8 Bribery and Corrupt Practices The College is committed to the highest standards of openness, integrity and 8.1 accountability and seeks to conduct its affairs in a responsible manner. As a part of this ethos the College has a zero-tolerance for bribery and corrupt practices. Although the present low risk of contravening the revised Bribery Act College’s activities 8.2 2010, as its business is undertaken primarily in the United Kingdom, an offence of failing to prevent bribery can be avoided by demonstrating that adequate procedures are in place to prevent it. Procedures must be commensurate with the bribery risks faced. Management of this risk 8.3 is the responsibility of the Vice Principal (Finance and Corporate Services) and is implemented through its inclusion in the Risk Management procedures, as detailed in 7 above, which are subject to regular reviews by the governing body. C Financial Management and Control 9 Financial Planning The Assistant Principal (Finance and Human Resources) is responsible for preparing 9.1 annually a rolling three-year financial plan for approval by the governing body on the recommendation of the Resources Committee and for preparing financial forecasts for submission to the funding body. Financial plans should be consistent with the strategic plan and property strategy approved by the governing body. Budget Objectives 9.2 The governing body will, from time to time, set key financial objectives for the college. These will help the Assistant Principal (Finance and Human Resources) in preparing his or her more detailed financial plans for the college. Budget Preparation 9.3 The Assistant Principal (Finance and Human Resources) is responsible for preparing each year an annual revenue budget and capital programme for consideration by the Resources Committee before submission to the governing body. The budget should also include monthly cash flow forecasts for the year and a projected year-end balance
8 Bribery and Corrupt Practices 8.1 The College is committed to the highest standards of openness, integrity and accountability and seeks to conduct its affairs in a responsible manner. As a part of this ethos the College has a zero-tolerance for bribery and corrupt practices. 8.2 Although the College’s activities present low risk of contravening the revised Bribery Act 2010, as its business is undertaken primarily in the United Kingdom, an offence of failing to prevent bribery can be avoided by demonstrating that adequate procedures are in place to prevent it. 8.3 Procedures must be commensurate with the bribery risks faced. Management of this risk is the responsibility of the Vice Principal (Finance and Corporate Services) and is implemented through its inclusion in the Risk Management procedures, as detailed in 7 above, which are subject to regular reviews by the governing body. C Financial Management and Control 9 Financial Planning 9.1 The Assistant Principal (Finance and Human Resources) is responsible for preparing annually a rolling three-year financial plan for approval by the governing body on the recommendation of the Resources Committee and for preparing financial forecasts for submission to the funding body. Financial plans should be consistent with the strategic plan and property strategy approved by the governing body. 9.2 Budget Objectives The governing body will, from time to time, set key financial objectives for the college. These will help the Assistant Principal (Finance and Human Resources) in preparing his or her more detailed financial plans for the college. 9.3 Budget Preparation The Assistant Principal (Finance and Human Resources) is responsible for preparing each year an annual revenue budget and capital programme for consideration by the Resources Committee before submission to the governing body. The budget should also include monthly cash flow forecasts for the year and a projected year-end balance
Financial-Regulations-approved-7th-December-2017.docx