Section A


1. Purpose

The purpose of these Regulations is to:

a.  provide sound arrangements for internal financial management, accounting and control;

b.  promote best value for money; and

c.  fulfil the University's legal and financial obligations including the requirements of its Financial Memorandum with the Scottish Funding Council. 

These regulations are subordinate to the University's Statutes and Ordinances.

The Financial Information, Reporting & Strategy team (FIRST) should be contacted for advice if there is any uncertainty as to the application of the Financial Regulations.

2.  Responsibility

Court is responsible for the supervision and management of University resources and finances and is responsible for reviewing the effectiveness of the University's system of internal control and risk management.

The Principal is the designated officer appointed by the University Court who is directly accountable to the Chief Executive of the SFC for the institution's proper use of funds.

Policy and Resources Committee (PRC) advises Court on financial matters.

Further information on the remit of the various committees of Court is on the University’s website.

3.  Application

These Regulations apply to:

a.  all University income and business including all purchases or acquisitions of goods, services and capital works;

b.  all staff – see section c for details of staff responsibilities; and

c.  all departments and University subsidiary companies

4.  Policies and Procedures These Regulations should be read in conjunction with the University's financial policies and procedures as set out in the Finance and Procurement websites. The Policies set down the principles that must be followed and the procedures set down the way in which the policies should be applied. The procurement regulations are embedded in the appropriate Procurement Journey.
5.  Review and maintenance

These Financial Regulations shall be effective from 24 April 2017.

The Director of Finance maintains a continuous review of these Regulations and they will be updated annually.  Major changes will be through Court approval on the advice of the Policy and Resources Committee.  These Regulations and any changes will be communicated to Heads of Schools/Departments and will be published on the University’s website.

6.  Annual Report and Accounts for the financial year

The University prepares an Annual Report and Accounts which include financial statements for its financial year which runs from 1st August until 31st July.  


The financial statements are prepared in accordance with the following:

a.  FRS102 the Financial Reporting Standard applicable in the UK and Republic of Ireland,

b.  Statement of Recommended Practice (SORP): Accounting for Further and Higher Education,

c.  Scottish Funding Council Guidance.


The Audit and Risk Committee review the financial statements which have been audited by the University's appointed external auditor and recommend to Court for approval.  They are then signed off by the Principal, the Vice–Convener of Court and the Director of Finance on behalf of Court.