These Financial Regulations apply to the University of Nottingham and all Subsidiary Companies of the University.
They have been approved by the University Council and are mandatory. All Officers, employees and others working for the University under a contract for services (subsequently referred to as staff) are required to apply and abide by these regulations to ensure that the University operates with integrity.
The University expects all staff to work to the highest professional, academic and ethical standards. Failure to abide by the Financial Regulations and all relevant laws may be considered as gross misconduct and disciplinary procedures may be invoked.
The use of the term Faculty Pro-Vice-Chancellor / Director of Professional Service throughout these regulations is intended to include all employees who have been delegated authority to control budgets by their Faculty Pro-Vice-Chancellor / Director of Professional Service.
You can access support and advice on the financial regulations from your Finance Business Partner. This includes advice on how to meet your business needs within the regulations and suppo
rt in regard to potential breaches of the regulations. Further guidance on the Financial Regulations, including detailed policies and procedures, can be found on the University’s Finance Manual (internal only).
All changes to these Financial Regulations shall be subject to the approval of Finance Committee on behalf of Council and noted by Audit and Risk Committee.
The University Council has nominated the President and Vice-Chancellor to be responsible for satisfying themselves and the Office for Students (OfS) or any successor organisations, that any sums received from public and commercial organisations are used only for the purposes for which they were given.
The Chief Financial Officer is responsible to Council, through the President and Vice-Chancellor and Finance Committee, for the financial sustainability of the University. This includes (but is not limited to) the management of University investments and the maintenance of appropriate relationships with associated University Companies to ensure they are soundly monitored and controlled.
The Chief Financial Officer is responsible for the University's buildings, capital works and the maintenance and development of the University's sports and residential facilities.
Faculty Pro-Vice-Chancellors and Directors of Professional Services are responsible for ensuring that appropriate procedures are put in place to ensure that all staff within their Units comply with all financial regulations and any other financial instructions.
The Chief Financial Officer will support these Regulations by the issue of more detailed guidance and instructions to Faculty Pro-Vice-Chancellors and Directors of Professional Services as deemed necessary.
All staff shall ensure that any financial transaction to which they are party shall be wholly, exclusively and necessarily in the interests of the University, and shall be properly authorised and documented in the records and accounts of the University. Where any actual or potential conflict of interest arises this shall be declared to the Faculty Pro-Vice-Chancellor / Director of Professional Service and the advice of the Chief Financial Officer or Registrar obtained as appropriate.
A register will be kept by the Secretary to Council (the Registrar) containing a declaration by members, officers and staff with the authority to commit to significant amounts of expenditure. The register will contain all commercial interests of themselves and close relatives in any organisation which is a supplier or a potential provider of goods and services in any form to the University.
Where an employee is not able to satisfy themselves that a financial transaction should be legitimately charged to the University, this concern shall be notified to management in accordance with the policy on Public Interest Disclosure.
All information of a financial nature to be included on a Committee agenda shall be subject to assessment by the Chief Financial Officer or a delegate prior to being considered by the Committee.
All accounting records and procedures of the University are subject to the approval and control of the Financial Controller and Deputy Director of Finance. Changes to accounting records, documents or procedures may only be made following consultation with the Financial Controller and Deputy Director of Finance or their deputies acting with delegated authority.
The Financial Controller and Deputy Director of Finance shall be responsible to the Chief Financial Officer for keeping all financial procedures under review and will implement changes to procedures or systems as may be necessary for efficient and effective financial control.
The Financial Controller is accountable to the Chief Financial Officer for reporting the annual financial statements to Finance Committee following the end of the Financial Year. The Financial Controller is responsible for reporting financial performance and estimates of future financial performance throughout the year to University Executive Board and Finance Committee.
The minimum period for the retention of financial records and related documents shall be specified in the Records Management Policy.
The Seal of the University shall be only be used when approved by any two of the following officials of the University, with notification provided to Council at the next available opportunity:
- Chair and Pro-Chancellor;
- Vice Chair;
- President and Vice-Chancellor;
- Deputy Vice-Chancellor and Provost;
- Chief Financial Officer.
The same officials are also authorised to sign all documents to which the Seal of the University is attached.
All accounting and supporting records are subject to annual audit by the External Auditors. External audit will provide an opinion to the governing body on whether funds (including public funds) have been applied for the intended purposes and on whether the financial statements provide a true and fair view of the financial results for the year. External audit must also form a view about whether an HEI is a going concern.
