Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall: a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects Outputs; b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured; c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems; d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved; e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response; f) notify the Authority immediately if the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency in the future; g) keep a record of all Expenditure Incurred together with full supporting evidence including (without limitation) invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs or in the absence of such invoices contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer) and Additional Funding received. All evidence of Expenditure Incurred such as invoices, receipts, timesheets and other relevant documents must be kept for at least 6 years after the date of the Project; h) make (complying always fully with the requirements of the Data Protection Xxx 0000 and all applicable regulations) all relevant data, information and documents available and provide access at any time for: i) inspection visits and scrutiny of files by the Authority or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, and ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs and of financial appraisal and monitoring systems; and and cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard; i) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs providing the Authority with copies of and access to the same upon request; and j) notify the Authority in writing of any change in the identity of the Recipient’s Representative. 6.2 During its useful life no Capital Asset should be sold charged loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses 6.5 & 6.6 below. 6.3 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair. 6.4 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset): a) the date of purchase; b) a description sufficient to identify it; c) the purchase price excluding recoverable VAT; d) any third party interests or charges over the Capital Asset; e) the location of the documentation showing the Recipient’s title to the Capital Asset; and f) date of disposal and sale proceeds (net of VAT). 6.5 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase. 6.6 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 3 contracts
Samples: Funding Agreement, Grant Agreement, Grant Agreement
Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects Project Outputs;
b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;
d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
f) notify the Authority immediately if the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency in the future;
g) keep a record of all Expenditure Incurred together with full supporting evidence including (without limitation) copy invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs or in the absence of such invoices contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer) and Additional Funding received). All evidence of Expenditure Incurred such as original invoices, receipts, timesheets and other relevant documents must be kept for at least 6 years after the date of the Project;
h) make (complying always fully with the requirements of the Data Protection Xxx 0000 and all applicable regulations) all relevant regulations)all relevant, data, information and documents available and provide access at any time for:
i) inspection visits and scrutiny of files by the Authority or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, ; and
ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs Outputs and of financial appraisal and monitoring systems; and and cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;
i) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs providing the Authority with copies of and access to the same upon request; and
j) notify the Authority in writing of any change in the identity of the Recipient’s Representative.
6.2 During its useful life no Capital Asset should be sold charged loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses 6.5 & 6.6 below.
6.3 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
a) the date of purchase;
b) a description sufficient to identify it;
c) the purchase price excluding recoverable VAT;
d) any third party interests or charges over the Capital Asset;
e) the location of the documentation showing the Recipient’s title to the Capital Asset; and
f) date of disposal and sale proceeds (net of VAT).
6.5 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 2 contracts
Samples: Funding Agreement, Funding Agreement
Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects Outputs;
b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;
d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
f) notify the Authority immediately if the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency in the future;
g) keep a record of all Expenditure Incurred together with full supporting evidence including (without limitation) copy invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs or in the absence of such invoices contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer) and Additional Funding received. All evidence of Expenditure Incurred such as original invoices, receipts, timesheets and other relevant documents must be kept for at least 6 years after the end date of the ProjectProject The Authority and any person nominated by the Authority has the right to audit any and all such evidence at any time during the 6 years after the end date of the Project on giving reasonable notice (whether in writing or verbally) and at any reasonable time to inspect any aspect of the Recipient’s performance of the Project and the Recipient shall give all reasonable assistance to the Authority or its nominee in conducting such inspection, including making available documents and staff for interview;
h) make (complying always fully with the requirements of the Data Protection Xxx 0000 Act 1998 and, from 25 May 2018 only, the Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and all applicable regulations) all relevant data, information and documents available and provide access at any time for:
i) inspection visits and scrutiny of files by the Authority or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, and
ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs Outputs and of financial appraisal and monitoring systems; and and cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;; and
i) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs providing the Authority with copies of and access to the same upon request; and
j) notify the Authority in writing of any change in the identity of the Recipient’s Representative.
6.2 During its useful life no No Capital Asset should be sold charged loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses Clauses 6.5 & and 6.6 below.
6.3 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
a) the date of purchase;
b) a description sufficient to identify it;
c) the purchase price excluding recoverable VAT;
d) any third party interests or charges over the Capital Asset;
e) the location of the documentation showing the Recipient’s title to the Capital Asset; and
f) date of disposal and sale proceeds (net of VAT).
6.5 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 2 contracts
Samples: Funding Agreement, Grant Agreement
Financial Accountability. 6.1 The Recipient Academy Trust must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the AuthorityCouncil, are complied with. In particular the Recipient Academy Trust shall:
a) agree in writing in advance with the Authority Council any changes to any of the Project Objectives, Milestones milestones and/or Projects Outputs;
b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
c) maintain an open book approach in relation to this Agreement to enable the Council to monitor, scrutinise and verify the accuracy of all payments made by the Council to the Academy Trust;
d) on request of the Council, will provide to the Council an open book account of its payments made for the purposes of delivery of the Project, and/or any proposed such payments, setting out in full the details of each component of the costings;
e) notify the Authority Council of the monitoring and financial systems in place, and comply with the AuthorityCouncil’s reasonable requirements for these systems;
df) notify the Authority Council immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
eg) notify the Authority Council immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
fh) notify the Authority immediately if the Recipient is Insolventwithout prejudice to Clause 4.1, or if it has no reasonable prospect of avoiding Insolvency in the future;
g) keep a record of all Expenditure Incurred together with full supporting evidence including (without limitation) copy invoices clearly showing Expenditure Incurred on the Milestones milestones and/or Project Outputs or in the absence of such invoices contract documents and transaction listings from the RecipientAcademy Trust’s finance management system (and certified as true and accurate records of such expenditure by the RecipientAcademy Trust’s Chief Financial Officerchief financial officer) and Additional Funding additional funding received. All evidence of Expenditure Incurred such as original invoices, receipts, timesheets and other relevant documents must be kept for at least 6 years after the end date of the ProjectProject The Council and any person nominated by the Council has the right to audit any and all such evidence at any time during the 6 years after the end date of the Project on giving reasonable notice (whether in writing or verbally) and at any reasonable time to inspect any aspect of the Academy Trust’s performance of the Project and the Academy Trust shall give all reasonable assistance to the Council or its nominee in conducting such inspection, including making available documents and staff for interview;
hi) make (complying always fully with the requirements of the Data Protection Xxx 0000 Act 1998 and the UK GDPR on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and all applicable regulationsregulations and any obligations in relation to confidentiality) all relevant data, information and documents available and provide access at any time on reasonable notice and during normal office hours for:
i) inspection visits and scrutiny of files by the Authority Council or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, ; and
ii) an external audit and review of the Project Objectives, Milestones milestones and/or Project outputs Outputs and of financial appraisal and monitoring systems; and systems and cooperate fully with the Authority Council and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;; and
ij) retain and maintain data and systems required (in the reasonable opinion of the AuthorityCouncil) for the verification of the delivery of Project Objectives, Milestones milestones and/or Project Outputs providing the Authority Council with copies of and access to the same upon request; and
jk) notify the Authority Council in writing of any change in the identity of the RecipientAcademy Trust’s Representative.
