Value for Money
These pages provide information on value for money activities at the University and are a resource to assist any staff such as heads of departments who wish to ensure they are achieving value for money from their activities.
The University has an explicit duty imposed on it by the HEFCE Audit Code of Practice and the Financial Memorandum with the HEFCE, as follows:
“The governing body of the institution is responsible for delivering value for money from public funds. It should keep under review its arrangements for managing all the resources under its control, taking into account guidance on good practice issued from time to time by the Council, the National Audit Office or the Public Accounts Committee.”
The requirement placed on the Audit Committee by HEFCE, through 'Accountability and Audit: HEFCE Code of Practice' (June 2004/27) is that “members of the audit committee of each HEI, advised where appropriate by its internal audit service, must satisfy itself that satisfactory arrangements are in place to promote economy, efficiency and effectiveness.”
In addition, the HEFCE Audit Code of practice requires the Committee to state formally in its annual report to the governing body (Council) whether or not it is satisfied with the arrangements in place to promote VFM. The HEFCE Audit Service believes that, to do this, the Audit Committee should oversee a VFM strategy or policy prepared by management, which shows what approach management has adopted to satisfy Council's responsibility for VFM.
Previously, the Value for Money Committee oversaw value for money arrangements at the University, under the guidance of the Council. With effect from June 2010, the Resource Management Committee has provided assurance that the University is getting best value for money from its expenditure, and the University's audit service takes it into account in its annual audit plan.
The following links provide more detailed VFM information: