Updates to our finance policy and procedures

We’ve made changes to the finance policy and finance procedures.

What are the policy and procedures used for?

Our finance policy explains the responsibilities for all volunteers who manage funds and keep financial accounts. And our finance procedures explain how to carry out these responsibilities and give guidance on managing guiding money.

Key changes

Finance policy

• We’ve clarified wording around bank account names, and when commissioners can insist they’re changed. We’ve also been clearer on what to do when managing finances for joint units, and when units merge together.
• We’ve clarified who can and should be a signatory on an account , as we know the previous wording was causing some confusion.
• We’ve made it clearer that you must use an expenses claim form (Word, automatic download, 50KB) when claiming expenses, and added that expenses must be agreed in principle before a payment is made. We’ve clarified that someone claiming expenses can’t authorise their own reimbursement.
• We’ve added a section on investments.

Finance procedures

• We’ve renamed some of our finance procedures and moved some information around to make them easier to read. The finance procedure page gives an overview of what is covered in each procedure.
• In the bank accounts procedure, we’ve added more guidance on changing or removing signatories on your guiding bank account.
• In the payments and expenses procedure, we’ve clarified that you must get approval from another signatory who isn’t related to you before making a payment from your guiding account. We’ve given examples of how you can do this.
• In the keeping account records procedure we’ve added guidance on how to record money you receive through grants.
• In the end of year review of accounts procedure we’ve added more information about the statements and supporting documents you need to give your independent reviewer.

What do I need to do?

• If you’re responsible for looking after unit accounts and finances, read the updated policies and procedures so you know what to do.
• We’ve responded to feedback we received from commissioners when reviewing this policy and procedure. If you’re a commissioner, we hope the changes will make it easier to carry out your responsibilities.