6.2 During its useful life no No Capital Asset should be sold charged sold, charged, loaned or otherwise disposed of by the Recipient Academy Trust or cease to be used for the purposes of the Project at any time during the period of 25 years from the date of this Agreement without the prior written consent of the Authority Council which (if given) may be conditional on re-payment to the Authority Council of the relevant part of the GLA Funding and shall be subject to clauses 6.5 & 6.6 Clauses 6.4 below.
6.3 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
a) the date of purchase;
b) a description sufficient to identify it;
c) the purchase price excluding recoverable VAT;
d) any third party interests or charges over the Capital Asset;
e) the location of the documentation showing the Recipient’s title to the Capital Asset; and
f) date of disposal and sale proceeds (net of VAT).
6.5 Where a Capital Asset which was either partly or wholly funded by the Funding is disposed of at any time during the period of 25 years from the date of this Agreement (subject always to the Authority Council having consented to such a disposal being made) the Authority shall Council may require the Recipient Academy Trust to reimburse the Authority Council with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority Council may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 6.4 Unless otherwise agreed by the Authority Council all disposals of Capital Assets at any time during the period of 25 years from the date of this Agreement shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 2 contracts
Samples: Funding Agreement, Funding Agreement
Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects Outputs;
b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;
d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
f) notify the Authority immediately if the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency in the future;
g) keep a record of all Expenditure Incurred together with full supporting evidence including (without limitation) copy invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs or in the absence of such invoices contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer) and Additional Funding received. All evidence of Expenditure Incurred such as original invoices, receipts, timesheets and other relevant documents must be kept for at least 6 years after the end date of the ProjectProject The Authority and any person nominated by the Authority has the right to audit any and all such evidence at any time during the 6 years after the end date of the Project on giving reasonable notice (whether in writing or verbally) and at any reasonable time to inspect any aspect of the Recipient’s performance of the Project and the Recipient shall give all reasonable assistance to the Authority or its nominee in conducting such inspection, including making available documents and staff for interview;
h) make (complying always fully with the requirements of the Data Protection Xxx 0000 Act 1998 and, from 25 May 2018 only, the Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and all applicable regulations) all relevant data, information and documents available and provide access at any time for:
i) inspection visits and scrutiny of files by the Authority or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, and
ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs Outputs and of financial appraisal and monitoring systems; and and cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;; and
i) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs providing the Authority with copies of and access to the same upon request; and
j) notify the Authority in writing of any change in the identity of the Recipient’s Representative.
6.2 During its useful life no Capital Asset should be sold charged loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses Clauses 6.5 & and 6.6 below.
6.3 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
a) the date of purchase;
b) a description sufficient to identify it;
c) the purchase price excluding recoverable VAT;
d) any third party interests or charges over the Capital Asset;
e) the location of the documentation showing the Recipient’s title to the Capital Asset; and
f) date of disposal and sale proceeds (net of VAT).
6.5 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 2 contracts
Samples: Funding Agreement, Funding Agreement
Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
(a) agree in writing in advance with the Authority any changes to any of the Project Proposal Objectives, Milestones and/or Projects OutputsProposal Outputs and where such changes are agreed by the Authority the Recipient shall amend OPS accordingly as soon as reasonably practicable (and in default of agreement the parties will be bound by the details as they existed in OPS prior to the changes proposed under this Clause 6.1(a));
(b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
(c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;
(d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
(e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
(f) notify the Authority immediately if if:
(i) the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency becoming Insolvent in the future; or
(ii) the Recipient is subject to a Section 15 Direction or a Section 114 Report or circumstances exist which would permit such a Section 15 Direction or Section 114 Report to be issued;
(g) keep a record of all Expenditure Incurred together with full supporting evidence including (without limitation) invoices clearly showing Expenditure Incurred on the Milestones and/or Project Proposal Outputs (or in the absence of such invoices invoices, contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer) and Additional Funding received. All evidence of Expenditure Incurred such as invoices, receipts, timesheets and other relevant documents must be kept for at least 6 10 years after the end date of the ProjectProposal(s). The Authority and any person nominated by the Authority has the right to audit any and all such evidence at any time during the 10 years after the end date of the Proposal(s) on giving reasonable notice (whether in writing or verbally) and at any reasonable time to inspect any aspect of the Recipient’s performance of the Proposal(s) and the Recipient shall give all reasonable assistance to the Authority or its nominee in conducting such inspection, including making available documents and staff for interview;
(h) make (complying always fully with the requirements of the Data Protection Xxx 0000 Act 2018 and Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data) and all applicable regulations) all relevant data, information and documents available and provide access at any time for:
(i) inspection inspection, visits and scrutiny of files by the Authority or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, ; and
(ii) an external audit and review of the Project Proposal Objectives, Milestones and/or Project outputs Proposal Outputs and of financial appraisal and monitoring systems; and and cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;; and
(i) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Proposal Objectives, Milestones and/or Project Outputs Proposal Outputs, providing the Authority with copies of and access to the same upon request; and
(j) notify the Authority in writing of any change in the identity of the Recipient’s Representative.
6.2 During its useful life no Capital Asset should be sold charged loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses 6.5 & 6.6 below.
