• This policy outlines the financial management procedures for the Community Association of Poundbury, ensuring responsible stewardship of funds, compliance with UK regulators and transparency in all financial matters

• Have overall responsibility for the association's finances

• Approve the annual budget and monitor financial performance

• Ensure compliance with legal and regulatory requirements to ensure that annual accounts are presented at the AGM

• Oversees day-to-day financial management

• Prepares financial reports for Directors

• Ensures proper record-keeping and financial controls

• Provide recommendations to the Directors on financial matters

• An annual budget will be prepared and approved by the Directors before the start of each financial year

• The budget will be reviewed quarterly and adjusted if necessary

• Long-term financial planning will be conducted annually

• All income will be recorded promptly and accurately

• Restricted and unrestricted funds will be clearly differentiated

• All expenditure must be authorised in line with the approved budget

• Expenditure over £500 must be approved by at least 3 Directors

• Two signatories are required for all bank transactions

• The association will maintain appropriate bank accounts

• Cash handling will be minimised; where necessary, it will be counted and recorded by two individuals

• Bank reconciliations will be performed monthly

• Annual accounts will be prepared in compliance with UK law

• The association will maintain a reserve

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• A register of all assets will be maintained and updated annually

• Assets will be properly insured and maintained

• All fundraising activities will comply with relevant regulations and the Fundraising Regulator's Code of Fundraising Practice

• https://www.fundraisingregulator.org.uk/code

• Financial liabilities and risks will be identified, assessed, and mitigated.

• Such liabilities may include ongoing overheads such as the website costs and insurance

• All Directors must declare any conflicts of interest (see conflicts of interest policy)

• Individuals must not be involved in decisions where they may benefit personally

• Appropriate financial controls will be maintained and reviewed annually

• These include segregation of duties, regular reconciliations, and clear approval processes

• Financial records will be retained for at least 6 years, or longer if required by law

• The association will comply with all relevant legislation, including the Companies act 2006 and the CiC regulatory requirements

• This policy will be reviewed annually by the Directors and updated as necessary

• For any questions about this policy or financial matters, please contact the treasurer@lovepoundbury.org

Approved by the CAofP Directors: 27.03.2025

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Last updated: 27.03.2025