The University maintains an Internal Audit function in accordance with the Office for Students’ Terms and Conditions of Funding for Higher Education Institutions. All the University's activities, funded from whatever source, are within the remit of the Internal Audit Service. The Internal Audit Service provides independent assurance and advice on the University’s risk management, control and governance arrangements and arrangements for seeking value for money.
The External Auditors and the Director of Internal Audit shall be appointed by the Council of the University.
The External Auditors have a right of access at all reasonable times to the books and accounts and vouchers of the University and are entitled to require from all staff of the University such information and explanations as may be necessary for the performance of their duties.
The Internal Audit Service will have a right of access at all times to all University records, information and assets which they consider necessary to fulfil their responsibilities. They are entitled to require from any member of staff of the University such information and explanations as may be necessary for the performance of their duties.
Faculty Pro-Vice-Chancellors and Directors of Professional Services shall promptly inform both the Chief Financial Officer and the Director of Internal Audit of any irregularities affecting income, expenditure, cash, intellectual and other property of the University.
Risk is the possibility of an event occurring which will have a negative impact on the University’s activities and our ability to achieve our objectives. Good risk management enables activities which create opportunities, give competitive advantage, and support sound decision-making.
The University is committed to effective risk management of all its activities, at all its campuses, and will seek to mitigate or avoid any risks that significantly threaten our position as a leading University. The University may choose to pursue objectives that contain an element of risk and accept an increased level of risk where sufficient strategic advantage will be gained.
Where risks are unavoidable or have been formally accepted, measures will put in place to reduce the impact of the event or circumstance to an acceptable level. A proportionate response to risk management will be adopted, with higher status risk receiving more regular review.
University Council has responsibility for the system of risk management as an internal control, with Audit and Risk Committee providing a channel for formal reporting and appraisal. The President and Vice-Chancellor, through University Executive Board, is responsible for establishing and monitoring the risk management framework, with the Registrar owning the Risk Management Policy.
The University Executive Board has collective ownership of all University-level risks. Each risk is owned by a named member of the Executive Board to be managed and reported on behalf of UEB.
The Schedule of Delegated Financial Authorities contains details of the Bodies / Individuals to whom financial authority has been delegated, and has been approved by University Council. Any expenditure incurred or contracts entered in to shall be authorised in line with the Schedule of Delegated Financial Authorities.
Money laundering is the process by which criminally obtained money or other assets (criminal property) are exchanged for ‘clean’ money or other assets with no obvious link to their criminal origins.
Money laundering legislation applies to all members of staff. Potentially any member of staff could be committing an offence under the money laundering laws if they suspect money laundering or if they become involved in some way and do nothing about it.
If any individual suspects that money laundering activity is or has taken place or if any person becomes concerned about their involvement it must be disclosed as soon as possible to the Money Laundering Nominated Officer.
All staff shall comply with the University’s Anti-Bribery Policy and rules on Conflicts of Interest, Gifts and Hospitality, regardless of where University business takes place. To ensure compliance with the above rules, staff shall adhere to the following principles at all times:
- Do not offer any money, gift, hospitality or other payment or advantage to someone (or favour them in any other way) if you know that this will involve someone in misuse of their position;
- Do not misuse your position (or perform your functions improperly) in connection with any money, gift, hospitality or other payment or advantage (or other favours) for yourself or others;
- Do not offer any money, gift, hospitality or other payment or advantage to any foreign public officials (or favour them in any other way) with the intention of influencing them so that the University may win or retain business or any kind of business advantage.
The University views fraud very seriously and will take appropriate action to ensure that the public interest is safeguarded. The University expects staff to conduct themselves at all times with the highest standards of honesty, propriety and integrity in the exercise of their duties.
Any person who has reason to believe that a fraudulent act, or any other irregularity, has taken place (which may involve cash, equipment, facilities, information, staff time, physical or intellectual property etc) must immediately inform their Head of School or Department, and the Chief Financial Officer, the Registrar or the Director of Internal Audit.
You can access support and advice on the financial regulations from your Finance Business Partner, including advice on how to meet your business needs within the regulations and support in regard to potential breaches of the regulations.
If you have a genuine concern that these financial regulations, or any other University policy or procedure, has been breached and are unable to resolve these through less formal channels with the help of your Finance Business Partner, then you should follow the University’s Whistleblowing (Public Interest Disclosure) Code.