6.3 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
a) the date of purchase;
b) a description sufficient to identify it;
c) the purchase price excluding recoverable VAT;
d) any third party interests or charges over the Capital Asset;
e) the location of the documentation showing the Recipient’s title to the Capital Asset; and
f) date of disposal and sale proceeds (net of VAT).
6.5 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 1 contract
Samples: Grant Agreement
Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
(a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects Outputs;
(b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
(c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;
(d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
(e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
(f) notify the Authority immediately if the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency becoming Insolvent in the future;
(g) keep a record of all (i) Expenditure Incurred together with full supporting evidence including (without limitation) invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs (or in the absence of such invoices invoices, contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer); and (ii) and Additional Funding receivedreceived in the form of Schedule 8 as amended by the Authority from time to time. All evidence of Expenditure Incurred such as invoices, receipts, timesheets and other relevant documents must be supplied to the Authority (and any person nominated by the Authority) upon request and kept for at least 6 years after the end date of the Project. The Authority and any person nominated by the Authority has the right to audit any and all such evidence at any time during the 6 years after the end date of the Project on giving reasonable notice (whether in writing or verbally) and at any reasonable time to inspect any aspect of the Recipient’s performance of the Project and the Recipient shall give all reasonable assistance to the Authority or its nominee in conducting such inspection, including making available documents and staff for interview;
(h) make (complying always fully with the requirements of the Data Protection Xxx 0000 and all applicable regulationsLegislation) all relevant data, information and documents available and provide access at any time for:
(i) inspection inspection, visits and scrutiny of files by the Authority or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, ; and
(ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs Outputs and of financial appraisal and monitoring systems; and and cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;; and
(i) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs Outputs, providing the Authority with copies of and access to the same upon request; and
(j) notify the Authority in writing of any change in the identity of the Recipient’s Representative.
6.2 During its useful life no Capital Asset should be sold charged sold, charged, loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses Clauses 6.5 & and
6.6 below.
6.3 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority Authority, its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
(a) the date of purchase;
(b) a description sufficient to identify it;
(c) the purchase price excluding recoverable VAT;
(d) any third party interests or charges over the Capital Asset;
(e) the location of the documentation showing the Recipient’s title to the Capital Asset; and
(f) date of disposal and sale proceeds (net of VAT).
6.5 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 1 contract
Samples: Grant Funding Agreement
Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects OutputsProject Outputs and where such changes are agreed by the Authority the Recipient shall amend OPS accordingly as soon as reasonably practicable provided always that such changes shall only take effect from the date on which the Authority approves such chages in OPS (and if the Authority does not approve such changes in OPS the Recipient shall remain bound by the Project Objectives, Milestones and/or Project Outputs as they existing in OPS prior to the Recipient amending the same in OPS;
b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;
d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
f) notify the Authority immediately if the Recipient breaches any banking covenants;
g) notify the Authority immediately if the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency in the future;
gh) keep a record of all Expenditure Incurred together with full supporting evidence including (without limitation) invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs (or in the absence of such invoices contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer) and Additional Funding received. All evidence of Expenditure Incurred such as original invoices, receipts, timesheets and other relevant documents must be kept for at least 6 10 years after the date of the Project; The Authority and any person nominated by the Authority has the right to audit any and all such evidence at any time during the 10 years after the end date of the Proposal(s) on giving reasonable notice (whether in writing or verbally) and at any reasonable time to inspect any aspect of the Recipient’s performance of the Project and the Recipient shall provide all reasonable assistance to the Authority or its nominee in conducting such audit and inspection, including making available documents and staff for interview;
hi) make (complying always fully with the requirements of the Data Protection Xxx 0000 and Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data) and all applicable regulations) all relevant data, information and documents available and provide access at any time for:
i) inspection visits and scrutiny of files by the Authority or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, ; and
ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs Outputs and of financial appraisal and monitoring systems; and and and
iii) cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;
ij) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs providing the Authority with copies of and access to the same upon request;
k) notify the Authority of the results of inspections from Ofsted or FE commissioners reports; and
jl) notify the Authority in writing of any change in the identity of the Recipient’s Representative.the
6.2 During its useful life no Capital Asset should be sold charged loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which will not be unreasonably withheld which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses 6.5 & 6.6 below.
6.3 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
a) the date of purchase;
b) a description sufficient to identify it;
c) the purchase price excluding recoverable VAT;
d) any third party interests or charges over the Capital Asset;
e) the location of the documentation showing the Recipient’s title to the Capital Asset; and
f) date of disposal and sale proceeds (net of VAT).
6.5 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.clauses
Appears in 1 contract
Samples: Grant Agreement
Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
(a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects Outputs;
(b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
(c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;
(d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
(e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
(f) notify the Authority immediately if the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency becoming Insolvent in the future;
(g) keep a record of all Expenditure Incurred together with full supporting evidence including (without limitation) invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs (or in the absence of such invoices invoices, contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer) and Additional Funding received. All evidence of Expenditure Incurred such as invoices, receipts, timesheets and other relevant documents must be kept for at least 6 years after the end date of the Project. The Authority and any person nominated by the Authority has the right to audit any and all such evidence at any time during the 6 years after the end date of the Project on giving reasonable notice (whether in writing or verbally) and at any reasonable time to inspect any aspect of the Recipient’s performance of the Project and the Recipient shall give all reasonable assistance to the Authority or its nominee in conducting such inspection, including making available documents and staff for interview;
(h) make (complying always fully with the requirements of the Data Protection Xxx 0000 Act 1998 and, from 25 May 2018 only, the Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data) and all applicable regulations) all relevant data, information and documents available and provide access at any time for:
(i) inspection inspection, visits and scrutiny of files by the Authority or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, ; and
(ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs Outputs and of financial appraisal and monitoring systems; and and cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;; and
(i) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs Outputs, providing the Authority with copies of and access to the same upon request; and
(j) notify the Authority in writing of any change in the identity of the Recipient’s Representative.
6.2 During its useful life no Capital Asset should be sold charged sold, charged, loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses Clauses 6.5 & and 6.6 below.
6.3 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority Authority, its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
(a) the date of purchase;
(b) a description sufficient to identify it;
(c) the purchase price excluding recoverable VAT;
(d) any third party interests or charges over the Capital Asset;
(e) the location of the documentation showing the Recipient’s title to the Capital Asset; and
(f) date of disposal and sale proceeds (net of VAT).
