Finance Procedures - Revision history

Jacky: /* 12. Year End Accounts and Returns */

2026-07-26T16:22:54Z

12. Year End Accounts and Returns

Jacky: /* 2. Bank */

2026-07-26T10:53:48Z

2. Bank

← Older revision		Revision as of 10:53, 26 July 2026
Line 13:		Line 13:
	2.2 Electronic payments may be used. The accounts will record which signatories have authorised each payment.		2.2 Electronic payments may be used. The accounts will record which signatories have authorised each payment.

	2.3 The Freegle ~~Ltd~~ bank account will be reconciled to the accounts at least monthly, and the reconciliation will be open for all Members to view as part of the accounts spreadsheet.		2.3 The Freegle bank account will be reconciled to the accounts at least monthly, and the reconciliation will be open for all Members to view as part of the accounts spreadsheet.

	===3. Receipts===		===3. Receipts===

Jacky: /* 1. Financial Management */

2026-07-26T10:53:26Z

1. Financial Management

← Older revision		Revision as of 10:53, 26 July 2026
Line 2:		Line 2:
	1.1 The Chairman, Finance Director and two other Signatories will be appointed by the Board as signatories on the bank account. When a Signatory ceases to be a Director, they can, if necessary, continue as Signatory until a replacement Signatory is chosen from the Board and accepted by the bank. The time taken to enact this changeover should be minimised as far as possible. The other Directors will be responsible for authorising expenditure and holding the Signatories to account. The Treasurer, whether a Board member or not, should always be a signatory.		1.1 The Chairman, Finance Director and two other Signatories will be appointed by the Board as signatories on the bank account. When a Signatory ceases to be a Director, they can, if necessary, continue as Signatory until a replacement Signatory is chosen from the Board and accepted by the bank. The time taken to enact this changeover should be minimised as far as possible. The other Directors will be responsible for authorising expenditure and holding the Signatories to account. The Treasurer, whether a Board member or not, should always be a signatory.

	1.2 Freegle ~~Ltd~~ will keep proper accounts, which will include bank and petty cash control accounts, updated regularly.		1.2 Freegle will keep proper accounts, which will include bank and petty cash control accounts, updated regularly.

	1.3 The accounts will be kept electronically on a spreadsheet, viewable by the Finance Director and, on demand, by the Board. A monthly PDF will be provided of the cashbook and summary, which will be submitted to the Board and available by link on Central.		1.3 The accounts will be kept electronically on a spreadsheet, viewable by the Finance Director and, on demand, by the Board. A monthly PDF will be provided of the cashbook and summary, which will be submitted to the Board and available by link on Central.

Jacky: /* 12. Year End Accounts and Returns */

2026-07-26T10:49:37Z

12. Year End Accounts and Returns

← Older revision		Revision as of 10:49, 26 July 2026
Line 128:		Line 128:
	*The approved Year End Accounts are presented to Freegle Members at the next AGM. The papers are provided 14 days before the AGM meeting to allow time for any questions or observations.		*The approved Year End Accounts are presented to Freegle Members at the next AGM. The papers are provided 14 days before the AGM meeting to allow time for any questions or observations.
	*Following the AGM, the approved Year End Accounts are submitted to the Financial Conduct Authority as part of the annual AR30 return submitted by the Society Secretary.		*Following the AGM, the approved Year End Accounts are submitted to the Financial Conduct Authority as part of the annual AR30 return submitted by the Society Secretary.
	* The approved Accounts are also part of the annual Corporation Tax return.		* The approved Accounts are also part of the annual Corporation Tax return, which our Auditors submit. This return has to be done within 12 months of the year end, but any tax payable has to be paid within 9 months of the year end.

	Notes:<br>		Notes:<br>

Jacky: /* 12. End of Year Accounts and Returns */

2026-07-26T10:47:29Z

12. End of Year Accounts and Returns

Jacky: /* 10. Other Rules */

2026-07-25T19:57:32Z

10. Other Rules

← Older revision		Revision as of 19:57, 25 July 2026
Line 101:		Line 101:

	===10. Other Rules===		===10. Other Rules===
	10.1 The Board will consider the level of reserves that is prudent for Freegle ~~Ltd~~ to have after the poll to accept the Annual Accounts. Consideration will be given to liabilities, lease agreements and any other significant factors that should be taken into account were Freegle ~~Ltd~~ to cease.		10.1 The Board will consider the level of reserves that is prudent for Freegle to have after the poll to accept the Annual Accounts. Consideration will be given to liabilities, lease agreements and any other significant factors that should be taken into account were Freegle to cease.

