committee has overall oversight on behalf of Council through dual assurance of the University's financial affairs, including its investments, and works closely with the Director of Finance.

11.3. The Registrar and Deputy Chief Executive is responsible to the Vice-Chancellor and Chief Executive and the Council for the proper functioning of all aspects of the administration of the University. This includes responsibility for ensuring that timely and accurate information on the University's affairs (especially financial affairs) is placed before Council and its committees. The Registrar and Deputy Chief Executive is responsible for managing the Professional Services of the University including the work of the Director of Finance.

11.4. The Director of Finance controls day-to-day financial administration and is responsible through the Registrar and Deputy Chief Executive to the Vice-Chancellor and Chief Executive for:

• The preparation of a Finance Strategy in support of the University’s core objectives;
• Maintaining proper accounting records which enable the financial position of the University to be monitored and controlled;
• Preparing annual revenue and capital budgets and financial plans;
• Monitoring and maintaining the liquidity of the University, including the preparation of cash flow forecasts;
• Preparing management accounts and other information required to monitor and control expenditure against budgets and ensure prompt collection of income;
• Preparing the University's annual accounts and other financial statements and accounts which it is required to submit to other authorities;
• Monitoring the progress of capital developments and associated funding and, where required, securing external borrowing;
• Continuing to develop and promulgate the accurate costing of all activities in the University and the determination of prices which result in an adequate return on the resources consumed;
• Ensuring a cost-efficient, value for money approach is taken to procurement throughout the University;
• Providing advice and guidance on taxation related matters;
• Ensuring that proper arrangements are in place to operate and monitor treasury management activities including the use of effective performance measures;
• Ensuring that the University maintains satisfactory financial systems;
• Providing professional advice on all matters relating to financial policies and procedures;
• The maintenance of internal audit of the University's affairs and the day-to-day liaison with internal and external auditors in order to achieve efficient processes;
• Ensuring compliance with all financial covenants;
• Ensuring compliance with all external regulatory requirements such as the HEFCE Financial Memorandum and Accountability and Audit Code of Practice;
• Ensuring adequate records are maintained to record the performance of investments of the University and that arrangements are made to review such performances with investment managers from time to time.

1.5. A diagram indicating Finance Service Structure is available. 

11.6. Four Deputy Vice Chancellors deputise for the Vice-Chancellor and Chief Executive when necessary, have specific portfolios of responsibilities and are consulted on a wide variety of issues.

11.7. The four Deputy Vice-Chancellors have portfolios of:

• Education
• Research and Knowledge Transfer
• Internationalisation
• External affairs.

11.8. College Deans and Directors of Services are responsible to the Vice-Chancellor and Chief Executive for financial management for the areas or activities they control (devolved accounting responsibility). They are advised by the Director of Finance in executing their financial duties. The Director of Finance will also advise upon and approve the financial systems operating within Colleges/Services. including the form in which accounts and financial records are kept.

11.9. Accounting procedures will reflect recommended good practice and follow accounting principles determined from time to time by the Director of Finance. College Deans/Directors of Services are responsible for establishing and maintaining clear lines of responsibility within their College/Service for all financial matters. Where resources are devolved within a College/Service to budget holders, they are accountable to their College Dean/Directors of Service for their own budget.

11.10. College Deans and Directors of Services shall provide the Director of Finance with all such information as may be considered to be required to enable:

• Compilation of the University’s financial statements
• Implementation of financial planning
• Implementation of audit and financial reviews, projects and value for money studies.

Such information must be complete and full and any issues of interpretation or doubt should be discussed with the Director of Finance.

11.11. All members of staff should be aware and have a general responsibility for the security of the University’s property, for avoiding loss and for due economy in the use of resources. They should ensure that they are aware of the University’s financial authority limits and the values of purchases for which quotations and tenders are required.

11.12. They shall make available any relevant records or information to the Director of Finance or his or her authorised representative in connection with the implementation of the University’s financial policies, these financial regulations and the system of financial control.

11.13. They shall provide the Director of Finance with such financial or other information, as he may deem necessary, from time to time, to carry out the requirements of Council.

11.14. They shall immediately notify the Director of Finance whenever any matter arises which involves, or is thought to involve, irregularities concerning, inter alia, cash or property of the University. The Director of Finance shall take such steps, as he considers necessary by way of investigation and report (see section 13).