- The Management Committee will manage the assets of the charity in accordance with the governing document and lease agreed with Derbyshire County Council (15th Nov 2018 and the deed of variation 15th March 2021).
- The trustees will insure the Property with a reputable Insurance Company on an ‘All Risks’ basis for its full rebuild value; the sums insured shall be reviewed at each policy renewal.
- Financial records will be kept to ensure that the Management Committee meets its legal and other obligations under Charity Law, Revenue and Customs and Common law. Records will be kept for a minimum of 6 years.
- The financial year will end on 31st July and accounts for each financial year will be drawn up and circulated to the Committee Members 2 weeks prior to being presented to the Annual General Meeting, to allow scrutiny.
- The accounts will be independently examined by an auditor or examiner of accounts appointed by the Management Committee.
- The Management Committee will review the income and expenditure budgets annually after the first full year of the hall being available for hire and, if appropriate, set an income and expenditure budget for the following year. Hire charges will be reviewed at least annually.
- The Management Committee shall approve a Reserves Policy and determine the extent and nature of reserves designated as Restricted (Ring Fenced) Funds as appropriate after the first full year of the Hall being open for hire.
- All funds will be held in accounts in the name of the Charity at such banks and on such terms as the Management Committee shall decide. All cheques and online transfers shall meet the requirements set out in the Internet Banking Policy.
- The treasurer shall present a brief financial report to every committee meeting (once the hall build is complete): the format and content of the report to be decided by the Management Committee.
- All expenditure shall be properly authorised and documented. Income shall be paid into the bank without delay.
Reserves and Restricted Funds Policy
- The Management Committee will endeavour to retain the value of a minimum of 1-2 years overhead expenditure by way of unrestricted reserve (non ring fenced) funds, if practical. This can only be assessed after the first full year of operation.
- Restricted funds will be ring fenced, identified in the annual accounts and used for their approved purpose.
1) Financial Records
The Treasurer will maintain detailed records of all revenue and expenditure clearly itemised. These records will be reconciled with the bank accounts for the Hall.
They will comprise:
- A spreadsheet analysing all the transactions in the bank account;
- A petty cash book (if used), transferred to a spreadsheet;
- Inland revenue deduction cards P11 etc for any employees.
2) Payment Procedure
- The treasurer will be responsible for holding the cheque book (unused and partly used cheque books) which should be stored securely.
- Blank cheques will NEVER be signed.
- 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).
3) Income Procedure
- All income is to be paid into the bank without deduction
- Cash is to be counted by the person collecting it and handed with minimal delay to the treasurer. The cash must be accompanied by a record of its source and amount the record should be dated and signed by the person who collected the cash. Any discrepancies should be highlighted by the Treasurer at the earliest opportunity.
- Cheques must be handed, with minimal delay, to the Treasurer. All cheques should be accompanied with paperwork explaining the source of the income.
- Online payments will be encouraged to use the hirer’s name and date of the booking as a reference.
4) Payment Documentation
- Every payment out of the bank accounts will be evidenced by an original invoice or receipt. The cheque signatory should ensure that it is referenced with the cheque number. Likewise cash payment will only be made against an evidenced original invoice or receipt. All invoices/receipts must be forwarded to the Treasurer with minimal delay.
- The only exceptions to cheques not being supported by an original invoice or receipt would be repayments of Hall Hire deposits. Theses should be cross referenced with the name of the Hirer.
- Wages, there should be a clear trail to show hours worked, rate of pay (adhering to minimum wage levels) and any expenses claimed. All employees will be paid within the PAYE, National Insurance regulations and rates will be set by the full Committee.
- There will be a presumption against using a petty cash system but initially it will be in place and reviewed annually. Petty cash will always be maintained on the imprest system whereby the Treasurer is entrusted with a float as agreed by the Management Committee. When that is more or less expended, a cheque/ cash withdrawal will be drawn for sufficient funds to bring the float up to the agreed sum.The petty cash should be totalled regularly (initially monthly) to ensure compliance with procedures. The petty cash box must be supported by a complete set of expenditure vouchers, totalling the required amount.
- Expenses/allowances. Tideswell Community Hall Management Committee will, if asked, reimburse expenditure paid for personally by staff or committee members on behalf of the charity, providing it has been agreed by the committee and:
- Fares are evidenced by tickets.
- Other expenditure is evidenced by original receipts.
- Car mileage is based on Derbyshire local authority scales.
All expenditure (with the exception of expenditure on the cleaning & general cloakroom items) and allocation of funds must have the prior acknowledgement of the Treasurer or the Tideswell Community Hall Management Committee.
Changes to this Policy
The management committee will update this policy / document in line with legislation, guidance, and operational issues in a timely manner. This document is revision controlled and all updates are to be noted in the revision notes section below.
Tideswell and District Voluntary Youth Club Committee formally adopted this policy March 2022 for the purposes of managing the bookings and operations for Tideswell Community Hall.