Financial Regulations

Financial Limits for Banking Information and Inventory Lists

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These limits were reported to the 14 December 2006 meeting of Council as Chair's Action. A minor amendment to the Banking Arrangements was made by Council on 13 March 2008.

Powers of specified officers/signatoriesAuthorised Signatories
Banking arrangements College alterations to bank mandate. Warden and Director of Finance.
Indemnities Chair of Council (to be reported to Council as Chair's Action)
College cheques, money transfers, BACS and other instruments Up to and including £10,000. One signatory from Group A (see list below)
Over £10,000. One signatory from Group A and one signatory from Group B (see lists below).
Signatory groups Group A Director of Finance
Registrar and Secretary
Director of Human Resources
Head of Management Accounts
Group B Warden

Where an individual bank's rules of operation require a decision at a meeting of a formal committee, either Finance and Resources Committee or Council will act, as the timetable dictates. (Added by Council 13 March 2008.)

Value of items to be included in inventories

  • All items that have an original cost of more than £1,000, whether purchased, donated or leased
  • Computing and audio visual equipment items that have an original cost of more than £300
  • Items of equipment that have an original cost of less than £500 but that are considered vulnerable to theft. The entry of items under £500 is at the discretion of the Head of Department