Finance Policy

The Trustees of The Shaftesbury Refugee Group would like to set out the following policy  to ensure the correct use of the charity’s funds in line with its Constitution.

The role of the Treasurer

The Treasurer is appointed by the Trustees from the Trustees.  The Treasurer can hold the office for a period of less than three years but like all Trustees must be re-elected as a Trustee every three years.

The Treasurer can choose to have a member support their work and the administration of the accounts without delegating their role or sharing their authority.

Receipts

Our banking facility with Lloyds Bank, Gillingham will be used for all receipts.  That is all income from events, collections, and donations.  Where possible, Trustees should refrain from accepting cash receipts, directing any donor to make a BACS payment instead and advising them of the benefits of Gift Aid.  Cash can be collected via sealed collections.

It is necessary for two Trustees to be present to finalise the receipts from events and sealed collections and to keep a record of the sums to share with the Secretary and Treasurer.

Payments

Our banking facility with Lloyds Bank, Gillingham will be used for all payments.  That is all invoices, grant awards, disbursements, expenses, and tax duties.  

It is important that Trustees do not make cash payments, on behalf of the charity, and then later request payment.  In the event of an urgent need the delegated authorities below can be used.

Acts of kindness and gift giving

Acts of kindness, such as personal gifts from Trustees to beneficiaries can be made outside the charity.  However, an alternative is to make a specific donation to the charity, and specify the purpose intended (or not), as there are significant benefits from Gift Aid and protections for Trustees if payments are made by the charity rather than individuals.

The Report and Annual accounts

The report and accounts of the Charity will be published as A Trustees’ Annual Report giving details about the charity’s activities for the public benefit in the year. The Annual report will be voted upon after review by an independent examiner or auditor.

Delegated authorities

No individual Trustee has the authority to authorise payments, take on obligations, offer financial assistance or award grants.  

Should there be a need to raise a matter of urgent financial need then the Grant Award process can be used and the criteria referred to in correspondence with the Secretary.  The matter can then be agreed between the Chair and the Treasurer or with the Trustees, at a meeting or through correspondence.

Procurement of goods and services

The Trustees are obligated to get Best Value for the benefit of its beneficiaries and in line with its objectives.  To do so, it will employ its Best Value guidelines.

Monitoring

Financial reports should be provided by the Treasurer at each Trustee meeting in sufficient detail to  be in line with the Trustees’ wishes, as stated by the Chair.  Trustees should be provided with sufficient detail to be clear that such reports are a true account of the charity’s finances. Any Trustee is free to request an examination of the bookkeeping and the accounts by an independent Trustee at any time.

At least annually, the Chair, Secretary and Treasurer will review the internal procedures using a checklist and present their joint findings to the Trustees