Section 10 – Financial Regulations 

I. General 
A. 
The control of Union finance shall be vested in the Finance Committee. A resolution of 
Finance Committee may only be rescinded by another resolution of the Committee or by a 
motion to a General Meeting. 
B. 
The Finance Committee shall consider policy decisions of the Executive, Union Council and 
other Union Committees in as much as they affect finance. 
C. 
Finance Committee decisions shall have full status as Union policy unless referred back at 
the subsequent Union Council meeting. 
D. 
In the event of a Finance Committee recommendation being referred back a second time by 
Union Council, Finance Committee shall recommend that item direct to a GM and that 
recommendation shall have full status as Union policy unless over-ruled or referred back by 
the GM for which it is tabled. 
E. 
The Finance Committee shall meet at least once between ordinary meetings of Union 
Council, and shall consider: 
1. 
all matters involving finance of the Union, 
2. 
any expenditure matters not previously sanctioned; 
3. 
any expenditure from reserves. 
F. 
In an emergency, the F&A Officer shall exercise plenary powers in consultation with the other 
sabbatical officers with any such action being reported to the following Committee meeting. 
G. 
The F&A Officer shall be responsible for the organisation of accounting procedures in 
conjunction with the designated member of staff. 
H. 
All Union committees, Clubs and Societies shall conduct themselves in accordance with the 
Financial Regulations of the Union below. 
I. 
The Finance Committee has the authority to prevent transactions of account holders where 
necessary to maintain financial control. 
J. 
There shall be a document detailing all financial regulations and operating procedures which 
shall be reviewed annually by the Finance Committee after the presentation of the Auditor's 
report. 
K. 
The Union shall not expend funds for activities outside its constitutional objects. 
L. 
The Union shall not make donations to any external organisation except where: a specific 
collection has been taken up for that purpose, a separate account has been set up for that 
purpose, all those making a donation are aware of the destination of their donation, and all 
reasonable costs associated with collecting the donations are charged against the account. 
(e.g. RAG donations). Notice of any such collection shall be published in the Union's annual 
report. 
II. Accounts And Audit 
A. 
The Finance Committee is responsible for the presentation of audited financial statements for 
each financial year, which give a true and fair view of the state of affairs of the Union and of 
the surplus or deficit of the Union for that year. In discharging that responsibility the Finance 
Committee will: 
1. 
select suitable accounting policies and then apply them consistently; 
2. 
make judgements and estimates that are reasonable and prudent; 
3. 
state whether applicable accounting standards have been followed, subject to any 
material departures disclosed and explained in the financial statements; 
4. 
prepare the financial statements on the going concern basis unless it is inappropriate to 
presume that the Union will continue to operate. 
B. 
The Finance Committee is responsible for keeping proper accounting records which disclose 
with reasonable accuracy at any time the financial position of the Union. It is also responsible 
for safeguarding the assets of the Union and hence for taking reasonable steps for the 
prevention and detection of fraud and other irregularities. 
C. 
As soon as possible after the 31st July in each year, the accounts shall be drawn up for the 
preceding financial year, running from 1st August to 31st July. 
D. 
An annual audit shall be conducted by a Registered Auditor approved by Finance Committee 
E. 
The accounts after audit shall be presented to Finance Committee together with the Auditor's 
report for approval. 
F. 
The approved accounts shall be reported to Union Council and to the AGM, and submitted to 
the College according to an agreed timetable. 
G. 
The F&A Officer shall carry out an annual inspection of the financial transactions of all Clubs 
and Societies. 
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H. 
An annual internal audit shall be organised on a schedule and for areas to be agreed by the 
Finance Committee. 
I. 
Whenever any matter arises which appears to involve financial irregularity, a report shall be 
submitted to Finance Committee by the chairperson of the committee involved and by the 
F&A Officer. 
III. Banking Arrangements 
A. 
The Finance Committee shall approve the opening and closing of bank accounts as 
necessary. 
B. 
There shall be a cheque-signing committee which shall consist of all Sabbatical Officers, the 
General Manager and the Finance Manager. 
C. 
Two signatures (one being a sabbatical officer and one being a member of staff) shall be 
mandatory on each cheque or other mandate for payment for expenditure under a limit 
designated by Finance Committee. Three signatures (two being sabbatical officers and one 
being a member of staff) shall be mandatory on each cheque or other mandate for payment in 
respect of expenditure over this limit. 
