The Hub of the Shotley Peninsula
1. Financial records must be kept by the appointed Treasurer so that:
The organisation meets its legal and other statutory obligations, such as Charity Acts, HMRC and common law. The Committee has proper financial control of the organisation. The organisation meets any contractual obligations.
2. The books of accounts must include:
- A cashbook/spreadsheet analysing all the transactions appearing on the bank account
- A petty cash book/spreadsheet if cash payments are being made
3. Accounts must be drawn up at the end of each financial year within 2 months of the financial year end and presented to the next Annual General Meeting.
4. Budget: prior to the start of each financial year, the Committee will discuss and agree estimated income and expenditure for the following year.
5. A financial report detailing actual income and expenditure should be presented to the Committee by the Treasurer at every Committee meeting.
6. The AGM will appoint an appropriately qualified independent examiner to examine the accounts before presentation by the Treasurer to the next AGM.
1. The Organisation will bank with National Westminster and Ipswich Building Society* and accounts will be held in the name of Holbrook Helpers Trust.
2. The bank mandate (list of people who can sign cheques on the organisations behalf) will be approved and minuted by the Committee annually.
3. The organisation will regularly check statements online and these will be reconciled with the accounts at least every three months and the Treasurer will check that this reconciliation has been done by signing the accounts accordingly.
4. The organisation will not use any other bank or financial institution or use overdraft facilities or loan without of the agreement of the Committee.
5. All monies received will be recorded promptly and banked without delay except a predetermined “petty cash” float, agreed by the Committee, for the Treasurer to administer and keep securely.
1. All expenditure is to be for the organisation’s business and is to be properly authorised by the Treasurer and/or Committee, demonstrated through the appropriate paper trail.
2. The cheque signatories will have authority to spend up to £50 without prior agreement of the committee.
3. The Treasurer will be responsible for holding the cheque books (including unused and partly used cheque books) which should be kept securely under lock and key. The Treasurer will pass the current cheque book to another member of the committee when they are unavailable for more than a few days, e.g. on holiday or away on other business.
4. Two signatures from the 4 agreed signatories will be needed for every cheque authorisation.
5. No person can be co-signatory for their own cheque.
6. Blank cheques will NEVER be signed.
7. The relevant payee's name will always be inserted on the cheque before signature and the cheque stub will always be properly completed, the signatories will sign the back of the cheque stub as well as the cheque itself.
8. No cheques should be signed without original documentation (see below).
9. Petty cash, if required, up to £150* will be held and managed by the Treasurer. If the Treasurer is unavailable for more than a few days, i.e. on holiday, or away on other business, then they will pass the petty cash account and any funds to another member of the committee for the period of absence.
1. Every payment out of the Organisation’s bank accounts will be evidenced by an original invoice.
2. All original paperwork will be retained by the Treasurer and filed for the annual audit.
3. The Treasurer should ensure that the account paperwork references Cheque number/Date cheque drawn/Amount of cheque.
4. The only exceptions to cheques not being supported by an original invoice are items such as advanced booking fees for a future course, deposit for a venue, VAT, etc. NB A cheque requisition form will be used and a photocopy of the cheque kept for records.
5. There will be a clear trail to show the authority and reason for every payment to a volunteer or Committee member; e.g. a cheque requisition form asking for payment to a volunteer, HMRC etc.
1. The Treasurer will, if asked, reimburse agreed expenditure paid for personally by volunteers, providing:
- Fares are evidenced by original tickets.
- Other expenditure is evidenced by original receipts.
- Car mileage for official business only is based on local authority scales, agreed by
the Committee by prior agreement..
1. The Organisation does not accept liability for any financial commitment unless properly authorised.
2. Any orders placed or undertakings given which are likely to cost the Organisation in excess of £50 must be authorised and minuted by the Committee.
3. A financial limit of £0 has been agreed by the Committee for monies being spent on flowers and/or leaving gifts for Committee members by the Organisation.
4. All fundraising and grant applications undertaken on behalf of the organisation will be done in the name of the Organisation with the prior approval of the Committee or in urgent situations the approval of the Chairperson who will provide full details to the next Committee meeting.
5. Parking fines incurred while driving for an authorised task will not be reimbursed to the volunteers unless there are exceptional circumstances to be agreed by the Committee.
Date agreed: 02/09/2020
*Amended as agreed at the committee meeting held on 9th December 2020