Law 8: The Financial Rules

8.1

In acting on behalf of the Union in financial matters the Board of Trustees shall act at all times in accordance with the following rules.

8.2

The financial year of the Union shall run from the 1st August in one year to the 31st July in the following year.

8.3

The Board of Trustees is hereby empowered to open bank accounts in the name of the Union, borrow monies, invest monies, offer the material assets of the Union as security and to do all such other things as are necessary for the proper conduct of the Union’s financial affairs.

8.4

The Board of Trustees shall ensure that proper books of accounts are maintained and audited annually by a duly appointed firm of chartered accountants.

8.5

The Board of Trustees shall ensure that annual estimates of income and expenditure are prepared in consultation with the Student Representative Council , the Sports Council and the Activities Council and that these estimates are submitted to the University in support of the University’s funding of the Union.

8.6

The Board of Trustees shall ensure that an annual budget of income and expenditure is prepared further to consultation with the Student Representative Council , the Sports Council and the Activities Council and that this budget is duly approved and circulated.

8.7

The Board of Trustees shall ensure that management accounts are produced to an appropriate standard and schedule in order that performance against budget may be monitored and controlled.

8.8

The Board of Trustees shall ensure the development and maintenance of effective financial control procedures and practices which shall be detailed in the Financial Regulations and Procedures of the Union.