	10.2 Where assets are purchased, or there are significant stock holdings of non-capital items, e.g. stationery, suitable records will be kept and the items checked at least annually at the financial year-end.		10.2 Where assets are purchased, or there are significant stock holdings of non-capital items, e.g. stationery, suitable records will be kept and the items checked at least annually at the financial year-end.

	10.3 Any Volunteer - whether elected, active centrally, or not - can receive payment for services for Freegle ~~Ltd~~, as long as everything is properly documented and the process is fair and transparent, and approved by the Board or Members as necessary.		10.3 Any Volunteer - whether elected, active centrally, or not - can receive payment for services for Freegle, as long as everything is properly documented and the process is fair and transparent, and approved by the Board or Members as necessary.

	===11. Tendering===		===11. Tendering===

Jacky: /* 6. Third Party Receipts and Payments */

2026-07-25T19:56:28Z

6. Third Party Receipts and Payments

← Older revision		Revision as of 19:56, 25 July 2026
Line 53:		Line 53:

	===6. Third Party Receipts and Payments===		===6. Third Party Receipts and Payments===
	In order to facilitate grants offered to affiliated communities that have no bank account, or individuals doing specific work for Freegle centrally, the Freegle ~~Ltd~~ bank account can be used to enable payments under the following conditions.		In order to facilitate grants offered to affiliated communities that have no bank account, or individuals doing specific work for Freegle centrally, the Freegle bank account can be used to enable payments under the following conditions.

	6.1 The community should forward copies of any grant documentation showing:		6.1 The community should forward copies of any grant documentation showing:

Jacky: /* 5. Floats and Petty Cash */

2026-07-25T19:55:38Z

5. Floats and Petty Cash

← Older revision		Revision as of 19:55, 25 July 2026
Line 50:		Line 50:
	5.4 Recharging of the funds on the pre-paid cards will be done periodically in line with pre-agreed limits set out in section 5.1.		5.4 Recharging of the funds on the pre-paid cards will be done periodically in line with pre-agreed limits set out in section 5.1.

	5.5 Freegle ~~Ltd~~ will operate an ongoing float via an authorised prepaid debit card subject to the rules above; it will not operate any ongoing petty cash system.		5.5 Freegle will operate an ongoing float via an authorised prepaid debit card subject to the rules above; it will not operate any ongoing petty cash system.

	===6. Third Party Receipts and Payments===		===6. Third Party Receipts and Payments===

Jacky: /* 4. Payments */

2026-07-25T19:55:01Z

4. Payments

← Older revision		Revision as of 19:55, 25 July 2026
Line 29:		Line 29:
	4.3 Payments can be made either direct to the supplier of the goods or services, or to reimburse expenditure by individual Volunteers.		4.3 Payments can be made either direct to the supplier of the goods or services, or to reimburse expenditure by individual Volunteers.

	4.4 Every payment made by Freegle ~~Ltd~~ will be supported by an original invoice (see [[Invoice Information]]) or receipt, either as a hard copy or electronic documentation. Payments will not be made against a supplier's statement or final demand. Signatories should ensure they have seen supporting documentation before they authorise electronic payment or sign a cheque.		4.4 Every payment made by Freegle will be supported by an original invoice (see [[Invoice Information]]) or receipt, either as a hard copy or electronic documentation. Payments will not be made against a supplier's statement or final demand. Signatories should ensure they have seen supporting documentation before they authorise electronic payment or sign a cheque.

	4.5 The only exceptions to cheques not being supported by an original invoice or receipt would be for items such as advance booking fees for a future course, donations to charity, etc., or when floats are issued, where a signed request form by the float holder will be used, or for third-party payments.		4.5 The only exceptions to cheques not being supported by an original invoice or receipt would be for items such as advance booking fees for a future course, donations to charity, etc., or when floats are issued, where a signed request form by the float holder will be used, or for third-party payments.

