The London School of Science & Technology (LSST) is committed to conducting all procurement activities with integrity, fairness, and accountability. This statement outlines the key principles and financial authority levels that govern the procurement of goods and services at LSST.

All procurement decisions are guided by LSST’s commitment to:

• achieving required outcomes of the highest quality;

• securing best value for money;

• ensuring timely and efficient purchasing processes;

• encouraging fair competition and ongoing participation of quality suppliers;

• protecting against conflicts of interest; and

• upholding the highest standards of ethics and professional conduct.

 

Our policy applies to all procurement of goods and services at LSST. It does not apply to construction contracts or property leases.

Purchasing Authority and Authorised Signatories

Purchasing authority is exercised strictly in accordance with LSST’s Financial Authorities Structure. Orders and contracts must be authorised as follows:

• Below £50 – Petty Cash, authorised by the Cashier & PA to the Directors.

• Above £50 up to £5,000 – Processed by the Procurement Officer, subject to approval by the Director of the School.

• From £5,000 up to £50,000 – Must be endorsed and ordered by the CEO of the School.

• From £50,000 up to £300,000 – Authorised by the Director of the School.

• Above £300,000 – To be reviewed in a formal Board of Directors’ meeting and signed by the CEO.

• From £500,000 upwards – Must be approved by the Board of Directors, signed by the CEO, and countersigned by senior staff including the Regional Principal (Provost).

A Purchase Order (PO) is required for all purchases. LSST will not process or recognise any purchase made without an authorised PO.

Any purchasing transaction not conducted in accordance with this policy will not be processed or recognised by LSST. Third-party companies and individuals are strictly prohibited from entering into financial agreements or contractual commitments on behalf of LSST without prior written authorisation from the designated LSST signatories.

Further Information

The full Procurement Policy and Procedure, including the current list of authorised signatories, is available on our website here: Procurement Policy and Procedure.