Finance and Corporate Services helps the Company to deliver its objectives by providing strong financial management across the Company and by providing customer focussed services in Facilities, Procurement and Management Information.
The Finance and Corporate Services Directorate comprises:
Finance
Finance is made up of five main areas, namely Financial Accounting, Financial Operations, Business Accounting, Projects and Planning, and Process Improvement. These areas provide assurance that the appropriate financial controls are applied to the funding from the devolved authorities, deliver analysis to support decision-making and ensure that value for money is delivered throughout the Company. This department is responsible for preparing the Company's corporate plan and the annual financial statements.
The department is responsible for the accounting for the business as a whole and its remit includes Financial Reporting, Systems Accounting, Accounts Payable and Payroll.
It is also responsible for ensuring that all payments such as loans, grants , disabled students allowances, tuition fee loans and grants, bursaries and educational maintenance allowances are sent and recorded on the student accounts and reconciled accordingly.
It is also responsible for the processing of all manual repayments such as cheques, standing orders, bank giro credits, foreign currency and card payments to borrowers accounts and ensuring that all the relevant bank accounts are reconciled.
The team is responsible for the development and reporting of Activity Based Management (ABM) information. This information provides the company with activity cost information, product cost information and also the cost allocations per funding body for our Grant In Aid. The team is also responsible for the financials within all business cases until the project budget is approved by the stakeholder.
Facilities
Facilities are responsible for the management of our buildings at Bothwell Street, Hillington, Lingfield Point and Colwyn Bay. They are responsible for preparing and delivering our short-term and long-term accommodation strategies and for business continuity.
Procurement
Procurement is responsible for ensuring that the company buys the goods and services it needs through fair and open procurement processes. The department ensures value for money (in accordance with relevant legislation) by securing the best mix of quality and effectiveness for the least outlay over the whole lifetime of the goods or services. The Procurement department seeks to align procurement activities with the company's business objectives.
Management Information
Management Information provides data and analysis to Government to assist in policy-making and long-term forecasting. The information provided can have a significant impact on policy decisions and we are developing our capacity and capability to assist Government in this area. The department also provides data to be included in answers to parliamentary questions and it provides a range of reports, information and forecasts to SLC departments and business partners (such as local authorities and HMRC).