The aims of the Finance Policy are to be to operate The White Hut Community Hall on a sustainable revenue basis with a reserve fund set aside for crises and revenue voids. The Trustees shall review the allocation to reserves and restrictions at least annually.
• The Trustees will manage the assets of the charity in accordance with The White Hut Community Hall Constitution dated 5 August 2013.
• The Trustees will insure The White Hut Community Hall’s property with a reputable Insurance Company and the sums insured shall be reviewed at each policy renewal.
• Financial records will be kept to ensure that The White Hut Community Hall meets its legal and other obligations under Charity Law and common law.
• The financial year will end on 30th September and accounts for each financial year will be drawn up and approved by the Trustees prior to being presented to the Annual General Meeting.
• The accounts will be independently examined by an auditor or examiner of accounts appointed by the AGM should the turnover exceed the threshold set out by The Charity Commission For England and Wales (currently income of £25,000 or more for an independent examination and income of £500,000 or more for a full audit).
• The Trustees will approve a projected income and expenditure budget prior to the start of each financial year and monitor financial performance at every meeting.
• The Trustees shall approve a Reserves Policy and determine the extent and nature of reserves designated as Reserve Funds.
• All funds will be held in accounts in the name of The White Hut Community Hall at such banks and on such terms as the Trustees shall decide. All cheques and transfer documents shall require the signatures of two of the Trustees with dealings reported to the Management Committee in the Treasurer’s Report at each meeting. Of their nature electronic transfers do not carry signatures.
• The Treasurer shall present a financial report to every meeting of the Management Committee: the format and content of the report to be decided by the trustees.
• All expenditure shall be properly authorised and documented; all income shall be paid into the bank promptly.
• The Trustees will undertake a financial risk assessment of all trust activities and review it annually.
A spreadsheet will be kept up to date by the Treasurer to record and analyse all transactions made by The White Hut Community Hall including those within The White Hut Community Hall Bank Accounts and cash transactions.
• The treasurer will be responsible for holding the cheque book (unused and partly used cheque books) which should be kept under lock and key.
• Blank cheques will NEVER be signed. Of their nature electronic transfers do not carry signatures.
• The relevant payee’s name will always be inserted on the cheque before signature and the cheque stub will always be properly completed.
• No cheques should be signed without original documentation (see below).
• All income will be paid into the bank without deduction.
• Cash is to be counted by the person collecting it and placed in a bag with The White Hut Community Hall pro-forma showing source, date, amount and signature of collector; the cash to be handed to the treasurer who should count the cash in the presence of the collector (or other person if collector not present) and confirm the amount.
• Hiring agreement forms showing conditions of hire, date, purpose of hire, the rate per hour and total due must be signed by the hirer on booking. An agreement invoice will be given to the hirer who will collect the outstanding balance and account for the income to the Treasurer.
• Every payment out of the bank accounts, however made, will be supported by an original invoice or till receipt or cash voucher or debit/credit card statement. Of their nature electronic transfers do not carry signatures.
• Petty cash payments which do not exceed £50.00 will be supported by receipts. Petty Cash payment exceeding this limit must be authorised with two Trustee signatures. Of their nature electronic transfers do not carry signatures.
• Wages. There will be a clear trail to show the authority and reason for EVERY such payment; e.g. a cheque requisition, asking for payment to an employee, the Inland Revenue, etc. All employees will be paid within the PAYE and National Insurance regulations.
• All staff appointments and departures will be authorised by the trustees, minuting the dates and salary level. Similarly, all changes in hours and variable payments such as overtime, etc, will be authorised by the trustees.
• Expenses/allowances. The White Hut Community Hall will, if asked, reimburse expenditure paid for personally by authorised personnel or trustees on behalf of the charity, providing: Fares are evidenced by tickets; other expenditure is evidenced by original receipts; No cheque signatory signs for the payment of expenses to themselves.