Jacky: /* 12. Approval of End of Year Accounts */

2026-07-25T19:40:17Z

12. Approval of End of Year Accounts

← Older revision		Revision as of 19:40, 25 July 2026
Line 119:		Line 119:
	Note 1. CPI was 2% in the year April 2018 to April 2019: https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/april2019		Note 1. CPI was 2% in the year April 2018 to April 2019: https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/april2019

	===12. ~~Approval of~~ End of Year Accounts===		===12. End of Year Accounts and Returns===
	12.~~1 At the April 2024 board meeting~~, the following process for approving the year end accounts was agreed:		The Financial Year ends on 31st March. In July 2026, the following process for approving the year end accounts was agreed by the Finance & Risk Working Group:
	*During the relevant Financial Year, the AGM votes to disapply the need for an audit for that year's accounts.		*During the relevant Financial Year, the AGM votes to disapply the need for an audit for that year's accounts.
	*Shortly after the end of the Financial Year, a draft set of accounts are produced by the Treasurer and reviewed by the [[Finance and Risk Working Group]].		*Shortly after the end of the Financial Year, a draft set of accounts are produced by the Treasurer and reviewed by the [[Finance and Risk Working Group]].
	*The draft End of Year Accounts are issued to the auditors who produce a report which is incorporated into the accounts.		*The draft End of Year Accounts are issued to the auditors who produce a report which is incorporated into the accounts.
	*The draft End of Year Accounts and report are ~~approved~~ via a ~~vote~~ held at a Freegle Board Meeting.		*The draft End of Year Accounts and report are reviewed again by the Finance & Risk Working Group and polled to recommend that the Board approves them.
	*The approved End of Year Accounts are submitted to the Financial Conduct Authority.		* The Board holds a vote to approve the accounts via a poll held at a Freegle Board Meeting.
	*The approved ~~End of Year~~ Accounts are ~~shared at~~ the ~~next AGM for information~~.		*The approved End of Year Accounts are presented to Freegle Members at the next AGM. The papers are provided 14 days before the AGM meeting to allow time for any questions or observations.
			*Following the AGM, the approved End of Year Accounts are submitted to the Financial Conduct Authority as part of the annual AR30 return submitted by the Society Secretary.
			* The approved Accounts are also part of the annual Corporation Tax return.

	Notes:		Notes:
	Note 2. Disapplying the need for an audit is done in line with FCA rules 7.2.12-7.2.17: https://www.handbook.fca.org.uk/handbook/RFCCBS/7/2.html		Note 1. Disapplying the need for an audit is done in line with FCA rules 7.2.12-7.2.17: https://www.handbook.fca.org.uk/handbook/RFCCBS/7/2.html <br>
	Note 3. FCA rules 7.2.21-7.2.24 require that even if a report is produced (as opposed to a full audit), it must be produced by a qualified auditor if certain criteria are met.		Note 2. FCA rules 7.2.21-7.2.24 require that even if a report is produced (as opposed to a full audit), it must be produced by a qualified auditor if certain criteria are met. <br>
	Note 4. Freegle [[Rules]] 23a requires that the accounts are provided to the AGM.		Note 3. Freegle [[Rules]] 23a requires that the accounts are provided Members at the AGM.<br>
	Note 5. Freegle's year end date was changed from 4th April to ~~30th~~ March in 2025. This was agreed by the FCA and the register entry changed on 3.3.25: [https://mutuals.fca.org.uk./Search/Society/9593]		Note 4. The AR30 needs to be received by FCA by 30th September 2026 - 7 months after our year end) <br>
			Note 5. Freegle's year end date was changed from 4th April to 31st March in 2025. This was agreed by the FCA and the register entry changed on 3.3.25: [https://mutuals.fca.org.uk./Search/Society/9593]

	===Relevant links and notes:===		===Relevant links and notes:===

← Older revision		Revision as of 16:22, 26 July 2026
Line 119:		Line 119:
	Note 1. CPI was 2% in the year April 2018 to April 2019: https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/april2019		Note 1. CPI was 2% in the year April 2018 to April 2019: https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/april2019

