Finance Policy

CORSENSIDE PARISH HALL – FINANCE POLICY

Corsenside Parish Hall is a charity registered with the Charity Commission (Registered Charity number 1067904) the trustees of which comprise the Corsenside Parish Hall Management Committee (‘the Committee’). The charity is administered by the Committee, in accordance with the Charity Commission Scheme dated 10th November 1997.

Concerning the financial management of Corsenside Parish Hall

1. The Committee will manage the assets of the charity in accordance with the Charity Commission’s Scheme.

2. Financial records will be kept to ensure that Corsenside Parish Hall meets its legal and other obligations under Charity Law, Revenue and Customs and common law.

3.       The financial year will end on 31 March and accounts for each financial year will be drawn up and approved by the trustees prior to being presented to the Annual General Meeting held in May.

4. The accounts will be independently examined by an examiner of accounts appointed by the Annual General Meeting.

5.       The Committee will approve an income and expenditure budget prior to the start of each financial year.

6. The Committee will approve a Financial Reserves Policy and determine the extent and nature of reserves held as Designated Funds.

7. All donations to Corsenside Parish Hall accepted by the Committee in furtherance of a particular purpose will be be held as Restricted Funds and used in accordance with the requirements set    by the Charity Commission for restricted funds.

8.       All funds will be held in account(s) in the name of Corsenside Parish Hall at such bank or banks and on such terms as the Committee shall decide. All cheques and transfer documents shall require the signatures of two of three Trustees authorised by minute of a Committee Meeting.

9.      The Treasurer will hold and administer a Petty Cash Account (maximum £50.00) for reimbursement of expenses that are approved by the Committee and supported by vouchers for purchase of small items required for Hall use. Reimbursement of amounts greater than £10.00 will be by cheque.

10.      The Treasurer will present a financial report to every meeting of the Trustees: the format and content of the report to be decided by the Trustees.

11.      All expenditure shall be properly authorised and documented; all income shall be paid into the bank without delay.

This policy is subject to annual review and was reviewed and approved by the Management Committee on 07 March 2024; it is due for review in February 2025.