Gambian Community Birmingham (GCB) Financial Management Policy and Procedures

Financial Policy
The Board of Trustees are responsible for:

• Safeguarding the assets of the charity
  i- Preventing fraud
  ii- Avoiding mistakes
  iii- Keeping financial records in accordance with the governing document and relevant legislation (e.g. Charities Acts, Companies Acts etc).
  iv- Preparing Annual Accounts in accordance with the governing document and relevant legislation
• To enable the trustees to carry out these responsibilities, the Financial Procedures detailed below must be followed at all times by all trustees’, staff and volunteers.
• A copy of this policy and procedures will be given to all trustees on their election/appointment to the Board of Trustees, and to all relevant staff and volunteers.
• The policy and procedures will be reviewed annually by the Board of trustees and revised as necessary.

Financial Procedures
Organizational Information
Our Financial Year runs from 01 April – 30 March of each year

Bank Accounts

1. All bank accounts must be in the name of the Gambian Community Birmingham
   foundation
2. No account may ever be opened in the name of an individual or individuals
3. New accounts may only be opened by a decision of the board of trustees, which must be minuted.
4. Changes to the bank mandate may only be made by a decision of the Board of Trustees, which must be minuted.
5. Two people should be involved in counting cash receipts.
   
   

Accounting and other financial records:

• Bank reconciliations are prepared at least monthly for all accounts, reviewed by a second person and any discrepancies resolved
• The bank account(s) are operated in accordance with the agreement with the issuing Bank and are not used for any money transfers for the private benefit of individuals or third parties under any circumstances
• If acting as an intermediary to transfer funds on behalf of another charity, the trustees are satisfied that the transaction is to further a charitable activity and does not constitute money laundering
• A list of all its bank accounts is kept and reviewed for dormant accounts which should be closed
• The opening or closing of accounts should either be authorized by the whole trustee body, or if delegated, the trustees should be informed of the changes
• Third parties should not be allowed to open bank accounts in the charity’s name, or use the charity’s bank account to receive or transfer money
• The costs and benefits of the current and deposit accounts held are regularly reviewed to ensure bank charges and/or rate of interest are competitive and that the credit rating of the deposit taking institution is acceptable

Authorization and Payment:

• All requests for payment must be put in writing.
• The Chairperson (or the Vice Chairperson in his absence)must approve the purchase of any item.
• No Trustees or staff member may authorize payment to themselves,their partner or relatives.
• Invoices (or other receipts) should be matched and checked against the Purchase Order book before payment is authorised. All goods received must be signed for; if unchecked they must be checked for completeness before payment.
• Before cheque or Internet payment is made, it must be authorised in writing.
• When the cheque is signed, the two signatories should also sign the Cheque Requisition Form.
• For Internet Bank Transfer the two signatories must sign the Authorisation form.
• Once payment has been made the invoice (or order receipt) should be marked “Paid”, together with the cheque number and date.
• All cheques must be signed by two signatories.
• The signatories are responsible for examining the cheque for accuracy and completeness
• All Internet Bank Transfers must be authorised by two signatories.
• The Treasurer is responsible for ensuring accuracy and completeness prior to transmission.
• The signatories are responsible for examining the payment documentation (purchase invoice etc) prior to signing the cheque or authorising an Internet Transfer.
• Blank cheques must never be signed.

Financial Reports

• A financial report will be prepared for every quarterly board of Trustee meeting.
• A financial report will be prepared and submitted to the charity commission at the end of every financial year.
• The financial report will consist of:
  i- Income and Expenditure
  ii- The financial forecast
• Each Financial Report will be circulated to all Board of Trustees and general members and discussed at the following respective committee or general meeting.

The reports will be prepared by the treasurer

ASSETS
a. An inventory of all physical assets of the organization will be kept and regularly updated.

This Financial Policy, and the Financial Procedures detailed above were agreed upon on the…..