Finance Policy

Last Updated – October 2024

The purpose of this Financial Policy is to:

  • Protect the charity’s assets.

  • Identify and manage risks, including conflicts of interest, loss, waste, bribery, theft, or fraud.

  • Ensure robust and high-quality financial reporting.

  • Ensure that trustees comply with charity law and financial regulations.

Asset Management

The trustees shall manage the charity’s assets by the Weare Giffard Village Hall Trust Deed dated 28 October 1946.

Insurance

The trustees will ensure the Trust Property is insured with a reputable insurance company on an 'All Risks' basis for its total rebuild value. The sums insured shall be reviewed and adjusted, as necessary, during each policy renewal.

Financial Records

Comprehensive financial records shall be maintained to ensure Weare Giffard Village Hall meets its obligations under:

  • Charity law

  • HMRC (Revenue and Customs)

  • Common law

Financial Year & Accounts

  • The financial year shall end on 31 March.

  • Accounts for each financial year shall be drawn up and presented for approval at the April Annual General Meeting (AGM).

  • An independent auditor or examiner appointed by the AGM will examine the accounts annually.

Reserves Policy

The trustees shall approve a Reserves Policy detailing the extent and nature of any reserves designated as Restricted Funds.

Banking Arrangements

  • All funds will be held in accounts of Weare Giffard Village Hall or Weare Giffard Village Hall Improvements at banks chosen by the trustees.

  • The terms and conditions of these accounts shall be reviewed periodically to ensure they meet the charity’s needs.

Financial Reporting

The treasurer shall provide a financial report at every trustees' meeting, summarising income, expenditure, and other relevant financial information.

Income & Expenditure

  • All expenditures must be properly authorised and thoroughly documented.

  • All income must be deposited into the bank without delay and properly recorded.