The Chief Financial Officer is responsible for setting the Financial Strategy of the University. This should align to the University’s Global Strategy and be supported by appropriate Financial Plans which would normally cover a period of at least 5 years. Both of which are subject to approval by Council.
The University operates a devolved budgeting system. The Financial Controller and Deputy Director of Finance are responsible for the production of annual budgets for the approval of Council prior to the commencement of the Financial Year to which they relate. The University’s financial year runs from 01 August to 31 July of the following year.
Faculty Pro-Vice-Chancellors and Directors of Professional Services are responsible for managing resources within their Unit’s budget. The Deputy Director of Finance must be informed where it is anticipated that the budget allocated to a Faculty Pro-Vice-Chancellor / Director of Professional Service may become overspent.
The Deputy Director of Finance is responsible for monitoring annual budgets with Schools / Departments. Financial performance and estimates of future financial performance will be reported throughout the year to University Executive Board and Finance Committee by the Financial Controller.
The Financial Controller is responsible for developing, recommending and monitoring the execution of the Treasury policies in relation to cash management, foreign exchange and borrowings.
The Financial Controller will be accountable to the Chief Financial Officer for the preparation of cash flow forecasts as required, as part of the on-going monitoring of bank balances and current / future debt exposure.
The arrangement of new borrowing facilities, or extension of existing borrowing facilities, will be made by the Chief Financial Officer and Financial Controller and be approved by Finance Committee and Council.
All arrangements with the University's bankers concerning the operation of bank accounts for the receipt and disbursement of University funds will be made by the Chief Financial Officer and Financial Controller, and be approved by Finance Committee and Council.
The University holds bank accounts in a limited number of key currencies, and will only make payments in these currencies unless prior approval has been obtained from the Financial Controller. Payments will be made out of the University's bank accounts by electronic transfer, authorised in accordance with the approved bank mandate.
The Chief Financial Officer and Financial Controller are authorised to open bank accounts as and when required for the receipt and disbursement of University funds. No bank accounts bearing the name of the University, or in which University monies may be deposited, shall be opened by any other officer, employee or others working for the University.
Bank accounts relating to the University shall include "University of Nottingham" in their title. The Bank Mandate shall be reviewed at least annually and any amendments approved by Finance Committee.
The Investment Committee is responsible for managing the University’s investments, including the Endowment Fund, in line with the Investment Policy approved by Finance Committee.
The University invests in its spin-out companies on the advice provided by the Innovation Governance Board and the Invention Fund Investment Committee, in line with approved budgets and limits set out in the Schedule of Delegated Financial Authorities.
Divestments in spin-out companies will be made based on advice provided by the Board of Nottingham Technology Ventures Ltd, unless the investment in the spin-out has been listed on a stock market, in which case the Investment Committee will advise. All divestments will be approved in line with limits set out in the Schedule of Delegated Financial Authorities.
Where approval is required urgently between Finance Committee meetings, this can be given by the Officers of Council acting under the Standing Orders.
The Chief Financial Officer is authorised to establish Subsidiary and Associated Companies on behalf of the University.
Investments and divestments in subsidiary or associated companies shall be approved by University Executive Board and Finance Committee.
Separate accounting arrangements shall be established by the Financial Controller for each subsidiary or associated company, ensuring that all transactions with the University are transparent and authorised in accordance with the Schedule of Delegated Financial Authorities. Reporting requirements for subsidiaries and associated companies will be determined by the Financial Controller.
Any financial support provided from the University must be approved by the Finance Committee. Funds from public sources shall not be used to subsidise the operation of Subsidiary or Associated companies.
A list of all Subsidiary and Associated Companies can be found in the Financial Statements, or by contacting Corporate Finance.
The Chief Financial Officer is authorised to agree any loans on behalf of the University along with a Director of the relevant Subsidiary, Associated or other Company. A signed agreement must be in place confirming Terms and Conditions of the loan prior to the transfer of funds.
Loans between the University and its subsidiaries do not affect the University’s Group balance sheet as intercompany transactions are eliminated on consolidation.
Where there are restrictions on the transfer of cash in and out of a country (for example China) any loans to subsidiary or associated companies will be treated as revenue expenditure and are subject to the Schedule of Delegated Financial Authority.
Annual reviews of prices to be charged for goods and services supplied by the University shall be undertaken in consultation with the Chief Financial Officer and approved by the University Executive Board and Finance Committee as appropriate.
