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Financial Resources

This section covers information on the College’s strategy and management of financial resources. The Finance Section provides accounting, procurement and contracting services, helping to make best use of resources and fulfilling statutory responsibilities. Information that may substantially prejudice the commercial interests of any person or organisation, personal information, or information, which would disrupt the effective conduct of public affairs, will be excluded from publication.

Class Name Class Description Examples/Comments
Financial statements The College's Annual Accounts The Annual Accounts for the year ended 31 July 2008 are on the College web-site
Budgetary processes Policies and procedures for making budgetary allocations to major budgetary units The Heads of Section are responsible for their section budgets for travel, temporary staff and consumables. No other budgets are currently devolved.
Budgets overview Summary of budgetary allocations to major budgetary units For finalised budgetary allocations, please contact the Director of Finance & Corporate Services, Mr Iain Macmillan.
Financial regulations  College's financial administration manual  Lews Castle College’s Financial Regulations are available on the College web-site.
 Insurance Summary information on the college's major insurance policies  

The current insurance contract for Lews Castle College is with NFU Mutual Insurance Company Limited, 7 Francis Street, Stornoway, Isle of Lewis HS1 2XD

The policies include the following cover:

Employer’s Liability                       £25,000,000

Public Liability                              £5,000,000

Products Liability                          £5,000,000

Material Damage

Business Interruption

Travel

Buildings

Professional Indemnity
Investments Summary information on institutional endowments and investments  The College’s subsidiary company, Lews Castle College (Trading) Limited holds 2,000 £1 ordinary shares in ACAIR, a local Gaelic publishing company. These shares were originally held by Highlands & Islands Enterprise, and were purchased by the Trading Company in August 1998.
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