FINANCIAL CONTROLS AND AUTHORISATION POLICY

 

 

This policy was developed to ensure sound financial controls exist in SWRCCS and procedures are clear to ensure transparency and good financial management.

 

Authorisation of Payments

1. SWRCCS has four signatories against the Bank of Scotland bank account: the Honorary Treasurer, the Company Secretary, a Trustee and the Coordinator.

2. Each paper and digital transaction requires authorisation from two signatories.

3. The coordinator will email requests for BACS authorisation to the trustee signatories accompanied by a BACS and cheque run spreadsheet detailing all payments for  comparison with the online payments requested.

4. The coordinator has a responsibility to check all expense claims (in terms of mileage, calculations and monetary claims) and is one of the authorising signatories.

5. For office equipment, stationery, and other operational requirements, the coordinator is authorised to order goods up to a cost of £150.

6. For the purchase of goods or services over £150 but within the agreed budget, the  coordinator will obtain authorisation from at least one of the Officers

7. For the purchase of goods or services over the agreed budget, the coordinator will obtain the agreement of the officers and the approval of the trustees

 

Driver’s Expenses (see also Expenses Policy)

1. Drivers will have a copy of standard mileages in the Drivers’ Manual.

2. Drivers are encouraged to submit bank account details for BACS payments of expenses.

 

Bank and Charge Card Procedures

1. SWRCCS’ charge card is held by the coordinator for routine office expenditure for convenience and to take advantage of best value. Payments against the charge card are limited by the bank to £1000. An order through a charge card will be supported by an invoice or receipt.

2. Setting up a standing order or direct debit will be authorised by the treasurer.

3. The coordinator will undertake a bank reconciliation on a monthly basis checking all payments with invoices and ensure that this is reflected on Kashflow.

4. The coordinator will check all invoices against orders

 

Coordinator’s Expenses and Salary Payments

1. The coordinator’s regular salary can be inputted by the coordinator and authorised by another signatory. The signatories will be informed of any change to the coordinator’s salary and a record kept on file.

2. Payments to HMRC and pension providers must be processed promptly.

3. The coordinator must obtain a physical signature from one of the three other signatories on the paper expense claim form to authorise payment for his/her own mileage and other expense claims. The claim can then be processed and authorised by a  different signatory on the online banking system. (see also Expenses Policy)

 

Trustee Expenses

1. Trustee’s expenses (excluding car runs) are authorised by a separate signatory. (see also Expenses Policy)

 

Financial Reporting

1. The coordinator will provide the following reports to the treasurer on a quarterly basis:-

   1. Trial Balance

   2. Income and Expenditure

   3. Balance Sheet

 

1. An operational budget will be set before year end for the following year by the coordinator and the treasurer. The budget will be presented to the officers for approval before submission to the trustees at the first meeting of the new financial year.

2. An income and expenditure statement against the agreed budget will be sent to the treasurer quarterly and subsequently included with the papers for the trustees’ meetings.

3. The treasurer will do a periodic audit of expenses claims and payments to ensure that claims are in accordance with the standard procedure and payments are properly authorized in accordance with Financial Controls and Authorisation Policy.

4. The treasurer shall have access to Kashflow (or other financial software).

5. Signed blank cheques are prohibited.

 

 

The Financial Controls and Authorisation Policy will be reviewed annually.

 

 

The officers of the SWRCCS are the Chairman, Secretary and Treasurer

 

 

 

To contact the coordinator please phone 01445 791335 or email swrc-carscheme@btconnet.com