	===12. ~~Year End~~ Accounts and Returns===		===12. Annual Accounts and Returns===
	The Financial Year ends on 31st March. In July 2026, the following process for approving the ~~year end accounts~~ was agreed by the Finance & Risk Working Group:		The Financial Year ends on 31st March. In July 2026, the following process for approving the Annual Accounts was agreed by the Finance & Risk Working Group:
	*During the relevant Financial Year, the AGM votes to disapply the need for an audit for that year's ~~accounts~~.		*During the relevant Financial Year, the AGM votes to disapply the need for an audit for that year's Accounts.
	*Shortly after the end of the Financial Year, a draft set of ~~accounts~~ are produced by the Treasurer and reviewed by the [[Finance and Risk Working Group]].		*Shortly after the end of the Financial Year, a draft set of Accounts are produced by the Treasurer and reviewed by the [[Finance and Risk Working Group]].
	*The draft ~~Year End~~ Accounts are issued to the auditors who carry out an ~~Independent Examination~~ of the ~~accounts~~, raise any queries with the Treasurer and then produce a report which is incorporated into the ~~accounts~~.		*The draft Annual Accounts are issued to the auditors who carry out an independent examination of the Accounts, raise any queries with the Treasurer and then produce a report which is incorporated into the Accounts.
	*The draft ~~Year End~~ Accounts and report are reviewed again by the Finance & Risk Working Group and polled to recommend that the Board approves them.		*The draft Annual Accounts and report are reviewed again by the Finance & Risk Working Group and, if acceptable, are polled to recommend that the Board approves them.
	* The Board holds a vote to approve the ~~accounts~~ via a poll held at a Freegle Board Meeting.		*The Board holds a vote to approve the Annual Accounts via a poll held at a Freegle Board Meeting.
	*The approved ~~Year End~~ Accounts are presented to Freegle Members at the next AGM. The papers are provided 14 days before the AGM meeting to allow time for any questions or observations.		*The approved Annual Accounts are presented to Freegle Members at the next AGM. The papers are provided 14 days before the AGM meeting to allow time for any questions or observations.
	*Following the AGM, the approved ~~Year End~~ Accounts are submitted to the Financial Conduct Authority as part of the annual AR30 return submitted by the Society Secretary.		*Following the AGM, the approved Annual Accounts are submitted to the Financial Conduct Authority as part of the annual AR30 return submitted by the Society Secretary.
	* The approved Accounts ~~are~~ also part of the annual Corporation Tax return, which our Auditors submit. This return has to be done within 12 months of the year end, but any tax payable has to be paid within 9 months of the year end.		* The approved Annual Accounts also form part of the annual Corporation Tax return, which our Auditors submit. This return has to be done within 12 months of the year end, but any tax payable has to be paid within 9 months of the year end.

	Notes:<br>		Notes:<br>
	Note 1. Disapplying the need for an audit is done in line with FCA rules 7.2.12-7.2.17: https://www.handbook.fca.org.uk/handbook/RFCCBS/7/2.html <br>		Note 1. Disapplying the need for an audit is done in line with FCA rules 7.2.12-7.2.17: https://www.handbook.fca.org.uk/handbook/RFCCBS/7/2.html <br>
	Note 2. FCA rules 7.2.21-7.2.24 require that even if a report is produced (as opposed to a full audit), it must be produced by a qualified auditor if certain criteria are met. <br>		Note 2. FCA rules 7.2.21-7.2.24 require that even if a report is produced (as opposed to a full audit), it must be produced by a qualified auditor if certain criteria are met. <br>
	Note 3. Freegle [[Rules\|Rule]] 23a requires that the ~~accounts~~ are provided to Members at the AGM.<br>		Note 3. Freegle [[Rules\|Rule]] 23a requires that the Accounts are provided to Members at the AGM.<br>
	Note 4. The AR30 needs to be received by FCA by 30th September 2026 - 7 months after our year end) <br>		Note 4. The AR30 needs to be received by FCA by 30th September 2026 - 7 months after our year end) <br>
	Note 5. Freegle's year end date was changed from 4th April to 31st March in 2025. This was agreed by the FCA and the register entry changed on 3.3.25: [https://mutuals.fca.org.uk./Search/Society/9593]		Note 5. Freegle's year end date was changed from 4th April to 31st March in 2025. This was agreed by the FCA and the register entry changed on 3.3.25: [https://mutuals.fca.org.uk./Search/Society/9593]