IV. Ordering of Goods and Services and Payment of Accounts 
A. 
Official orders for any goods required or for work to be performed for any Committee, Club, 
Society or enterprise, shall be on the approved prescribed order form. No other order shall be 
recognised by the Union. 
B. 
All official orders and cheque requests must be signed by both the F&A Officer and the 
designated member of staff, except that cheque requests relating to official orders that have 
already been authorised need only be signed by the designated member of staff. Order 
Forms relating to specific Sabbatical sections should be signed by the F&A Officer in 
consultation with the relevant officers. 
C. 
Where certain goods are ordered regularly for the Union (e.g. stationary or beer), the supplier 
shall be initially approved and appointed persons may be given permission to place such 
regular orders. 
D. 
All invoices and accounts submitted for payment shall be on a cheque request form and 
contain a certifying signature by the appointed person of the Committee or Society or the 
appointed member of staff. 
E. 
The F&A Officer may impose such checks as they consider necessary on orders and 
accounts for payments. 
F. 
Every effort shall be made to ensure that the Union receives its goods and services at the 
best possible price, including the use of competitive quotations where appropriate. 
V. Payment Of Salaries And Wages 
A. 
Payment of all salaries and wages shall be at the level agreed by the Establishment 
Committee. 
B. 
Any variations must be authorised by the F&A Officer and the General Manager. 
C. 
Arrangements for the disbursement of such must be made by the designated member of staff. 
VI. Petty Cash Accounts 
A. 
Any Officer of the Union, or Treasurer of any Club or Society or other appointed person may 
be granted petty cash up to a designated limit on provision of receipts or grounds of 
emergency. 
B. 
The recipient of such petty cash shall be responsible for its custody, proper expenditure, and 
the recording thereof. 
VII. Contracts 
A. 
All contracts made by the Union or in the name of the Union on behalf of the Union by a 
Committee, Society or Club of the Union shall be signed by the designated member of staff 
and the appropriate sabbatical officer, except that: 
1. 
Contracts for recurrent expenditure (e.g. electricity or maintenance of equipment) may be 
made by appointed persons, which shall be specified in the annual operating procedures. 
2. 
Contracts for the letting of Shenley Sports Grounds shall be signed by the Chairperson of 
the Sports Grounds Committee and the Union General Manager. 
3. 
Contracts for employment of staff shall be signed by the General Manager or designated 
member of staff. 
B. 
All contracts for capital works or equipment or which entail a recurrent expenditure shall be 
submitted to Finance Committee for their approval. 
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C. 
All contracts involving initial expenditure in excess of a designated amount shall normally be 
submitted for tender and at least three estimates shall be submitted to the Finance Committee 
who shall decide which if any to accept. 
D. 
Any club or society entering into any form of sponsorship contract without the express 
agreement of the Union Services Committee risks disaffiliation from the Union 
VIII. Income 
A. 
The F&A Officer shall ensure adequate arrangements for: 
1. 
the proper recording of all sums due to the Union; 
2. 
the collection, custody, control, and prompt and proper accounting of all cash within the 
Union. 
B. 
Accounts for income due to the Union shall be rendered on the approved invoice form. 
C. 
Any sums due to the Union shall not be written off as irrecoverable except after Finance 
Committee has received a report thereon. 
D. 
The Union's income shall be as defined in the Union's Constitution. 
E. 
All money received on behalf of the Union or by an Officer of a Society or Club on behalf of 
the Society or Club shall be paid in within seven days of receipt to the designated member of 
staff. 
F. 
All sums received shall be paid into the Union bank account not less than once every two 
days. 
G. 
All receipt forms shall be approved by the F&A Officer and ordered and controlled by the 
designated member of staff. 
IX. Stocks And Stores 
A. 
A delivery note submitted by the supplier must be obtained in respect of every delivery of 
goods. 
B. 
All goods must be checked as to quantity received at the time of delivery and as regards 
compliance with specification as soon as possible thereafter. 
C. 
The F&A Officer may arrange spot checks of stocks and stores as may be deemed necessary 
from time to time. 
D. 
Any surpluses or deficiencies revealed by stocktaking shall be reported to Services and 
Finance Committees in order that appropriate action can be taken. 
E. 