The collection of all income due to the University is the responsibility of the Financial Controller. All monies shall be promptly paid over to Income Services or into a University or subsidiary company bank account, unless the Financial Controller has specifically approved alternative arrangements.
All income received at any University location shall formally be recorded at the point of receipt and acknowledged by the issue of an official receipt or endorsement of records. Income received will not be diverted for expenditure or used for the encashment of personal cheques or for loans.
Cash must not be sent through the internal post, any losses incurred in this way will be required to be made good by the sender. All income shall be held securely within Insurance limits as determined by the Director of Procurement. Income Services will pay income into University bank accounts in accordance with scheduled cash collection services.
All sales invoices or requests for payment shall be controlled and raised by Income Services except where specific approval to make alternative arrangements has been granted by the Financial Controller. All receipt books, forms, tickets and debtor accounts shall be ordered, controlled and issued by Financial Control under the direction of the Financial Controller.
The University’s Research Management System must be used to prepare all Research and Research Related submissions. This includes the costing of applications prior to submission.
No application for funding shall be submitted without approval from Research and Innovation, whose responsibility it is to conclude any necessary agreement with a sponsor and to determine whether the terms of any particular agreement are acceptable to the University.
The Director of Procurement shall be notified of any activity that might affect the University’s insurance liabilities.
Any University Match Funding shall be approved in accordance with the Match Funding Policy before submission.
Research and Research Related Contracts and any amendments to such contracts shall be handled by the University’s Research Contracts team within Research and Innovation.
Research and Research Related contracts shall be authorised in line with the Schedule of Delegated Financial Authorities.
No appointment of staff, or the commitment of resources, may be made against a grant until the research grant has been formally accepted or the research contract has been signed.
The University’s policy on Due Diligence in respect of working with Research and Research Related collaborators must be followed.
Research and Innovation shall maintain financial records relating to Research and Research Related grants and contracts, and shall initiate all claims for reimbursement from sponsoring bodies by the due date.
Research and Innovation will obtain the approval of the Principal Investigator to the final claim once prepared and confirm if there are any further costs that should be included in the claim.
University Financial Regulations and Procedures, including those on procurement and employment, apply to research grants and contracts and it is the responsibility of the Principal Investigator to ensure compliance with these rules.
The Principal Investigator is responsible for adequate control of pay and non-pay expenditure.
It is the responsibility of the Principal Investigator to manage their grant and to ensure that their research grant or contract keeps within the limits of the expenditure for direct costs and staffing, as specified in the approved project budgets, and in accordance with the terms and conditions of award.
To ensure compliance with Money Laundering Regulations and the University’s Refund Policy, refunds of any payment to the University must be made using the same method that the payment was made. Following a payment by credit / debit card or bank transfer, refunds must only be made using the same method to the same credit / debit card or bank account. In the case of overpayment, ensure the reason for overpayment is legitimate and there is no money laundering risk.
Credit notes must only be raised to cancel an invoice, either in part or in full, which has been incorrectly raised, and shall be authorised in accordance with the Schedule of Delegated Financial Authorities. A credit note must not be raised to cancel an invoice due to the failure or refusal by a client / customer to pay an invoice that is properly due for payment.
Only the Chief Financial Officer and Financial Controller have authority to write-off debts. Written authority shall be obtained where a bad debt exists and adjustment of amounts due is required.
Income generating activity outside of the University’s core teaching, research and knowledge exchange activity shall not be undertaken without the authorisation of the appropriate Faculty Pro-Vice-Chancellor or Director of Professional Service.
With the exception of short-courses, all Services Rendered activity shall be notified to Research and Innovation to enable any potential liability exposure to be assessed. Services rendered activity must demonstrate added value to the University's operations and be separately accounted for.
All departmental and personal consultancy activity will comply with University Codes of Practice and Rules, approved by Human Resources and Council.
The Director of Campaign and Alumni Relations is responsible for ensuring the University does not bring itself into disrepute by accepting donations from questionable or inappropriate sources and must comply with OfS procedures concerning philanthropic donations.
The Gift Acceptance Policy and Ethical Fundraising Practice defines standard procedures for the solicitation and acceptance of philanthropic gifts to support The University of Nottingham and shall be adhered to by all staff.
Orders or commitments shall only be placed in accordance with the University Purchasing policy and guidelines, unless specific dispensation has been granted by the Director of Procurement. Such dispensation shall be appropriately documented.
