skip to content
 

Unlike most 'for-profit' organisations, funds allocated but unspent at the end of a financial year may in some cases (subject to rules) be carried forward in reserves for use in subsequent years. This allows departments and Schools the flexibility to plan activities and expenditure in the medium-term with confidence.

The rules on how under-spends and over-spends against budget are treated at the year end are set centrally. Budgets are either devolved to the School/ Department/ Institution (unspent money is retained and carried forward in reserves by the institution) or are returned to the Chest.

For all institutions Chest non-pay, source of funds AAAA, is fully devolved, so over- or under-spends against budget are carried forward to the next financial year. For Schools, departments in the UAS and the University Library, Chest Stipends and Wages are now devolved i.e. under-spends and over-spends are retained by the School/Institution. This exercise is performed by the central Financial Reporting Team after the July accounting period is closed to departments as part of the year-end process.

Please note the Schools and the UAS have local policies, for their departments, on whether the department deals with over or under-spends on these sources of funds.

Feedback

Feedback

If you have any comments or spot any errors or omissions on any page please let us know using this form.

Read more