BELCHAMP WALTER VILLAGE HALL FINANCE POLICY
PRINCIPLES
1. The trustees will manage the assets of the charity in accordance with the Belchamp Walter Village Hall Trust Deed dated 9th December 1970.
2. The trustees will ensure the Trust Property with a reputable Insurance Company on an “all risks” basis for its full rebuild; the sums insured shall be reviewed at each policy renewal.
3. Financial records will be kept to ensure that Belchamp Walter Village Hall meets its legal and other obligations under Charity Law, Revenue and Customs and common law.
4. The financial year will end on 31st December and accounts for each financial year will be drawn up and approved by the trustees prior to being presented to the Annual General Meeting.
5. The accounts will be independent examined by an independent examiner of accounts appointed at the AGM.
6. The trustees will note a forecast budget prior to the start of each financial year and monitor financial performance at every standard meeting.
7. For each event, the trustees will determine the financial nature of the event: whether it is primarily a community event with the aim to break-even or a fundraising activity with the aim to make a profit. For each non-regular event an indicative budget will be prepared and approved by the trustees prior to the event. Event organisers will prepare the budget with input from the Treasurer if required.
8. The trustees will approve a Reserves Policy.
9. All funds will be held in accounts in the name of Belchamp Walter Village Hall at such banks and on such terms as the trustees shall decide. All cheques and transfer documents shall require the signature of two trustees who have been authorised by the Committee.
10. The Treasurer shall present a financial report to every standard meeting of the trustees; the format and content of the report to be determined by the trustees.
11. Expenditure amounts of over £300 required prior approval of the committee
12. All expenditure shall be properly authorised and documented; all income shall be paid into the bank without delay.
FINANCIAL PROCEDURES
Financial Records
The following records shall be kept up to date by the treasurer.
a. A cash book analysing all the transaction in the Belchamp Walter Village Hall bank accounts.
Payment Procedures
a. The treasurer will be responsible for holding the cheque books (unused and partly used cheque books) which shall be kept securely.
b. Blank cheques will never be signed.
c. The relevant payees name will always be inserted on the cheque before signature and the cheque stub will always be properly completed.
d. No cheques shall be signed without sight of supporting documentation.
e. BACS payments shall be made in accordance with bank procedures.
f. No cheque signatories shall sign a cheque or authorise a BACs transfer for reimbursement to themselves.
Income Procedures
a. All income will be paid into the bank without deduction.
b. Cash shall be counted by the person collecting it and passed to the treasurer with a cash slip showing the source, date and amount and signed by the collector. The treasurer shall recount the cash to verify.
c. Hiring of the village hall will be done in accordance with the hiring agreement. The treasurer shall be notified when a hiring agreement occurs.
Payment Documentation
a. Every payment from the bank accounts will be evidenced by original documentation. The cheques signatories shall ensure is it referenced with the cheque number, date cheque drawn and amount of the cheque.
b. The only exceptions to cheques not being supported by an original invoice would be for such items as advanced booking fees for a future course, deposit for venues.
c. BACS payments will be processed on sight of supporting documentation and a summary sheet which will detail the payee, reason for payment, date and amount.
d. Direct Debits for regular payments such as utility payments, TV license etc. can be made, but shall be highlighted in the treasurer’s report to trustees.
e. Trustees who are arranging specific events where a cash float is required shall confirm arrangements with the treasurer in advance of the event.
Adopted: Jan 2024
BELCHAMP WALTER VILLAGE HALL 