Financial Controls policy  

Financial Controls policy  

Purpose

This policy covers all financial activities associated with CVH, including financial controls, monitoring activities, internal audits, financial information and communication of Trustees responsibilities, receipt of income, banking procedures, purchases and expenses. The individuals falling within the scope of this policy include Trustees and Volunteers. This policy particularly applies to Trustees.

Trustees’ responsibilities

The Treasurer shall present to the Trustees each Annual General Meeting the report and accounts of the Charity for the preceding year.

CVH accepts and implements the guidance provided by the Charity Commissioners in the management of its operations, as follows:

• The Trustees of CVH are under a duty to ensure that the Charity keeps proper books and records, and that annual accounts are prepared. The trustees must also prepare an Annual Report. The Annual Report and accounts should conform to any relevant requirements and recommendations.

• The Treasurer must ensure the accounts are subjected to scrutiny, as required by legislation or by the Charity’s governing document.

• The Trustees need to formally approve the Charity’s Annual Report and accounts.

• All Trustees are provided with copies of the Charity’s report and accounts each year. New trustees ought to be given a copy of the latest accounts on appointment, together with other essential documents such as the governing document, and information about the Charity’s history.

Controls over expenditure

It is important for Trustee to bear in mind that they are responsible for all expenditure of charitable funds and have to account for how the charity’s funds have been applied. A minimum of two Trustees are required to authorise any bank payment made from the charity funds.

Controls over purchases / expenses

Trustees have a responsibility to ensure that adequate checks are made to both confirm that large purchases have been properly authorised by a minimum of two Trustees and that goods or services ordered have actually been received. Any spend over £500, where possible, will require two or three quotes to be obtained.

All Trustees and Volunteers are entitled to be reimbursed for out-of-pocket expenses which they legitimately incur while promoting and supporting the activities within the hall.

Controls over Public Donations and Legacies

The Trustees are responsible for ensuring that when a public donations or legacy is offered to CVH that the Treasurer confirms to the Trustees that the party donating is personally known to CVH. Any attached conditions are acceptable if they support the purposes of the charity and do not introduce any conflict of interest. Donations and Legacies that do not support the charitable purposes for CVH will not be accepted.

 Investing Charity Funds

The Trustees have overall responsibility to apply the Charities income to the benefit of the Village Hall and the income will generally be spent rather than invested. All liquid assets are to be kept in a UK Bank in current or deposit accounts.

Trustees’/Committee Members liabilities

If funds are lost through Trustees neglecting their duty of care, they could be held personally liable to repay to the Charity the funds lost. However, if reasonable controls are in place and have been adhered to, then Trustees are unlikely to find themselves in the position of having to make good any such loss.

Financial Management

Banking

• The Charity banks with Barclays at its Doncaster Branch and accounts will be held in the name of ‘Campsall Village Hall’.

• The bank mandate (list of people who can sign cheques on the organisations behalf) will always be approved and minuted by the trustees as will any changes to it.

• The Charity uses QuickBooks accounting software to manage the accounts.  This provides a live bank feed which is reconciled regularly by the Treasurer against the bank statements.

• The charity will not use any other bank or financial institution or use overdraft facilities or loan without of the agreement of the trustees.

The Trustees

Budget holders are to review financial reports, investigate any variances to budget/forecast and unusual or unexpected transactions that cannot be adequately explained and take appropriate action. Any significant issues should be reflected in reports to the Committee.

Trustee conflicts of interest policy and procedures Conflict of Interests Policy

The aim of this policy is to provide guidance to relevant individuals who are involved with managing Campsall Village Hall Charity (CVHC) and its associated activities to ensure that all such individuals act in the best interests of the charity and its beneficiaries.

This policy covers all activities associated with the CVH. The individuals falling within scope of this policy include Trustees and volunteers and particularly applies to those who are involved with the work of awarding contracts or payments to organisations or individuals providing services to the Campsall Village Hall.

If an individual working with or representing CVH makes a decision or takes an action influenced by their personal circumstances or their involvement with another organisation, then they are in conflict of interest.

Roles and Responsibilities

The ultimate responsibility for the management of potential and actual conflicts of interest rests with the CVH Trustees.

The Village Hall Trustees are responsible for communicating the conflict of interest policy to all relevant individuals.

A register of any potential conflicts of interest will be maintained and reviewed regularly by the Trustees.

All individuals associated with CVH management or activities have a responsibility to report any known conflict of interest to the Chair.

If a Trustee or volunteer has a conflict of interest, they must declare this to the other Trustees and not be part of any meetings or discussions on that subject.

If an individual’s actions have been identified as a conflict of interest, then the Trustees/Chair must take appropriate action which after due consultation with the individual involved can include exclusion from certain activities and if appropriate resignation.

This policy will be monitored and subject to annual review