Financial Regulations

Financial management and control

Primary page content

23. Other

23.1 Insurance

The Director of Finance is responsible for the College's insurance arrangements, including the provision of advice on the types of cover available. As part of the overall strategy for the management of risk (see section 6), all risks will have been considered and those most effectively dealt with by insurance cover will have been identified. This is likely to include important potential liabilities and provide sufficient cover to meet any potential risk to all assets. The Director of Finance is responsible for effecting insurance cover. He/she is therefore responsible for obtaining quotations, negotiating claims and maintaining the necessary records. The Director of Finance will keep a register of all insurances effected by the College and the property and risks covered. He/she will also deal with the College's insurers and advisers about specific insurance problems. Heads of Department must ensure that any activities carried out within their departments are properly insured. The advice of the Director of Finance should be sought to ensure that this is the case, and where a contract is involved the Registrar and Secretary should also be consulted. Heads of Department must give prompt notification to the Director of Finance of any potential new risks and additional property and equipment that may require insurance and of any alterations affecting existing risks. Heads of Department must advise the Director of Finance immediately of any event that may give rise to an insurance claim. The Director of Finance will notify the College's insurers and, if appropriate, prepare a claim in conjunction with the Head of Department for transmission to the insurers. The Director of Estates and Facilities is responsible for keeping suitable records of plant which is subject to inspection by an insurance company and for ensuring that inspection is carried out in the periods prescribed. All staff using their own vehicles on behalf of the College shall maintain appropriate insurance cover for business use.

23.2 Companies and Joint Ventures

In certain circumstances it may be advantageous to the College to establish a company or a joint venture to undertake services on behalf of the College. Any member of staff considering the use of a company or a joint venture should first seek the advice of the Director of Finance and the Registrar and Secretary, who should have due regard to guidance issued by HEFCE. Council is responsible for approving the establishment of all companies or joint ventures and the procedure to be followed in order to do so. This will have regard to any guidance provided by HEFCE. No Company shall be set up to exploit any College activity to which the College has rights, or to act in any way on behalf of the College, without the specific approval of the Council on the recommendation of the Finance and Resources Committee. The process involved in forming a company or a joint venture and arrangements for monitoring and reporting on the activities of these undertakings will be based on the advice of the Director of Finance and the Registrar and Secretary . It is the responsibility of Council to establish the shareholding arrangements and appoint directors of companies wholly or partly owned by the College.

There must be annual financial reporting to Finance and Resources Committee on the position of all separate legal entities in which the College has a legal interest. Where the College is the majority shareholder, the directors will also submit business plans or budgets as requested, to enable Finance and Resources Committee to assess the risk to the College. The College's internal and external auditors shall also be appointed to such companies, and their financial years shall be consistent with that of the College.

23.3 Security

Keys to safes or other similar containers are to be carried on the person of those responsible at all times. The loss of such keys must be reported to the Director of Finance immediately.

The Director of Information Technology shall be responsible for maintaining proper security and privacy of information held on the College's computer network. Appropriate levels of security will be provided, such as passwords for networked personal computers together with restricted physical access for network servers.

Information relating to individuals will be subject to the provisions of the Data Protection Act 1998 and the College's Data Protection Policy and Guidelines. Responsibilities for compliance with the Act are set out in a Management Framework (PDF) approved by Council.

The Registrar and Secretary is responsible for the safekeeping of official and legal documents relating to the College. 

23.4 Students' Union

The Students' Union has a separate legal status from the College but is recognised to fulfil a valuable role in relation to the College's students. Subject to any constraints imposed by HEFCE, Council shall determine the level of grant, if any, to be paid annually to the Students' Union, and the outcomes or services that the Students' Union will provide in return. Council requires the Union to provide for information details of its proposed budget to assist in determining the appropriate level of grant. The Students' Union is responsible for maintaining its own bank account and financial records and preparing its own annual Financial Statements. By agreement between the College and the Students' Union, the Union provides quarterly statements of income and expenditure to the Director of Finance for information purposes only.

The internal and external audit arrangements for the Students' Union shall be approved by the College's Audit Committee, which shall also have right of access to the resulting audit reports. At year end the Students' Union Financial Statements will be presented to Audit Committee and Council for information, following audit according to approved arrangements. The College's internal auditor shall have right of access to records held by the Students' Union should this prove necessary for the effective review of any department of the College working with the Union.

23.5 Use of the College's Seal

Where a deed or document requires the College's seal, its use must be authorised by Council and signed in accordance with the provisions of the College Statutes. The Registrar and Secretary is responsible for authorising and keeping records of the use of the seal.

23.6 Provision of Indemnities

Any member of staff asked to give an indemnity, for whatever purpose, should consult the Director of Finance before any such indemnity is given.

23.7 College Name

The College's name shall not be used in connection with any activity of the College not falling within its approved programmes without the specific approval of the Warden or Registrar and Secretary . Publications from the College shall be prepared with regard to standards approved by the College from time to time.

The College's legal name, "Goldsmiths' College" shall be used in all contracts and documents relation to financial transactions, including cheques. The brand name will be used for most other purposes.