Finance Policy

  1. The Trustees will manage the assets of the charity in accordance with the charity rules.
  2. The trustees will ensure the hall’s is insured with a reputable insurance company and reviewed annually.
  3. Financial records will be kept to ensure the hall committee meets its legal and other obligations under charity law and common law.
  4. The financial year will end on 31st of 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 held in May each year.
  5. The accounts will be independently examined by an auditor or examiner of accounts appointed by the AGM.
  6. The trustees will approve an income and expenditure budget prior to the start of each financial year and monitor financial performance at every meeting.
  7. The trustees shall approve a reserves policy and determined the nature and extent of reserves.
  8. All funds will be held in accounts in the name of Milton Ernest Village Hall at such banks and on such terms as the trustees shall decide. Cheques and transfer documents will require the signature of two trustees authorised by the committee meeting. BACS payments will be handled by the treasurer and reported to every meeting.
  9. The treasurer shall present a financial report to every meeting of the trustees.
  10. All expenditures should be properly authorised and documented and all income shall be paid into the bank without delay.
  11. The trustees will undertake a financial risk assessment of all trust activities and renew it annually.

Financial procedures

  1. Financial records. A spreadsheet or cashbook of income and expenditure will be kept by the treasurer.
  2. Payment procedure. Two trustees will be authorised to make payments by cheque. All payments made by BACS will be paid online by the treasurer as authorised by the bank. Adequate records must be kept, to ensure evidence of payments. Copies of bank statements will be issued at each meeting.
  3. Income procedure. All income will be paid into the bank account without deduction. Cheques can be submitted to the treasurer, but preferred method of income payment is by BACS.

All confirmed bookings showing the date, times, purpose of hire and cost will be sent to the hirer, preferably by e-mail.