6.5 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 1 contract
Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
(a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects Outputs;
(b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
(c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;comply
(d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
(e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
(f) notify the Authority immediately if the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency becoming Insolvent in the future;
(g) keep a record of all (i) Expenditure Incurred together with full supporting evidence including (without limitation) invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs (or in the absence of such invoices invoices, contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer); and (ii) and Additional Funding receivedreceived in the form of Schedule 8 as amended by the Authority from time to time. All evidence of Expenditure Incurred such as invoices, receipts, timesheets and other relevant documents must be supplied to the Authority (and any person nominated by the Authority) upon request and kept for at least 6 years after the end date of the Project. The Authority and any person nominated by the Authority has the right to audit any and all such evidence at any time during the 6 years after the end date of the Project on giving reasonable notice (whether in writing or verbally) and at any reasonable time to inspect any aspect of the Recipient’s performance of the Project and the Recipient shall give all reasonable assistance to the Authority or its nominee in conducting such inspection, including making available documents and staff for interview;
(h) make (complying always fully with the requirements of the Data Protection Xxx 0000 and all applicable regulationsLegislation) all relevant data, information and documents available and provide access at any time for:
(i) inspection inspection, visits and scrutiny of files by the Authority or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, ; and
(ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs Outputs and of financial appraisal and monitoring systems; and and cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;; and
(i) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs Outputs, providing the Authority with copies of and access to the same upon request; and
(j) notify the Authority in writing of any change in the identity of the Recipient’s Representative.
6.2 During its useful life no Capital Asset should be sold charged sold, charged, loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses Clauses 6.5 & and
6.6 below.
6.3 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority Authority, its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
(a) the date of purchase;
(b) a description sufficient to identify it;
(c) the purchase price excluding recoverable VAT;
(d) any third third-party interests or charges over the Capital Asset;
(e) the location of the documentation showing the Recipient’s title to the Capital Asset; and
(f) date of disposal and sale proceeds (net of VAT).
6.5 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 1 contract
Samples: Funding Agreement
Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects Outputs;
b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;
d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
f) notify the Authority immediately if the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency in the future;
g) keep a record of all Expenditure Incurred together with full supporting evidence including (without limitation) copy invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs or in the absence of such invoices contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer) and Additional Funding received. All evidence of Expenditure Incurred such as original invoices, receipts, timesheets and other relevant documents must be kept for at least 6 years after the date of the Project;
h) make (complying always fully with the requirements of the Data Protection Xxx 0000 and all applicable regulations) all relevant data, information and documents available and provide access at any time for:
i) inspection visits and scrutiny of files by the Authority or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, and
ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs and of financial appraisal and monitoring systems; and and cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;
i) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs providing the Authority with copies of and access to the same upon request; and
j) notify the Authority in writing of any change in the identity of the Recipient’s Representative.
6.2 During its useful life no Capital Asset should be sold charged loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses 6.5 & 6.6 below.
6.3 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
a) the date of purchase;
b) a description sufficient to identify it;
c) the purchase price excluding recoverable VAT;
d) any third party interests or charges over the Capital Asset;
e) the location of the documentation showing the Recipient’s title to the Capital Asset; and
f) date of disposal and sale proceeds (net of VAT).
6.5 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 1 contract
Samples: Grant Agreement
Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects Outputs;
b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;
d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
f) notify the Authority immediately if the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency in the future;
g) keep a record of all Expenditure Incurred together with full supporting evidence including (without limitation) copy invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs or in the absence of such invoices contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer) and Additional Funding received. All evidence of Expenditure Incurred such as original invoices, receipts, timesheets and other relevant documents must be kept for at least 6 years after the end date of the ProjectProject The Authority and any person nominated by the Authority has the right to audit any and all such evidence at any time during the 6 years after the end date of the Project on giving reasonable notice (whether in writing or verbally) and at any reasonable time to inspect any aspect of the Recipient’s performance of the Project and the Recipient shall give all reasonable assistance to the Authority or its nominee in conducting such inspection, including making available documents and staff for interview;
h) make (complying always fully with the requirements of the Data Protection Xxx 0000 Act 1998 and, from 25 May 2018 only, the Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and all applicable regulations) all relevant data, information and documents available and provide access at any time for:
i) inspection visits and scrutiny of files by the Authority or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, and
ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs Outputs and of financial appraisal and monitoring systems; and and cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;; and
i) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs providing the Authority with copies of and access to the same upon request; and
j) notify the Authority in writing of any change in the identity of the Recipient’s Representative.
6.2 During its useful life no No Capital Asset should be sold charged sold, charged, loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses Clauses 6.5 & and 6.6 below.
6.3 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
a) ): the date of purchase;
b) ; a description sufficient to identify it;
c) ; the purchase price excluding recoverable VAT;
d) ; any third party interests or charges over the Capital Asset;
e) ; the location of the documentation showing the Recipient’s title to the Capital Asset; and
f) and date of disposal and sale proceeds (net of VAT).
6.5 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 1 contract
Samples: Funding Agreement
Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects OutputsProject Outputs and where such changes are agreed by the Authority the Recipient shall amend OPS accordingly as soon as reasonably practicable provided always that such changes shall only take effect from the date on which the Authority approves such chages in OPS (and if the Authority does not approve such changes in OPS the Recipient shall remain bound by the Project Objectives, Milestones and/or Project Outputs as they existing in OPS prior to the Recipient amending the same in OPS;
b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;and
d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
f) notify the Authority immediately if the Recipient breaches any banking covenants;
g) notify the Authority immediately if the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency in the future;
gh) keep a record of all Expenditure Incurred together with full supporting evidence including (without limitation) invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs (or in the absence of such invoices contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer) and Additional Funding received. All evidence of Expenditure Incurred such as original invoices, receipts, timesheets and other relevant documents must be kept for at least 6 10 years after the date of the Project; The Authority and any person nominated by the Authority has the right to audit any and all such evidence at any time during the 10 years after the end date of the Proposal(s) on giving reasonable notice (whether in writing or verbally) and at any reasonable time to inspect any aspect of the Recipient’s performance of the Project and the Recipient shall provide all reasonable assistance to the Authority or its nominee in conducting such audit and inspection, including making available documents and staff for interview;
hi) make (complying always fully with the requirements of the Data Protection Xxx 0000 Act 2018 and Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data) and all applicable regulations) all relevant data, information and documents available and provide access at any time for:
i) inspection visits and scrutiny of files by the Authority or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, ; and
ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs Outputs and of financial appraisal and monitoring systems; and and and
iii) cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;
ij) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs providing the Authority with copies of and access to the same upon request;
k) notify the Authority of the results of inspections from Ofsted or FE commissioners reports; and
jl) notify the Authority in writing of any change in the identity of the Recipient’s Representative.
