Operating in financial safety
Our trustees are ultimately responsible for all funds. To make sure funds are raised, used and held in accordance with good practice and various regulations, trustees have put in place financial rules (Appendix four of the Group Handbook).
All coordinating team volunteers need to be aware of these rules - not just the finance volunteer.
We would like to remind you of a few of the rules below and the reasons why they are so important:
You should review finances at coordinating team meetings. This helps you manage your cashflow effectively
Analyse transactions within Online Accounting monthly so we can provide VAT information to HMRC regularly. The risk of penalties or inquiry increases if reporting is incorrect
Banking must be within our cash pooling scheme, no other bank accounts are permitted. The scheme safeguards funds and reduces administration for groups
Year-end documentation must be finished by January 31 each year. This includes sending: Internal financial controls checklist, December receipts & payments report and agreed upon procedures report (if required)
Legacy funds which are over £20,000 must be forwarded to MSNC to avoid funds being built up in your account
As part of our Anti-Fraud Policy, any fraud should immediately be reported to the Finance team to ensure that it is investigated
Group financial records must be retained and stored securely for seven years to meet HMRC requirements
If you want more information or have questions, please contact the Finance support team
