Financial Regulations

14. Treasury Management

14.1 Treasury Management Policy

Finance and Resources Committee is responsible for recommending to Council approval of a Treasury Management (PDF) (based on CIPFA's Treasury Management in the Public Services: Code of Practice together with cross-sectoral guidance and sector-specific guidance) setting out a strategy and policies for cash management, long-term investments and borrowings. This will require compliance with HEFCE rules regarding approval for any secured or unsecured loans that go beyond the general consent levels set out in the Financial Memorandum. Finance and Resources Committee has a responsibility to ensure implementation, monitoring and review of such policies. All executive decisions concerning borrowing, investment or financing (within policy parameters) shall be delegated to the Director of Finance and an appropriate reporting system set up. All borrowing shall be undertaken in the name of the College and shall conform to any relevant HEFCE requirements. The Director of Finance and his/her staff are required to act in accordance with the approved Treasury Management Policy. The Director of Finance will report to Finance and Resources Committee in accordance with the Treasury Management Policy on the activities of the treasury management operation and on the exercise of treasury management powers delegated to him/her.

14.2 Appointment of Bankers and other Professional Advisers

Council is responsible for the appointment of the College's bankers and other professional financial advisers (such as investment managers) on the recommendation of Finance and Resources Committee. The appointment shall be for a specified period after which consideration shall be given to competitive tendering for the service.

14.3 Banking Arrangements

The Director of Finance is responsible, on behalf of Finance and Resources Committee, for liaising with the College's bankers in relation to the College's bank accounts and the issue of cheques. All cheques shall be ordered on the authority of the Director of Finance, who shall make proper arrangements for their safe custody. Only the Director of Finance may open or close a bank account for dealing with the College's funds. All bank accounts shall be in the name of the College or one of its subsidiary companies. All cheques drawn on behalf of the College must be signed in the form approved by the Director of Finance. Cheques up to an agreed amount, specified in the College's detailed Financial Procedures, shall normally require one pre-printed signature. Cheques over the agreed amount must be signed by two authorised persons, of which only one may be that of an authorised member of staff in the Finance Department. Details of authorised persons shall be approved by Council and included in the Financial limits statement.  All automated transfers on behalf of the College, such as BACS or CHAPS, must be authorised in the appropriate manner and on the basis approved by Finance and Resources Committee. The Director of Finance is responsible for ensuring that all bank accounts are subject to regular reconciliation and that large or unusual items are investigated as appropriate.