This section includes the financial policies and guidelines under which the University operates and which all staff are expected to adhere to.

There are five key documents:

Financial Regulations provide a framework to support the financial procedures.

Financial Procedures ensure the proper use of finances and resources in a manner which satisfies the requirements of internal control, and also fulfils any legal or financial obligations.

The University’s accounting framework provides operational guidance in respect of financial planning and the University’s accounting systems.

Outline scheme of delegation which details which approvals are required to enter into a number of transactions.

Policy on consultancy and other external work.

 

The University is a charity and as such must apply its funds to achieving its charitable objectives; educating students and undertaking research.  We are regulated by the Higher Education Funding Council for England (HEFCE) who ultimately have the power to withdraw our public funding.  The Chief Executive of HEFCE has a personal responsibility to safeguard public funds and achieve value for money.  Therefore, one of the key areas that HEFCE look at on an annual basis is value for money.  The key principle underlying their requirements is the proper accountability of public funds.

It is therefore essential that the University has value for money at its core when making spending decisions.  This does not mean, of course that a product or service should be purchased only by reference to price; other factors – including for example quality and fitness for purpose – are relevant considerations.  Where this is the case, the decision along with the reasons must be fully documented.

This means that we must consider:

  • Minimising inputs and costs
  • How much we get out for what we put in
  • How well the output achieves the desired results/objectives

The University’s  Financial Procedures are drafted based on the underlying principle of value for money and have been agreed by Council.  University resources must be expended solely on activities which are wholly, exclusively and necessarily in the interests of the University. 

 

Page owner: finance@leeds.ac.uk | Updated: 17.11.2017