financial

controls Policy

Pilning Village Hall - Financial Controls Policy
Charity Number: 301605


Financial Records and Accounts
1) Financial records will be kept:
• in order for the Management Committee to meets its legal and statutory obligations
• so that the Committee has proper financial control
• so that the Committee can meet its contractual obligations and the requirements of funders

2) The accounts must include (both may be in electronic format):
• an account book analysing all transactions appearing in the bank accounts
• a petty cash book for cash payments

3) Accounts must be drawn up at the end of financial each year, independently audited and presented to the Annual General Meeting in October. (An Annual Return must also be made to the Charities Commission, if required, within their timescales.)

4) At the AGM the Committee will approve an expenditure budget for the year ahead, based upon expected income from hire fees. Applying for grant funding for specific projects will also be agreed, as part of a strategy for continuing improvements to the facilities.

5) A regular comparison of actual income and expenditure against the budget would also be beneficial in keeping the Committee on track.


Banking
1) The Charity will bank with Lloyds, with accounts held in the name of Parish Hall & Recreation Ground. A current account and a deposit account will be maintained.

2) Cheque signatories will be any two of the three Officers of the Committee.

3) The Bank will provide monthly on-line statements which will be reconciled with the Cash Book.

4) The Charity will not use any other bank or financial institution, or use overdraft or loan facilities, except in accordance with the Deed of Conveyance which forms its Constitution.


Income/Expenditure
1) All payments received will be recorded and banked without delay; the Treasurer will maintain documentation to demonstrate this.

2) All expenditure on Committee business must be properly authorised and demonstrated:
• No expenditure over £500 may be made unless approved by a meeting of the Committee.
• Expenditure in the case of an emergency, or in exceptional circumstances, may be approved by any two of the three Officers of the Committee and then reported to the next Committee Meeting.

 

3) The Treasurer will be responsible for holding the cheque book, paying-in book and other banking and accounting documentation.


4) Blank cheques will NEVER be signed. The relevant payee's name will always be inserted on the cheque and the cheque stub before signature and the stub must be initialled by the two signatories.

5) Every payment, whether by cheque or cash, will be evidenced by an invoice, which will be retained and filed.

6) Cheque signatories may not sign a cheque payable to themselves or to another body in which they have an interest.

7) Petty Cash may be held up to a limit of £150.


Wages and Expenses
1) All Committee members are volunteers, who shall not be paid for serving on the Committee.

2) Where work is done by volunteers reasonable expenses will be payable. Payment for personal expenses will be paid on receipt of a claim sheet, with receipts attached, and notified to the Committee at its next meeting.

3) Wages may be paid to anyone employed by the Committee for work involving cleaning and maintaining the building and it’s immediate surrounds.


In Addition
1) The Committee does not accept liability for any financial commitment unless properly organised. Any
orders placed, or undertakings given, are the responsibility of the individual making them unless authorised and recorded in the Minutes.
2) Fundraising and grant applications undertaken on behalf of the Committee will be made in the name of the Charity, with the prior approval of the Committee.
3) The Committee will adhere to best practice in all matters relating to its finances.


This Policy was formally adopted by Pilning Village Hall Management Committee at its Meeting on:
24th September 2018

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