No Officer, employee or other person working for the University shall authorise work to be undertaken or goods to be supplied which are outside their authority as defined by the Schedule of Financial Delegated Authorities. Faculty Pro-Vice-Chancellors / Directors of Professional Services and their delegated budget holders are responsible for ensuring that sufficient funds are available within their allocated budget, prior to authorising expenditure.
Staff shall not make use of official orders or University facilities to obtain goods and services for private purposes.
Faculty Pro-Vice-Chancellors and Directors of Professional Services are responsible for containing expenditure, including research expenditure, within the allocated budget. In exercising this responsibility they have discretion to delegate to Heads of School or Department within the budget unit. Delegated authority should not exceed the levels specified in the Schedule of Delegated Financial Authorities as approved by Council.
Staff authorising expenditure are accountable and shall only authorise transactions when they are clear that the goods / services are required, have been received, and the payment is appropriate.
Where it is anticipated that the budget allocated to a Faculty Pro-Vice-Chancellor / Director of Professional Service may be overspent or the agreed amount of any income may not be reached, it is the duty of the Faculty Pro-Vice-Chancellor / Director of Professional Service to inform the Deputy Director of Finance.
The Deputy Director of Finance is responsible for ensuring Capital expenditure proposals are evaluated by appropriate investment appraisal techniques. Successful proposals shall be prioritised in accordance with the University’s Financial Plans and approved in line with the Schedule of Delegated Authorities.
Capital contracts shall be subject to competitive tendering procedures and comply with the University's Purchasing Policy and relevant procurement legislation.
The Chief Financial Officer and Director of Estates and Facilities are responsible for the management and monitoring of all fixed asset developments together with the on-going maintenance of fixed assets. All proposals to alter or extend University property will be notified to the Chief Financial Officer and Director of Estates and Facilities.
The Chief Financial Officer and Director of Estates and Facilities shall liaise with Subsidiary and Associated Companies on any capital works, with any University investment subject to the Schedule of Delegated Financial Authorities.
Any increase in the cost of a capital item above 5% of the agreed budget shall be reported immediately to the Chief Financial Officer and the relevant committee for consideration.
Post-completion appraisals shall be provided to Finance Committee as soon as practicable after completion for all major projects, as agreed by the Committee.
All staff shall adhere to the Authority to Approve / Sign Contracts Code of Practice when entering into expenditure contracts on behalf of the University. Contracts shall only be approved in line with limits set out in the Schedule of Delegated Financial Authorities.
A database of Framework Contracts / Preferred Suppliers is maintained by the Director of Procurement.
All supplier agreements which result in a third party supply of goods, services or works must comply with the University's Purchasing Policy.
All Research and Research Related contracts shall be routed through Research and Innovation and will be signed in accordance with the Schedule of Delegated Financial Authorities.
Prior approval shall be obtained from the Financial Controller or Chief Financial Officer before entering into any significant lease agreement, in line with the Schedule of Delegated Financial Authorities.
No leased asset may be sold or disposed of without consulting a Finance Business Partner and obtaining the approval of the Faculty Pro-Vice-Chancellor / Director of Professional Service.
Cardholders are authorised to purchase business related goods and services, in the course of University business, only under the circumstances documented in the Purchasing Policy. Other use of the card is not permitted without the prior written consent of the Director of Procurement.
The cardholder should ensure they have sought the pre-approval for the use of the card from their authorised line manager, and must ensure they adhere to the user agreement signed prior to receipt of the card.
Petty Cash accounts shall be provided by the Financial Controller, and shall be operated only for urgent or minor expenses where a credit account with the University is not acceptable to the supplier.
Petty cash must not be used for personal expenditure and all expenditure shall be supported by the relevant receipts and vouchers.
Employees may only be appointed in accordance with the procedures established by the Director of Human Resources.
The payment of salaries and other benefits and pensions shall be made by the Financial Controller or under arrangements approved and controlled by them.
All claims for expenses shall be wholly, necessarily and exclusively incurred in the performance of University duties, and must be submitted in accordance with the Travel and Expenses Policy unless otherwise directed by the Financial Controller.
Fee payments to employees and third parties shall only be made in accordance with policy determined by Human Resources.
In the event that an employee’s salary is overpaid, the Financial Controller shall seek recovery of the entire amount through deduction of salary or otherwise. The period of repayment should be set to avoid the employee suffering undue financial hardship, but shall not extend beyond the termination of their employment.
