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Teesside University Students’ Union


The Students’ Union is an unincorporated association. Its structure of governance is laid down in the Constitution and its Byelaws. The Board of Trustees has ultimate responsibility for the Students’ Union’s management and administration. These financial regulations form part of the system of internal control.


The Students’ Union is a registered charity, number 1136875.


The Students’ Union’s legal title is “Teesside University Students’ Union.”


The Legal and Financial Framework between the principal funding body (Teesside University) and the Students’ Union sets out the terms and conditions on which grants are made. The Board of Trustees is responsible for ensuring that conditions of grant are met. As part of this process, the Students’ Union must meet the requirements s22 of the Education Act 1994, the Committee of University Chairs’ code of practice, and, have sound systems of financial and management control.

Status of Financial Regulations 2.1

This document sets out the Students’ Union’s financial regulations. It codifies the broad policies relating to financial control. It applies to the Students’ Union, including all its constituent parts, and all its subsidiary undertakings.


These financial regulations are subordinate to the Students’ Union’s Constitution and to any restrictions contained within the University’s financial memorandum with the Students’ Union and HEFCE’s audit code of practice.


The purpose of these financial regulations is to provide control over the totality of the Students’ Union’s resources and to provide assurance that the resources are being properly applied for the achievement of the following: i) ii) iii) iv) v)

financial viability value for money safeguarding assets legislative and regulatory compliance proper stewardship of public and charitable funds


Compliance with the financial regulations is mandatory for all elected officers, employees, and members of the Students’ Union. A member of staff who fails to comply with the financial regulations may be subject to disciplinary action under the Students’ Union’s disciplinary procedures. The Board of Trustees will be notified of a significant breach. It is the responsibility of Budget Holders to ensure that their staff are made aware of the existence and content of the Students’ Union’s financial regulations and receive such training as is necessary to enable them to discharge their responsibilities effectively.


The Board of Trustees is responsible for maintaining a regular review of the financial regulations, and the Financial Procedures Manual, through the Officer Trustees and the Chief Executive, and for recommending to the Board of Trustees any additions or changes necessary.


In exceptional circumstances, the Board of Trustees or an authorized sub-committee may authorise a departure from the provisions of these regulations, any such departure to be reported to the Board at the earliest opportunity. Any such departure must not contravene restrictions in the Students’ Union Constitution.

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Teesside University Students’ Union


The Students’ Union’s detailed financial procedures will set out how these regulations will be implemented and will be contained in a separate manual available to all staff engaged in transactions with a financial impact.


Advice and assistance on any financial matters are available from the Officer Trustees or the Chief Executive. Contact details are available on the Students’ Union website.

Budgets 3.1

The Board of Trustees shall approve and publish its budget for the Students’ Union for the following financial year before the end of the previous financial year. This shall form the basis of all expenditure.


The Board of Trustees shall review its budget for Students’ Union and publish revised budgets during the financial year, as necessary.


All activities undertaken or provided by the Students’ Union must be costed and budgets prepared.


Records of all income and expenditure shall be kept. It is the responsibility of the Trustees to monitor the records of income and expenditure and to make appropriate reports to the Board of Trustees, with the aid of the Chief Executive or their nominee.


The Students’ Union’s financial year shall run from 1st August to 31st July.

Accounts 4.1

The Chief Executive shall have the annual accounts prepared and audited by a Registered Auditor before presenting them to the Board of Trustees for approval. Once approved they will be presented to the Annual General Meeting (AGM) and the University.


The Chief Executive shall be responsible to the Students’ Union for the keeping of accounts and shall exercise supervision over all Students’ Union finances, reporting to and subject to decisions of the Board of Trustees.

Bank Accounts 5.1

There shall be at least one bank account held in the name of the Students’ Union. There shall be at least four signatories to the account: i) ii) iii)

Three Officer Trustees The Chief Executive All other Senior Managers as defined by the current staffing structure and staffing committee

Cheques shall be signed by one Officer Trustee and one staff member from the above. Electronic payments through BACS must be authorised by two members of the list of cheque signatories. 5.2

The collection of monies due to the Students’ Union shall be under the supervision of the Trustees but shall be the responsibility through the management line of the Chief Executive to designated managers in the Students’ Union.

Limits on payments 6.1 6.2

The Board of Trustees will maintain an up to date authority matrix or register of Students’ Union budget holders and decision making limits. The budget holder shall approve all expenditure and be responsible for following the tendering and procurement requirements. Any expenditure outside the budgets should be approved by the Chief Executive and Officer Trustees and reported to the Board of Trustees.

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Teesside University Students’ Union

Contracts and Invoices 7.1

No new financial agreement (e.g. a leasing contract) exceeding £2,000 per annum may be entered into which involves a financial commitment beyond one financial year unless specific authorisation is given by the Trustees.


Budget holders shall be authorised to sign appropriate orders and contracts, keeping records of these.


Three competitive tenders must be obtained for one-off purchases exceeding £10,000 that have not been subject to NUS or other recognised national or University tender processes. Formal quotations must be obtained for purchases exceeding £2,000, that have not been subject to NUS or other recognised national or University tender processes. Recurring purchases exceeding £2,000 annually from a regular supplier must be subject to formal quotations on an appropriate cyclical basis.


No guarantees or indemnities incurring contingent liabilities other than those in the normal course of business may be given.


All invoices must be authorised for payment by the appropriate budget holder.

Security and Insurance 8.1

The Students’ Union shall be responsible for maintaining proper security at all times for all stock, stores, furniture, equipment, cash etc., under its control. The Chief Executive shall inform the Trustees in any case where security is thought to be defective or where it is considered that special security arrangements may be needed. It is the responsibility of the Chief Executive to ensure that adequate insurance cover is paid for each year.

Expenses to Union Members 9.1

Any ordinary member of the Students’ Union may apply for expenses for costs incurred whilst on Students’ Union business. Rates will be in accordance with a schedule determined by the Board of Trustees.


Expenses must be authorised by an Officer Trustee or approved Manager, who must not be the person(s) claiming the expense.

Donations 10.1 The Students’ Union shall not make donations or affiliations to any organisation outside the aims and objectives of the Students’ Union. The Students’ Union may allow for its facilities to be used for special events that raise money for a specific charity or cause. Only the net profit from such events may be passed to the charity. [Approved by the Annual General Meeting in November 2017]

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