Financial Controls Policy

1. PURPOSE

This policy outlines the financial controls in place to ensure the responsible, transparent, and lawful management of funds for WOXPAF and OFSDMT. It aims to safeguard assets, prevent fraud, and ensure compliance with charity law and best practices.

2. SCOPE

This policy applies to all trustees, staff, volunteers, and contractors involved in financial transactions or decision-making for WOXPAF and OFSDMT.

3. RESPONSIBILITIES

• Trustees: Overall responsibility for financial oversight and compliance.
• Treasurer (if appointed): Day-to-day financial management and reporting.
• Chair: Authorised to approve operational expenses within agreed budgets.
• Volunteers/Staff: Must follow financial procedures and report any concerns.

4. FINANCIAL PROCEDURES

• All income and expenditure must be recorded accurately and promptly.
• Two authorised signatories are required for payments over £250.
• Cash handling must be minimised and documented with receipts.
• Bank accounts must be in the charity’s name and reconciled monthly.
• Budgets must be approved annually by the trustees.
• All grant applications and sponsorships must be approved by the Chair or designated trustee.
• Accounting software will be used to maintain accurate financial records.

5. INCOME MANAGEMENT

• Entry fees, donations, and ticket sales must be recorded and banked promptly.
• Online payments must be processed through secure platforms.
• Gift Aid claims must be submitted where applicable.

6. EXPENDITURE MANAGEMENT

• All expenses must be supported by receipts or invoices.
• Reimbursements must be approved by a trustee and processed within 30 days.
• No individual may authorise their own expenses.

7. FINANCIAL REPORTING

• Quarterly financial reports must be presented to the board.
• Annual accounts must be prepared in accordance with Charity Commission requirements.
• Financial statements must be included in the Annual Report.

8. FRAUD PREVENTION

• All financial irregularities must be reported to the Chair and investigated.
• Trustees must ensure segregation of duties where possible.
• Access to financial systems must be restricted to authorised personnel.

9. CONFLICT OF INTEREST

All trustees and staff must declare any potential conflicts of interest in financial matters. These declarations must be recorded and managed in accordance with the charity’s conflict of interest policy.

10. EMERGENCY FINANCIAL CONTINUITY

WOXPAF and OFSDMT will maintain contingency plans to ensure financial continuity in the event of emergencies. This includes access to reserve funds and remote access to financial systems.

11. AUDIT AND REVIEW

An independent examination or audit of accounts will be conducted annually if required in line with Charity Commission requirements. 

9. POLICY REVIEW

This policy will be reviewed annually by the trustees and updated as necessary to reflect changes in legislation or organisational needs.

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