6.2 During its useful life no Capital Asset should be sold charged loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which will not be unreasonably withheld which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses 6.5 & 6.6 below.;
6.3 The Recipient shall procure the maintenance of appropriate security and an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
a) the date of purchase;
b) a description sufficient to identify it;
c) the purchase price excluding recoverable VAT;
d) any third party interests or charges over the Capital Asset;
e) the location of the documentation showing the Recipient’s title to the Capital Asset; and
f) date of disposal and sale proceeds (net of VAT).
6.5 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 1 contract
Samples: Grant Agreement
Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
(a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects OutputsOutputs and where such changes are agreed by the Authority the Recipient shall amend OPS accordingly as soon as reasonably practicable (and in default if agreement the parties will be bound by the details as they existed in OPS prior to any changes proposed under this Clause 6.1(a));
(b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
(c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;
(d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
(e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
(f) notify the Authority immediately if the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency becoming Insolvent in the future;
(g) keep a record of all (i) Expenditure Incurred together with full supporting evidence including (without limitation) invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs (or in the absence of such invoices invoices, contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer); and (ii) and Additional Funding receivedreceived in the form of Schedule 8 as amended by the Authority from time to time. All evidence of Expenditure Incurred such as invoices, receipts, timesheets and other relevant documents must be supplied to the Authority (and any person nominated by the Authority) upon request and kept for at least 6 years after the end date of the Project. The Authority and any person nominated by the Authority has the right to audit any and all such evidence at any time during the 6 years after the end date of the Project on giving reasonable notice (whether in writing or verbally) and at any reasonable time to inspect any aspect of the Recipient’s performance of the Project and the Recipient shall give all reasonable assistance to the Authority or its nominee in conducting such inspection, including making available documents and staff for interview;
(h) make (complying always fully with the requirements of the Data Protection Xxx 0000 and all applicable regulationsLegislation) all relevant data, information and documents available and provide access at any time for:
(i) inspection inspection, visits and scrutiny of files by the Authority or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, ; and
(ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs Outputs and of financial appraisal and monitoring systems; and and cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;; and
(i) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs Outputs, providing the Authority with copies of and access to the same upon request; and
(j) notify the Authority in writing of any change in the identity of the Recipient’s Representative.
6.2 6.1 During its useful life no Capital Asset should be sold charged sold, charged, loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses Clauses 6.5 & and 6.6 below.
6.3 6.2 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 6.3 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority Authority, its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
(a) the date of purchase;
(b) a description sufficient to identify it;
(c) the purchase price excluding recoverable VAT;
(d) any third party interests or charges over the Capital Asset;
(e) the location of the documentation showing the Recipient’s title to the Capital Asset; and
(f) date of disposal and sale proceeds (net of VAT).
6.5 6.4 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 6.5 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 1 contract
Samples: Funding Agreement
Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
(a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects OutputsOutputs and where such changes are agreed by the Authority the Recipient shall amend OPS accordingly as soon as reasonably practicable (and in default if agreement the parties will be bound by the details as they existed in OPS prior to any changes proposed under this Clause 6.1(a));
(b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
(c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;
(d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
(e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
(f) notify the Authority immediately if the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency becoming Insolvent in the future;
(g) keep a record of all (i) Expenditure Incurred together with full supporting evidence including (without limitation) invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs (or in the absence of such invoices invoices, contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer); and (ii) and Additional Funding receivedreceived in the form of Schedule 8 as amended by the Authority from time to time. All evidence of Expenditure Incurred such as invoices, receipts, timesheets and other relevant documents must be supplied to the Authority (and any person nominated by the Authority) upon request and kept for at least 6 years after the end date of the Project. The Authority and any person nominated by the Authority has the right to audit any and all such evidence at any time during the 6 years after the end date of the Project on giving reasonable notice (whether in writing or verbally) and at any reasonable time to inspect any aspect of the Recipient’s performance of the Project and the Recipient shall give all reasonable assistance to the Authority or its nominee in conducting such inspection, including making available documents and staff for interview;
(h) make (complying always fully with the requirements of the Data Protection Xxx 0000 and all applicable regulationsLegislation) all relevant data, information and documents available and provide access at any time for:
(i) inspection inspection, visits and scrutiny of files by the Authority or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, ; and
(ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs Outputs and of financial appraisal and monitoring systems; and and cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;; and
(i) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs Outputs, providing the Authority with copies of and access to the same upon request; and
(j) notify the Authority in writing of any change in the identity of the Recipient’s Representative.
6.2 6.1 During its useful life no Capital Asset should be sold charged sold, charged, loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses Clauses 6.5 & and
6.6 below.
6.3 6.2 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 6.3 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority Authority, its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
(a) the date of purchase;
(b) a description sufficient to identify it;
(c) the purchase price excluding recoverable VAT;
(d) any third party interests or charges over the Capital Asset;
(e) the location of the documentation showing the Recipient’s title to the Capital Asset; and
(f) date of disposal and sale proceeds (net of VAT).