Stores and equipment considered to be surplus or obsolete, but carrying a book value of over 
the designated limit may not be sold or otherwise disposed of without the consent of the F&A 
Officer who may refer the matter to Finance Committee. 
F. 
Each Society or Committee, having custody of stocks or equipment, shall be responsible for 
maintaining records of such and submitting an annual update to the F & A Officer. 
X. Insurance 
A. 
The Union shall maintain appropriate insurance cover, to include employers liability, public 
liability, interruption of business, fire/theft, and libel, as well as others which are considered 
prudent to safeguard the Union's assets. 
B. 
All insurance of the Union shall be under the direction and control of Finance Committee and 
administered by the designated member of staff. 
C. 
Committee Chairpersons and Society or Club Officers shall give prompt notification to the 
designated member of staff of new risks, additional property or equipment, or alterations in 
existing risks. 
D. 
Clubs, Societies and Committees shall advise without delay the designated member of staff of 
any loss or occurrence which may give rise to an insurance claim. 
XI. Investments 
A. 
Finance Committee may make or vary investment of the funds of the Union as outlined by 
Union policy and shall inform Union Council of such. 
XII. First and Revised Estimates 
A. 
The F&A Officer shall prepare and submit for the ensuing financial year an estimate of 
expenditure and income to the Finance Committee, shown under the same headings as in the 
accounts. 
B. 
In drawing up these estimates, the F&A Officer shall incorporate the estimates submitted by 
the Union Committees, Clubs and Societies. 
C. 
The F&A Officer shall present the First Estimates to a joint meeting of Finance Committee 
and the Executive for approval. 
1. 
The General Secretary shall chair the joint meeting. 
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2. 
Any member of the Union may propose a change in the estimates as submitted by giving 
the account number and name from which they wish to take money, and the account 
number and name of the account where they wish the money to go. 
3. 
No money shall be moved unless it is moved to an existing account. 
4. 
Any proposal to create a new account at the First Estimates stage should be given in 
writing to the F&A Officer at least 24 hours before the meeting. 
5. 
No proposal may change amounts allocated for Establishment costs. 
6. 
Finance Committee shall vote first on proposals and the Executive shall vote second, 
save the F&A Officer who will only have the casting vote to be exercised if Finance 
Committee is equally divided. 
7. 
Any changes to the Estimates as submitted must be agreed by both Finance Committee 
and the Executive. Any proposal to alter the Estimates which is not agreed by both sides 
will fall. 
8. 
When there are no more proposals to alter the First Estimates, the Chair shall put the 
estimates to a vote. Finance Committee shall vote first. The Chair may not move to a vote 
on the estimates before those present have had the chance to move proposals for 
change. 
9. 
The Estimates approved by the joint meeting shall be reported to Union Council, and may 
be referred back by a two-thirds majority vote. 
10. In the event of an agreement not being reached at the joint meeting, a second meeting 
shall be scheduled not more than two weeks after the date of the first meeting. 
11. Should no agreement be forthcoming at the second meeting as to the acceptance of the 
First Estimates as a whole, the First Estimates as approved by Finance Committee shall 
be submitted to a Union Council for approval. 
12. Should the Council fail to agree the First Estimates, it shall be at the discretion of the 
Finance Committee as to whether they should be re-submitted to another meeting of 
Council. 
13. If the second Council called for this purpose also fails to approve the estimates approved 
by Finance Committee, the F&A Officer shall be required to submit the First Estimates as 
approved by Finance Committee to College. 
D. 
The approved First Estimates shall be submitted to the appropriate College Officer together 
with an application for subvention according to the timetable required by UCL. 
E. 
The approval of the estimates shall constitute the annual budget and be deemed as 
authorisation to spend up to, but not exceeding, the amount of the budget under each 
heading. All proposals for expenditure in excess of, or not within, the budget shall be 
submitted to Finance Committee for consideration. 
F. 
The F&A Officer shall revise the budget as necessary, according to the following: 
1. 
The previous year's actual figures and the revised estimates for the current financial year 
shall be submitted together with a report thereon, by the F&A Officer to Finance 
Committee no later than 31st January of each year; 
2. 
The total budget will not exceed the total agreed in the first Estimates, unless the F&A 
Officer is able to negotiate a higher amount with College; 
3. 
The revised estimates must be reported to the Executive and to Union Council, but need 
not be approved by them. 
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