This document sets out the procedures for the day-to-day management of the BBTG’s finances. The policy ensures that:

• There are consistent and transparent procedures in place to ensure that assets are
  safeguarded and to prevent misappropriation and misallocation of monies.
• The organisation’s assets are used to the best advantage.
• The controls are appropriate for the level and type of activity, to ensure efficient and professional management.

1. Bank Accounts

• Bank accounts in the name of the organisation are opened or closed only with the full approval of the Management Committee.
• There shall always be proper approval for movements between, and payments from, bank accounts.
• Two authorised signatories, who shall be unrelated to one another, are required to approve any direct debit or standing order.
• All documentation shall be retained and payments shall be monitored to ensure that the arrangement is cancelled when the organisation stops using the goods or services being supplied.

2. Cheques

• No cheques to be setup for BBTG.

3. Debit / Credit Cards

• No debit / credit cards to be setup for BBTG.

4. Electronic (Internet) banking

• As with all other areas, there should be a clear separation of duties, to prevent any single person being able to control resources.
• Authorised individuals shall keep all passwords and pin numbers secret and never share their security details with one another.
• After each transaction, a print out shall be produced & stored as a record.

Payment of Expenses

• Payment of out-of-pocket expenses, is via petty cash (up to £20 in value) or bank transfer, both with an associated receipt.
• Any mileage rate paid will not be above HMRC rates.
• There shall be a clear requirement to complete expenses claims (for expenses over £5) and to provide receipts.
• Expense claims shall contain a self-declaration that the claim is accurate and incurred in connection with the business of the organisation.
• Expenses claims shall be authorised by someone other than the claimant

Cash

Payments in cash should be kept to a minimum. Where payments are made in cash, the following procedures will be followed:

• Cash payments shall be for small amounts only (up to £20)
• Cash shall be paid from the petty cash float
• Supporting documentation (expenses receipt) for the cash payment shall be provided and should be authorised by someone other than the person who maintains the petty cash or the person making the payment.

5. Checks on Expenditure

All expenditure of the organisation’s funds must be properly accounted for and in accordance with the objectives of the organisation.

All payments should be promptly recorded, including details of the nature of the payment, supported by relevant receipts or invoices.

Regular checks must be made to ensure records are being accurately maintained and that there are no discrepancies.

Last updated October 2024.