← Older revision		Revision as of 10:47, 26 July 2026
Line 119:		Line 119:
	Note 1. CPI was 2% in the year April 2018 to April 2019: https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/april2019		Note 1. CPI was 2% in the year April 2018 to April 2019: https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/april2019

	===12. End ~~of Year~~ Accounts and Returns===		===12. Year End Accounts and Returns===
	The Financial Year ends on 31st March. In July 2026, the following process for approving the year end accounts was agreed by the Finance & Risk Working Group:		The Financial Year ends on 31st March. In July 2026, the following process for approving the year end accounts was agreed by the Finance & Risk Working Group:
	*During the relevant Financial Year, the AGM votes to disapply the need for an audit for that year's accounts.		*During the relevant Financial Year, the AGM votes to disapply the need for an audit for that year's accounts.
	*Shortly after the end of the Financial Year, a draft set of accounts are produced by the Treasurer and reviewed by the [[Finance and Risk Working Group]].		*Shortly after the end of the Financial Year, a draft set of accounts are produced by the Treasurer and reviewed by the [[Finance and Risk Working Group]].
	*The draft End ~~of Year~~ Accounts are issued to the auditors who produce a report which is incorporated into the accounts.		*The draft Year End Accounts are issued to the auditors who carry out an Independent Examination of the accounts, raise any queries with the Treasurer and then produce a report which is incorporated into the accounts.
	*The draft End ~~of Year~~ Accounts and report are reviewed again by the Finance & Risk Working Group and polled to recommend that the Board approves them.		*The draft Year End Accounts and report are reviewed again by the Finance & Risk Working Group and polled to recommend that the Board approves them.
	* The Board holds a vote to approve the accounts via a poll held at a Freegle Board Meeting.		* The Board holds a vote to approve the accounts via a poll held at a Freegle Board Meeting.
	*The approved End ~~of Year~~ Accounts are presented to Freegle Members at the next AGM. The papers are provided 14 days before the AGM meeting to allow time for any questions or observations.		*The approved Year End Accounts are presented to Freegle Members at the next AGM. The papers are provided 14 days before the AGM meeting to allow time for any questions or observations.
	*Following the AGM, the approved End ~~of Year~~ Accounts are submitted to the Financial Conduct Authority as part of the annual AR30 return submitted by the Society Secretary.		*Following the AGM, the approved Year End Accounts are submitted to the Financial Conduct Authority as part of the annual AR30 return submitted by the Society Secretary.
	* The approved Accounts are also part of the annual Corporation Tax return.		* The approved Accounts are also part of the annual Corporation Tax return.

	Notes:		Notes:<br>
	Note 1. Disapplying the need for an audit is done in line with FCA rules 7.2.12-7.2.17: https://www.handbook.fca.org.uk/handbook/RFCCBS/7/2.html <br>		Note 1. Disapplying the need for an audit is done in line with FCA rules 7.2.12-7.2.17: https://www.handbook.fca.org.uk/handbook/RFCCBS/7/2.html <br>
	Note 2. FCA rules 7.2.21-7.2.24 require that even if a report is produced (as opposed to a full audit), it must be produced by a qualified auditor if certain criteria are met. <br>		Note 2. FCA rules 7.2.21-7.2.24 require that even if a report is produced (as opposed to a full audit), it must be produced by a qualified auditor if certain criteria are met. <br>
	Note 3. Freegle [[Rules]] 23a requires that the accounts are provided Members at the AGM.<br>		Note 3. Freegle [[Rules\|Rule]] 23a requires that the accounts are provided to Members at the AGM.<br>
	Note 4. The AR30 needs to be received by FCA by 30th September 2026 - 7 months after our year end) <br>		Note 4. The AR30 needs to be received by FCA by 30th September 2026 - 7 months after our year end) <br>
	Note 5. Freegle's year end date was changed from 4th April to 31st March in 2025. This was agreed by the FCA and the register entry changed on 3.3.25: [https://mutuals.fca.org.uk./Search/Society/9593]		Note 5. Freegle's year end date was changed from 4th April to 31st March in 2025. This was agreed by the FCA and the register entry changed on 3.3.25: [https://mutuals.fca.org.uk./Search/Society/9593]