Financial Policy & Procedures

  1. Aims

    The aims of the Finance Policy are to enable the Sandhutton and Breckenbrough Village Hall Trustees to operate the village hall on a sustainable revenue basis with a reserve fund set aside for crises and revenue voids.

  2. Finance Management

    2.1.
    The Trustees will manage the assets of the charity in accordance with the Constitution set up on 7th June 1962.

    2.2.
    The Trustees will insure the Property with a reputable Insurance Company on an ‘All Risks’ basis for its full rebuild value; the sums insured shall be reviewed at each policy renewal.

    2.3.
    Financial records will be kept ensuring that Sandhutton and Breckenbrough Village Hall meets its legal and other obligations under Charity Law, Revenue and Customs and common law.

    2.4.
    The financial year will end on 31st March and accounts for each financial year will be drawn up by the Treasurer and presented along with bank statements, to the Annual General Meeting held before the end of June. The Trustees shall approve a Reserves Policy at the AGM, currently set at the annual insurance premium plus 6 months routine operating expenditure to be held in reserve. The status of actual reserves versus policy will be detailed in the Annual Accounts and subsequent accounts.

    2.5.
    The owner of this policy is the Trust Treasurer who will monitor its implementation. The policy will be reviewed at least every 2 years. The next due date for review is July 2027.

  3. Financial Review

    3.1.
    The accounts will be presented at each committee meeting and the Trustees will monitor the financial standing and performance at every meeting. There must be at least 3 meetings in each financial year. The Treasurer shall present a financial report to every meeting, detailing all income and expenditure transactions as well as the current bank balance.

    3.2.
    The current policy is not to have the accounts audited externally. It is deemed that the presentation at the AGM, reconciled to the bank statements, is sufficient for both the chairman and the treasurer to sign off. On an ongoing basis, online banking facilities allows a second trustee to monitor day to day activity.

    3.3.
    All funds will be held in the name of Sandhutton and Breckenbrough Village Hall at such banks and on such terms as the trustees shall decide. All cheques and transfer documents shall require the signatures of two Village Hall Committee members, as per the bank mandate. Online internet banking transactions will be made either by the Treasurer and/or one other nominated Trustee. This also provides a necessary audit check.

  4. Financial Control

    4.1.
    All expenditure shall be properly authorised and documented. Any member of the Village Hall Management Committee may incur expenditure and/or contractual commitments on behalf of the Trustees which is necessary to carry out any repair, replacement, or other regular work subject to a financial limit of £100. Any trustee may incur expenditure to a limit of £500. Expenditure and/or contractual commitments up to £1,000 must be agreed by two committee members - other than in exceptional circumstances the treasurer shall be one of them or in his/her absence, one of the trustees. Expenditure and/or contractual commitments over £1,000 must be agreed by a majority of the committee, which must include a trustee. This can be done via email if a routine meeting is not conveniently scheduled.

    4.2.
    All income shall be paid into the bank without delay.

    4.3.
    Existing and new hire fees will be reviewed and agreed with The Village Hall Management Committee at least once per year and provided to the Booking Secretary. The Booking Secretary has the discretion to reduce new hire fee, if required, to ensure Sandhutton and Breckenbrough Village Hall becomes an attractive proposition to the users. Further negotiations, especially regarding long term hires, shall be carried out with the assistance of one Trustee who will approve such reduced hire charges before they are confirmed.

Sandhutton and Breckenbrough Village Hall Financial Procedures

  1. Financial Records

    5.1.
    A ledger shall be kept up to date by the Treasurer with every transaction of income and of expenditure in the Sandhutton and Breckenbrough Village Hall bank account, as well as all cash payments and receipts. It should also reconcile with the current cash and bank balances.

  2. Payment Procedure

    6.1.
    Wherever possible payments will be made through online banking. Online banking transactions will be made either by The Treasurer and the other nominated Trustee. Any cheques and transfer documents shall require the signatures of two Village Hall Committee members, as per the bank mandate.

    6.2.
    The Treasurer will be responsible for holding any cheque books (unused and partly used) which should be kept securely.

    6.3.
    Blank cheques will never be signed.

    6.4.
    The relevant payee’s name will always be inserted on the cheque before signature and the cheque stub will always be properly completed.

    6.5.
    No cheques will be signed without supporting documentation/instruction.

  3. Income Procedure

    7.1.
    Where practical cash is to be counted by the person collecting it and placed in a bag showing source, date, amount and signature of collector; the cash to be handed to the Treasurer.

  4. Payment Documentation

    8.1.
    Every payment out of the bank account will be appropriately evidenced.

    8.2.
    Sandhutton and Breckenbrough Village Hall will reimburse expenditure paid for personally by Trustees or volunteers, on the provision of receipts and having been approved by the management committee.

  5. Cash Float

    9.1.
    A cash float up to £500 may be kept by the treasurer. This cash float amount may be increased for special events. No cash will be kept on the Hall premises.


Policy Record of Review

Finance Policy and Procedures v2.1

Date Adopted July 15th 2025
Date Reviewed July 24th 2025
Next review Date July 15th 2027