6.5 6.4 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 6.5 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 1 contract
Samples: Grant Agreement
Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
(a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects Outputs;
(b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
(c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;
(d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
(e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
(f) notify the Authority immediately if the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency becoming Insolvent in the future;
(g) keep a record of all (i) Expenditure Incurred together with full supporting evidence including (without limitation) invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs (or in the absence of such invoices invoices, contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer); and (ii) and Additional Funding receivedreceived in the form of Schedule 8 as amended by the Authority from time to time. All evidence of Expenditure Incurred such as invoices, receipts, timesheets and other relevant documents must be supplied to the Authority (and any person nominated by the Authority) upon request and kept for at least 6 years after the end date of the Project. The Authority and any person nominated by the Authority has the right to audit any and all such evidence at any time during the 6 years after the end date of the Project on giving reasonable notice (whether in writing or verbally) and at any reasonable time to inspect any aspect of the Recipient’s performance of the Project and the Recipient shall give all reasonable assistance to the Authority or its nominee in conducting such inspection, including making available documents and staff for interview;
(h) make (complying always fully with the requirements of the Data Protection Xxx 0000 and all applicable regulationsLegislation) all relevant data, information and documents available and provide access at any time for:
(i) inspection inspection, visits and scrutiny of files by the Authority or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, ; and
(ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs Outputs and of financial appraisal and monitoring systems; and and cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;; and
(i) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs Outputs, providing the Authority with copies of and access to the same upon request; and
(j) notify the Authority in writing of any change in the identity of the Recipient’s Representative.
6.2 During its useful life no Capital Asset should be sold charged sold, charged, loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses Clauses 6.5 & and 6.6 below.
6.3 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority Authority, its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
(a) the date of purchase;
(b) a description sufficient to identify it;
(c) the purchase price excluding recoverable VAT;
(d) any third party interests or charges over the Capital Asset;
(e) the location of the documentation showing the Recipient’s title to the Capital Asset; and
(f) date of disposal and sale proceeds (net of VAT).
6.5 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 1 contract
Samples: Grant Agreement
Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects Outputs;
b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;
d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
f) notify the Authority immediately if the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency in the future;
g) keep a record of all Expenditure Incurred together with full supporting evidence including (without limitation) copy invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs or in the absence of such invoices contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer) and Additional Funding received. All evidence of Expenditure Incurred such as original invoices, receipts, timesheets and other relevant documents must be kept for at least 6 years after the date of the Project;
h) make (complying always fully with the requirements of the Data Protection Xxx 0000 and all applicable regulations) all relevant data, information and documents available and provide access at any time for:
i) inspection visits and scrutiny of files by the Authority or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, and
ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs and of financial appraisal and monitoring systems; and and cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;
i) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs providing the Authority with copies of and access to the same upon request; and
j) notify the Authority in writing of any change in the identity of the Recipient’s Representative.
6.2 During its useful life no Capital Asset should be sold charged loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses 6.5 & 6.6 below.
6.3 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
a) the date of purchase;
b) a description sufficient to identify it;
c) the purchase price excluding recoverable VAT;
d) any third party interests or charges over the Capital Asset;
e) the location of the documentation showing the Recipient’s title to the Capital Asset; and
f) date of disposal and sale proceeds (net of VAT).
6.5 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 1 contract
Samples: Grant Agreement
Financial Accountability. 6.1 1.10 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
(a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects Outputs;
(b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
(c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;
(d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
(e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
(f) notify the Authority immediately if the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency becoming Insolvent in the future;
(g) keep a record of all (i) Expenditure Incurred together with full supporting evidence including (without limitation) invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs (or in the absence of such invoices invoices, contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer); and (ii) and Additional Funding receivedreceived in the form of Schedule 8 as amended by the Authority from time to time. All evidence of Expenditure Incurred such as invoices, receipts, timesheets and other relevant documents must be supplied to the Authority (and any person nominated by the Authority) upon request and kept for at least 6 years after the end date of the Project. The Authority and any person nominated by the Authority has the right to audit any and all such evidence at any time during the 6 years after the end date of the Project on giving reasonable notice (whether in writing or verbally) and at any reasonable time to inspect any aspect of the Recipient’s performance of the Project and the Recipient shall give all reasonable assistance to the Authority or its nominee in conducting such inspection, including making available documents and staff for interview;
(h) make (complying always fully with the requirements of the Data Protection Xxx 0000 and all applicable regulationsLegislation) all relevant data, information and documents available and provide access at any time for:
(i) inspection inspection, visits and scrutiny of files by the Authority or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, ; and
(ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs Outputs and of financial appraisal and monitoring systems; and and cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;; and
(i) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs Outputs, providing the Authority with copies of and access to the same upon request; and
(j) notify the Authority in writing of any change in the identity of the Recipient’s Representative.
6.2 1.11 During its useful life no Capital Asset should be sold charged sold, charged, loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses Clauses 6.5 & and 6.6 below.
6.3 1.12 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 1.13 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority Authority, its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
(a) the date of purchase;
(b) a description sufficient to identify it;
(c) the purchase price excluding recoverable VAT;
(d) any third party interests or charges over the Capital Asset;
(e) the location of the documentation showing the Recipient’s title to the Capital Asset; and
(f) date of disposal and sale proceeds (net of VAT).
6.5 1.14 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 1.15 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 1 contract
Samples: Grant Agreement
Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects Outputs;
b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;
d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
f) notify the Authority immediately if the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency in the future;
g) keep a record of all Expenditure Incurred together with full supporting evidence including (without limitation) invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs or in the absence of such invoices contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer) and Additional Funding received. All evidence of Expenditure Incurred such as invoices, receipts, timesheets and other relevant documents must be kept for at least 6 years after the date of the Project;
h) make (complying always fully with the requirements of the Data Protection Xxx 0000 and all applicable regulations) all relevant data, information and documents available and provide access at any time for:
i) inspection visits and scrutiny of files by the Authority or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, and
ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs and of financial appraisal and monitoring systems; and and cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;
i) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs providing the Authority with copies of and access to the same upon request; and
j) notify the Authority in writing of any change in the identity of the Recipient’s Representative.
6.2 During its useful life no Capital Asset should be sold charged loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses 6.5 & 6.6 below.
6.3 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
a) ): the date of purchase;
b) ; a description sufficient to identify it;
c) ; the purchase price excluding recoverable VAT;
d) ; any third party interests or charges over the Capital Asset;
e) ; the location of the documentation showing the Recipient’s title to the Capital Asset; and
f) and date of disposal and sale proceeds (net of VAT).
