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Financial Regulations

Corporate Governance

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5. Responsibilities

5.1 The Warden

The Warden is the College's Accountable Officer responsible for the financial administration of the College's affairs. In this capacity, the Warden must advise Council if, at any time, any action or policy under consideration by them appears to the Warden to be incompatible with the Financial Memorandum with HEFCE. If Council decides nevertheless to proceed, the Warden must immediately inform the Chief Executive of HEFCE in writing. The Warden must ensure that annual estimates of income and expenditure are prepared for consideration by the Council and for the management of budgets and resources within the estimates approved by the Council. As the Accountable Officer, the Warden may be required to justify matters relating to College's financial position to the Public Accounts Committee of the House of Commons.

The duties of the Warden are also defined in the Charter & Statutes (Statute 10), and the Warden's specific duties in relation to Council were confirmed by Council in December 2003.

5.2 Senior Management Team

The Warden chairs the College's Senior Management Team, the composition of which is approved by Council. The Senior Management Team is responsible for advising the Warden on the day-to-day management of the College. It also has delegated authority in making some resource allocation decisions, as indicated by its terms of reference and the Financial Authority Limits Statement.

5.3 Deputy Warden

One of the Pro-Wardens may be designated by Council as Deputy Warden for a fixed but renewable term (Statute 12). The Deputy Warden deputises for the Warden and assumes the role of Accountable Officer under the terms of the Financial Memorandum with HEFCE if the Warden is absent from the College for a prolonged period. Under all other circumstances the Deputy Warden will have the same obligations as a Pro-Warden for the purposes of these Financial Regulations.

5.4 Pro-Wardens

Pro-Wardens are appointed by Council for fixed terms and report directly to the Warden (Statute 11). Duties, including the line management of a specific list of heads of academic departments, are allocated by the Warden. Pro-Wardens coordinate financial, staffing and resource planning of the departments for which they are responsible. Pro-Wardens may also deputise for the Warden and assume the role of Accountable Officer under the terms of the Financial Memorandum with HEFCE. For the purposes of these Financial Regulations, the Pro-Wardens shall have the same obligations as placed on heads of departments in respect of budgets and financial activity over which they have control.

5.5 Director of Finance

Day-to-day financial administration is controlled by the Director of Finance, who is responsible to the Warden for:

  • preparing the College's Financial Strategy;
  • preparing annual capital and revenue budgets and financial plans;
  • preparing financial management information, monitoring and control of expenditure against budgets and all financial operations;
  • preparing the College's annual accounts, and other Financial Statements and accounts which the College is required to submit to other authorities;
  • ensuring that the College maintains satisfactory financial systems;
  • providing professional advice on all matters relating to financial policies and procedures;
  • management of the Finance Department.

He/she has direct access to the College's Council to report on financial matters should circumstances warrant it.

5.6 Secretary to Council

The Secretary to Council is appointed by Council, and is directly responsible to the Chair of Council for the performance of his/her duties, in accordance with the CUC Code of Practice on governance and the College Statutes (Statute 14).

The Statutes provide for a person already employed by the College in another capacity to be appointed Secretary to Council. For the time being, Council has determined (29 March 2012) that the Registrar and Secretary should be Secretary to Council.

5.7 Registrar and Secretary

The Registrar and Secretary is the College's senior administrative officer, is responsible for the College's legal affairs, and has the power to sign contractual and other documents on behalf of the College. He/she is also responsible to the Warden for the effective operation of the College's support and administrative services, and line management of most administrative departments, and for governance within the College, including the management of the committee system and the appointment of Committee Secretaries.

5.8 Heads of Department

Heads of Department are responsible to the Warden for financial management for the areas or activities they control. They are responsible for ensuring that the resources controlled by the department are used effectively and efficiently and are managed in accordance with the College's Financial Regulations. They are advised by the Director of Finance in executing their financial duties. The Director of Finance will also supervise and approve the financial systems operating within their departments, including the form in which accounts and financial records are kept. Heads of Department are responsible for establishing and maintaining clear lines of responsibility within their department for all financial matters. Where resources are devolved to budget-holders, they are accountable to their Head of Department for their own budget. Heads of Department shall provide the Director of Finance with such information as may be required to enable:

  • compilation of the College's Financial Statements;
  • implementation of financial planning;
  • implementation of audit and financial reviews, projects and value for money studies.

5.9 All members of staff

All members of staff should be aware and have a general responsibility for the security of the College's property, for avoiding loss and for due economy in the use of resources. They should ensure that they are aware of the College's financial authority limits and the values of purchases for which quotations and tenders are required (see 19.6). They shall make available any relevant records or information to the Director of Finance or his/her authorised representative in connection with the implementation of the College's financial policies, these Financial Regulations and the system of financial control. They shall provide the Director of Finance with such financial and other information as he/she may deem necessary, from time to time, to carry out the requirements of the Council. 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 College. The Director of Finance shall take such steps as he/she considers necessary by way of investigation and report.