The University provides loans to support International staff in covering immigration related costs for themselves and their immediate families, in accordance with the Support with Immigration Expenses policy.
Loans shall be paid in sterling into a UK bank account held in the name of the member of staff on the application form, and be repaid as a salary deduction on a monthly basis in equal instalments and must be repaid within 3 years.
The Financial Controller is responsible for ensuring loans are administered, and repayments collected, in line with the policy.
The Chief Financial Officer is responsible for maintaining a register for all property and land owned or used by the University, and shall arrange for the safe custody of all title deeds.
The purchase, build or acquisition of assets and infrastructure shall be reported to Corporate Finance in line with the Fixed Asset policy, to ensure inclusion on the University’s asset register and application of the correct accounting treatment. Research equipment shall also be reported to Research and Innovation for inclusion on the Research Equipment Inventory (KIT Catalogue).
Faculty Pro-Vice-Chancellors / Directors of Professional Services are responsible for ensuring the proper security of all buildings and assets under their control.
No University assets shall be subject to personal use without proper authority having been obtained from the Faculty Pro-Vice-Chancellor / Director of Professional Service.
Lessees and / or other occupiers of University land shall not be allowed to take possession or enter the land until the lease or agreement, in a form approved by the Registrar and the Chief Financial Officer, has been signed.
No asset may be sold or disposed of without consulting a Finance Business Partner and obtaining the approval of the Faculty Pro-Vice-Chancellor / Director of Professional Service.
Land and buildings disposals must be approved by the Chief Financial Officer.
Intangible assets are assets with no physical substance (for example Goodwill and Intellectual Property). They are recognised in line with the University’s accounting policies and authorised in accordance with the Schedule of Delegated Financial Authorities.
Inventions and Patents are governed by the University’s policy on Inventions and Patents.
When members of staff make an invention which, in their opinion, is desirable to protect by a patent, they shall contact the University’s Technology Transfer Office.
No patent may be filed without the permission of the Director of Intellectual Property.
Only members of the University’s Technology Transfer Office are empowered to instruct patent agents directly.
Intellectual Property Rights of the University may only be disposed of or commercialised with the authorisation of the Director of Intellectual Property, acting on behalf of the Chief Financial Officer.
Royalty payments and Founder equity stakes shall be in accordance with the apportionment laid out in the policy on Inventions and Patents as agreed by Council.
Faculty Pro-Vice-Chancellors and Directors of Professional Services are responsible for the safe custody of stores, equipment and assets. They will ensure that Stores and Equipment inventories are maintained and independently checked at least annually to ensure that they are accurate and complete.
No items are to be removed from stores or their usual location without written authorisation of the appropriate line manager.
No item of equipment may be sold or disposed of without consulting a Finance Business Partner and obtaining the approval of the Faculty Pro-Vice-Chancellor / Director of Professional Service.
Stores shall not be used for personal purchases.
The purchase of vehicles will be approved in line with Schedule of Delegated Financial Authorities, and shall be notified to the Director of Estates and Facilities who will be responsible for the retention of all registration and MOT documents. The licensing of all vehicles shall be undertaken by the Director of Estates and Facilities.
The Director of Procurement shall be notified of all new vehicles, and is responsible for ensuring appropriate insurance cover is in place.
The Chief Financial Officer and the Director of Procurement shall be responsible for affecting all necessary insurance within the policy determined by Council.
Faculty Pro-Vice-Chancellors and Directors of Professional Services shall be responsible for notifying the Director of Procurement of any changes to insurable risk.
The Insurance Risk Strategy shall be reviewed annually by University Executive Board.
Faculty Pro-Vice-Chancellors and Directors of Professional Services shall notify the Director of Procurement of any loss, liability or damage which may lead to a claim against or on behalf of the University.
The Financial Controller is responsible for ensuring the University complies fully with all relevant laws, rules, regulations, statutory reporting and disclosure requirements in respect of its tax affairs.
Professional diligence and care will be used in the proactive management of all risks associated with tax matters, and to ensure that governance and assurance procedures are appropriate. The University will take advantage of all available reliefs, exemptions and incentives in order to optimise its tax position in the conduct of its activities, but will not use them for purposes which are knowingly contradictory to the intent of Parliament and the spirit of the legislation.
Staff shall ensure that they comply with the University’s Tax Policy and any other guidance issued by Tax Services.
Updated: May 2018
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