6.5 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 1 contract
Samples: Grant Agreement
Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
(a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects OutputsOutputs and where such changes are agreed by the Authority the Recipient shall amend OPS accordingly as soon as reasonably practicable provided always that such changes shall only take effect from the date on which the Authority approves such changes in OPS (and if the Authority does not approve such changes in OPS the Recipient shall remain bound by the Project Objectives, Milestones and/or Project Outputs as they existing in OPS prior to the Recipient amending the same in OPS;
(b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
(c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;comply
(d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
(e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
(f) notify the Authority immediately if the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency becoming Insolvent in the future;
(g) keep a record of all (i) Expenditure Incurred together with full supporting evidence including (without limitation) invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs (or in the absence of such invoices invoices, contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer); and (ii) and Additional Funding received. All evidence of Expenditure Incurred such as invoices, receipts, timesheets and other relevant documents must be supplied to the Authority (and any person nominated by the Authority) upon request and kept for at least 6 10 years after the end date of the Project. The Authority and any person nominated by the Authority has the right to audit any and all such evidence at any time during the 10 years after the end date of the Project on giving reasonable notice (whether in writing or verbally) and at any reasonable time to inspect any aspect of the Recipient’s performance of the Project and the Recipient shall give all reasonable assistance to the Authority or its nominee in conducting such inspection, including making available documents and staff for interview;
(h) make (complying always fully with the requirements of the Data Protection Xxx 0000 and all applicable regulationsLegislation) all relevant data, information and documents available and provide access at any time for:
(i) inspection inspection, visits and scrutiny of files by the Authority or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, ; and
(ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs Outputs and of financial appraisal and monitoring systems; and and cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;; and
(i) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs Outputs, providing the Authority with copies of and access to the same upon request;
(j) notify the Authority of the results of inspections from Ofsted or FE commissioners reports;
(k) notify the Authority immediately if the Recipient breaches any banking covenants; and
j(l) notify the Authority in writing of any change in the identity of the Recipient’s Representative.
6.2 During its useful life no Capital Asset should be sold charged sold, charged, loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses Clauses 6.5 & 6.6 below.
6.3 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
a) the date of purchase;
b) a description sufficient to identify it;
c) the purchase price excluding recoverable VAT;
d) any third party interests or charges over the Capital Asset;
e) the location of the documentation showing the Recipient’s title to the Capital Asset; and
f) date of disposal and sale proceeds (net of VAT).
6.5 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 1 contract
Samples: Grant Agreement
Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects OutputsProject Outputs and where such changes are agreed by the Authority the Recipient shall amend OPS accordingly as soon as reasonably practicable provided always that such changes shall only take effect from the date on which the Authority approves such chages in OPS (and if the Authority does not approve such changes in OPS the Recipient shall remain bound by the Project Objectives, Milestones and/or Project Outputs as they existing in OPS prior to the Recipient amending the same in OPS;
b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;
d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
f) notify the Authority immediately if the Recipient breaches any banking covenants;
g) notify the Authority immediately if the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency in the future;
gh) keep a record of all Expenditure Incurred together with full supporting evidence including (without limitation) invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs (or in the absence of such invoices contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer) and Additional Funding received. All evidence of Expenditure Incurred such as original invoices, receipts, timesheets and other relevant documents must be kept for at least 6 10 years after the date of the Project; The Authority and any person nominated by the Authority has the right to audit any and all such evidence at any time during the 10 years after the end date of the Proposal(s) on giving reasonable notice (whether in writing or verbally) and at any reasonable time to inspect any aspect of the Recipient’s performance of the Project and the Recipient shall provide all reasonable assistance to the Authority or its nominee in conducting such audit and inspection, including making available documents and staff for interview;
hi) make (complying always fully with the requirements of the Data Protection Xxx 0000 and Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data) and all applicable regulations) all relevant data, information and documents available and provide access at any time for:
i) inspection visits and scrutiny of files by the Authority or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, ; and
ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs Outputs and of financial appraisal and monitoring systems; and and and
iii) cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;
ij) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs providing the Authority with copies of and access to the same upon request;
k) notify the Authority of the results of inspections from Ofsted or FE commissioners reports; and
jl) notify the Authority in writing of any change in the identity of the Recipient’s Representative.the
6.2 During its useful life no Capital Asset should be sold charged loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which will not be unreasonably withheld which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses 6.5 & 6.6 below.;
6.3 The Recipient shall procure the maintenance of appropriate security and an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
a) the date of purchase;
b) a description sufficient to identify it;
c) the purchase price excluding recoverable VAT;
d) any third party interests or charges over the Capital Asset;
e) the location of the documentation showing the Recipient’s title to the Capital Asset; andthe
f) date of disposal and sale proceeds (net of VAT).
6.5 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 1 contract
Samples: Grant Agreement
Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
(a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects Project Outputs;
(b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
(c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;
(d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
(e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
(f) notify the Authority immediately if the Recipient is Insolvent, subject to a Section 15 Direction or if it has no reasonable prospect of avoiding Insolvency in the futurea Section 114 Report or circumstances exist which would permit such a Section 15 Direction or Section 114 Report to be issued;
(g) keep a record of all Expenditure Incurred together with full supporting evidence including (without limitation) invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs (or in the absence of such invoices invoices, contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer) and Additional Funding received). All evidence of Expenditure Incurred such as invoices, receipts, timesheets and other relevant documents must be kept for at least 6 10 years after the end date of the ProjectProject(s). The Authority and any person nominated by the Authority has the right to audit any and all such evidence at any time during the 10 years after the end date of the Project(s) on giving reasonable notice (whether in writing or verbally) and at any reasonable time to inspect any aspect of the Recipient’s performance of the Project(s) and the Recipient shall give all reasonable assistance to the Authority or its nominee in conducting such inspection, including making available documents and staff for interview;
(h) make (complying always fully with the requirements of the Data Protection Xxx 0000 and Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data) and all applicable regulations) all relevant data, information and documents available and provide access at any time for:
(i) inspection inspection, visits and scrutiny of files by the Authority or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, ; and
(ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs Outputs and of financial appraisal and monitoring systems; and and cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;; and
(i) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs Outputs, providing the Authority with copies of and access to the same upon request; and
(j) notify the Authority in writing of any change in the identity of the Recipient’s Representative.
6.2 During its useful life no Capital Asset should be sold charged loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses 6.5 & 6.6 below.
