1.1 The College is a chartered corporation. Its structure of governance is laid down in the instruments of its incorporation (Charter and Statutes) granted on 1 January 1990. The Charter and Statutes can only be amended by the Privy Council. The College is accountable through its Governing Body (Council), which has ultimate responsibility for the College's management and administration.
1.2 The College is an exempt charity whose Principal Regulator is the Higher Education Funding Council for England (HEFCE).
1.3 The Financial Memorandum between HEFCE and the College together with the Funding Agreement with the Teaching Agency (TA) in respect of initial teacher training, and a similar agreement with the Skills Funding Agency (SFA) sets out the terms and conditions on which grant is made. Council is responsible for ensuring that conditions of grant are met. As part of this process, the College must adhere to HEFCE's Audit Code of Practice (contained within the Financial Memorandum), which requires it to have sound systems of financial and management and control. The Financial Regulations of the College form part of this overall system of accountability.
2 Status of Financial Regulations
2.1 This document sets out the College's Financial Regulations. It translates into practical guidance the College's broad policies relating to financial control. This document was approved by Council on 29 June 2006 , with minor revisions agreed in subsequent years. It applies to the College and all its subsidiary undertakings.
2.2 These Financial Regulations are subordinate to the College's Charter and Statutes, any restrictions contained within the College's Financial Memorandum with HEFCE including the Audit Code of Practice.
2.3 The purpose of these Financial Regulations is to provide control over the totality of the College's resources and provide management with assurances that the resources are being properly applied for the achievement of the College's approved strategic and business objectives and that resources are used to:
- support financial viability;
- achieve value for money;
- enable the College to fulfil its responsibility for the provision of effective financial controls over the use of public funds;
- ensure that the College complies with all relevant legislation and
- safeguard the assets of the College.
2.4 Compliance with the Financial Regulations is compulsory for all staff connected with the College. A member of staff who fails to comply with the Financial Regulations may be subject to disciplinary action. Council will be notified of any such breach through the Audit Committee. It is the responsibility of heads of department to ensure that their staff are made aware of the existence and content of the College's Financial Regulations.
2.5 Finance and Resources Committee is responsible for maintaining a continuous review of the Financial Regulations, through the Registrar and Secretary, and for advising Council of any additions or changes necessary.
2.6 The College's detailed Financial Procedures set out how these regulations will be implemented.