FINANCE POLICY - July 2024

 

Definition

 

To ensure there are adequate financial controls, monitoring and annual audit regarding receipt of income, banking procedures, purchases and expenses. These must all be recorded appropriately.

 

Responsibilities

 

The overall responsibility lies with the Management Committee of O&NCMH. They are under a duty of care to ensure the charity keeps proper books and records, and that annual accounts are prepared. The Treasurer manages the hall accounts on a day-to-day basis and also provides a financial update at every committee meeting. In addition, the Treasurer will present an annual report of the accounts of the O&NCMH at which the Trustees should be present for the preceding year, with any suggested recommendations for approval.

 

Controls over expenditure

 

To ensure control over expenditure, individual members of the management committee may spend up to a maximum of £100 for the benefit of the hall. Any amounts above that should be approved by the Treasurer or in his absence the Chair or at a Management Committee meeting. Reimbursement of monies will be by the Treasurer when an invoice or paid receipt is provided.

 

The Management Committee will aim to keep 12 months of costs as a reserve, the actual amount will be agreed and recorded in the minutes annually.

 

Controls over purchases

 

The Management Committee have a responsibility to ensure that any goods, services or purchases ordered have been received in the condition expected.

 

Liabilities

 

All reasonable controls are in place and as long as they are adhered to will ensure that no one individual is held accountable for any loss that is incurred. However, any mismanagement of funds considered to be inappropriate the appropriate action to recover those funds could be undertaken. 

 

Should the hall find itself in a position to no longer function, the detail of the Constitution must be followed to dissolve the Charity and reallocate any remaining funds.

 

 

Date policy adopted:  8 July 2024

 

To be reviewed annually at AGM