6.3 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
a) the date of purchase;
b) a description sufficient to identify it;
c) the purchase price excluding recoverable VAT;
d) any third party interests or charges over the Capital Asset;
e) the location of the documentation showing the Recipient’s title to the Capital Asset; and
f) date of disposal and sale proceeds (net of VAT).
6.5 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 1 contract
Samples: Grant Agreement
Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects Outputs;
b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;
d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
f) notify the Authority immediately if the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency in the future;
g) keep a record of all Expenditure Incurred together with full supporting evidence including (without limitation) copy invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs or in the absence of such invoices contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer) and Additional Funding received. All evidence of Expenditure Incurred such as original invoices, receipts, timesheets and other relevant documents must be kept for at least 6 years after the end date of the ProjectProject The Authority and any person nominated by the Authority has the right to audit any and all such evidence at any time during the 6 years after the end date of the Project on giving reasonable notice (whether in writing or verbally) and at any reasonable time to inspect any aspect of the Recipient’s performance of the Project and the Recipient shall give all reasonable assistance to the Authority or its nominee in conducting such inspection, including making available documents and staff for interview;
h) make (complying always fully with the requirements of the Data Protection Xxx 0000 and all applicable regulationsAct 2018) all relevant data, information and documents available and provide access at any time for:
i) inspection visits and scrutiny of files by the Authority or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, and
ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs Outputs and of financial appraisal and monitoring systems; and and cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;; and
i) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs providing the Authority with copies of and access to the same upon request; and
j) notify the Authority in writing of any change in the identity of the Recipient’s Representative.
6.2 During its useful life no No Capital Asset should be sold charged sold, charged, loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses Clauses 6.5 & and 6.6 below.
6.3 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 The Recipient shall keep and/or procure the keeping of a register of all Capital Assets which shall be accessible to the Authority its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
a) the date of purchase;
b) a description sufficient to identify it;
c) the purchase price excluding recoverable VAT;
d) any third party interests or charges over the Capital Asset;
e) the location of the documentation showing the Recipient’s title to the Capital Asset; and
f) date of disposal and sale proceeds (net of VAT).
6.5 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 1 contract
Samples: Grant Agreement
Financial Accountability. 6.1 The Recipient must ensure that the requirements set out in this Agreement, and in any clarification or guidance issued from time to time by the Authority, are complied with. In particular the Recipient shall:
a) agree in writing in advance with the Authority any changes to any of the Project Objectives, Milestones and/or Projects Outputs;
b) establish, implement and utilise effective monitoring and financial systems, so that as a minimum the costs funded by the GLA Funding can be clearly identified and the propriety and regularity of all payments and handling of the GLA Funding are ensured;
c) notify the Authority of the monitoring and financial systems in place, and comply with the Authority’s reasonable requirements for these systems;and
d) notify the Authority immediately if any financial irregularity in the use of the GLA Funding is suspected, and indicate the steps being taken in response. Irregularity means any fraud or other impropriety, mismanagement or use of funds for any purposes other than those approved;
e) notify the Authority immediately if any other financial irregularity is suspected, and indicate the steps being taken in response;
f) notify the Authority immediately if the Recipient is Insolvent, or if it has no reasonable prospect of avoiding Insolvency in the future;
g) keep a record of all Expenditure Incurred together with full supporting evidence including (without limitation) invoices clearly showing Expenditure Incurred on the Milestones and/or Project Outputs or in the absence of such invoices contract documents and transaction listings from the Recipient’s finance management system and certified as true and accurate records of such expenditure by the Recipient’s Chief Financial Officer) and Additional Funding received. All evidence of Expenditure Incurred such as invoices, receipts, timesheets and other relevant documents must be kept for at least 6 years after the date of the Project;
h) make (complying always fully with the requirements of the Data Protection Xxx 0000 and all applicable regulations) all relevant data, information and documents available and provide access at any time for:
i) inspection visits and scrutiny of files by the Authority or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents);, and
ii) an external audit and review of the Project Objectives, Milestones and/or Project outputs and of financial appraisal and monitoring systems; and and cooperate fully with the Authority and/or anyone acting on their behalf or any other public body undertaking an audit function (whether by itself or its contractors, servants and/or agents) in this regard;
i) retain and maintain data and systems required (in the reasonable opinion of the Authority) for the verification of the delivery of Project Objectives, Milestones and/or Project Outputs providing the Authority with copies of and access to the same upon request; and
j) notify the Authority in writing of any change in the identity of the Recipient’s Representative.
6.2 During its useful life no Capital Asset should be sold charged loaned or otherwise disposed of by the Recipient or cease to be used for the purposes of the Project without the prior written consent of the Authority which (if given) may be conditional on re-payment to the Authority of the relevant part of the GLA Funding and shall be subject to clauses 6.5 & 6.6 below.
6.3 The Recipient shall procure the maintenance of an insurance policy with an insurer of good repute for every Capital Asset which must cover loss or damage for the full replacement value of those Capital Assets and (for the avoidance of doubt) in the event of any loss of or damage to any Capital Asset the Authority shall not be obliged to pay for its replacement or repair.
6.4 The Recipient shall keep a register of all Capital Assets which shall be accessible to the Authority its agents and auditors upon request at all reasonable times. Where the GLA Funding is used for the purchase of a Capital Asset such item or items must be included on the register of Capital Assets and the register shall include (for each Capital Asset):
a) the date of purchase;
b) a description sufficient to identify it;
c) the purchase price excluding recoverable VAT;
d) any third party interests or charges over the Capital Asset;
e) the location of the documentation showing the Recipient’s title to the Capital Asset; and
f) date of disposal and sale proceeds (net of VAT).
6.5 Where a Capital Asset is disposed of (subject always to the Authority having consented to such a disposal being made) the Authority shall require the Recipient to reimburse the Authority with the actual or estimated open market value of the Capital Asset at the time of disposal less any necessary sale expenses reasonably incurred or where the Capital Asset was partly funded by the GLA Funding the Authority may require the reimbursement of the percentage of the net sale value which represents the initial GLA Funding contribution to the purchase.
6.6 Unless otherwise agreed by the Authority all disposals of Capital Assets shall be at the best price reasonably obtainable based on an open market valuation evidenced in writing.
Appears in 1 contract
Samples: Grant Agreement
