Finance Procedures - Revision history

Jacky: /* Relevant links: */

2025-10-17T08:12:54Z

Relevant links:

← Older revision		Revision as of 08:12, 17 October 2025
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	*[[Conflicts of Interest Procedure]]		*[[Conflicts of Interest Procedure]]
	*[[Budget Owner]]		*[[Budget Owner]]
			*[[Budget Creation Process]]
	*[[Finance Role Remits]]		*[[Finance Role Remits]]
	*[[Finance Reports]]		*[[Finance Reports]]

Jacky: /* Relevant links: */

2025-07-06T12:00:08Z

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← Older revision		Revision as of 12:00, 6 July 2025
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	*[[Paying People in Freegle Guidelines]]		*[[Paying People in Freegle Guidelines]]
	*[[Conflicts of Interest Procedure]]		*[[Conflicts of Interest Procedure]]
	*[[Budget ~~Holder~~]]		*[[Budget Owner]]
	*[[Finance Role Remits]]		*[[Finance Role Remits]]
	*[[Finance Reports]]		*[[Finance Reports]]

Jacky: /* Relevant links: */

2025-07-06T11:58:05Z

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← Older revision		Revision as of 11:58, 6 July 2025
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	*[[Paying People in Freegle Guidelines]]		*[[Paying People in Freegle Guidelines]]
	*[[Conflicts of Interest Procedure]]		*[[Conflicts of Interest Procedure]]
			*[[Budget Holder]]
	*[[Finance Role Remits]]		*[[Finance Role Remits]]
	*[[Finance Reports]]		*[[Finance Reports]]

Jacky: /* 10. Other Rules */

2025-06-01T18:52:33Z

10. Other Rules

← Older revision		Revision as of 18:52, 1 June 2025
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	===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~~. The current policy is that Freegle will aim to keep a minimum of £1K reserves~~.		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.

	10.2 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.

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

2025-03-04T12:07:08Z

12. Approval of End of Year Accounts

← Older revision		Revision as of 12:07, 4 March 2025
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	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<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<br>
	Note 4. Freegle [[Rules]] 23a requires that the accounts are provided to the AGM<br>		Note 4. Freegle [[Rules]] 23a requires that the accounts are provided to 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.		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]]

	===Relevant links:===		===Relevant links:===

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

2025-03-04T12:00:25Z

12. Approval of End of Year Accounts

← Older revision		Revision as of 12:00, 4 March 2025
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	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<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<br>
	Note 4. Freegle [[Rules]] 23a requires that the accounts are provided to the AGM<br>		Note 4. Freegle [[Rules]] 23a requires that the accounts are provided to 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.




	===Relevant links:===		===Relevant links:===

Jacky: Protected "Finance Procedures" ([Edit=Allow only administrators] (indefinite) [Move=Allow only administrators] (indefinite))

2024-11-14T12:31:48Z

Protected "Finance Procedures" ([Edit=Allow only administrators] (indefinite) [Move=Allow only administrators] (indefinite))

← Older revision	Revision as of 12:31, 14 November 2024
(No difference)

Jacky: /* 1. Financial Management */

2024-08-18T19:45:13Z

1. Financial Management

← Older revision		Revision as of 19:45, 18 August 2024
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	===1. Financial Management===		===1. Financial Management===
	1.1 The Chairman, ~~Financial~~ 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 hold 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 hold 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, which will be updated regularly.		1.2 Freegle Ltd will keep proper accounts, which will include bank and petty cash control accounts, which will be updated regularly.

NotNowCraig: Added in the agreed process for end of year accounts (with notes on how FCA/Audit process plays into it)

2024-06-25T15:20:18Z

Added in the agreed process for end of year accounts (with notes on how FCA/Audit process plays into it)

← Older revision		Revision as of 15:20, 25 June 2024
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	11.4 A contract [[Contract for Services]] will be set up for all paid work over £250 for new suppliers, and the smaller of £1000 or 10% of total current bank balances for suppliers with a pre-existing relationship. Directors will follow agreed procedures when discussing and deciding on paid work [[Conflicts of Interest Procedure]].		11.4 A contract [[Contract for Services]] will be set up for all paid work over £250 for new suppliers, and the smaller of £1000 or 10% of total current bank balances for suppliers with a pre-existing relationship. Directors will follow agreed procedures when discussing and deciding on paid work [[Conflicts of Interest Procedure]].

			Notes:<br>
			Note 1. CPI was 2% in the year April 2018 to April 2019 - https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/april2019<br>

			===12. Approval of End of Year Accounts===
			12.1 At the April 2024 board meeting, the following process for approving the Year end accounts was agreed:
			*During the relevant Financial Year, the AGM votes to dissapply 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 Subcomittee
			*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 approved End of Year Accounts are submitted to the Financial Conduct Authority
			*The approved End of Year Accounts are shared at the next AGM for information

			Notes:<br>
			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<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<br>
			Note 4. Freegle [[Rules]] 23a requires that the accounts are provided to the AGM<br>



	~~Note 1:<br>~~
	~~CPI was 2% in the year April 2018 to April 2019 - https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/april2019~~

Jacky: /* Relevant links: */

2024-05-22T15:32:22Z

Relevant links:

← Older revision		Revision as of 15:32, 22 May 2024
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	*Previous Freegle UK document Financial Management and Controls		*Previous Freegle UK document Financial Management and Controls
	*Link to Financial Conduct Authority website. The FCA is the body to which IPSs are accountable [http://www.fca.org.uk/firms/firm-types/mutual-societies/industrial]		*Link to Financial Conduct Authority website. The FCA is the body to which IPSs are accountable [http://www.fca.org.uk/firms/firm-types/mutual-societies/industrial]
			* Explanation of FCA requirement for annual reporting [https://www.fca.org.uk/firms/annual-returns-accounts-mutual-societies]

	[[category:Policies, Procedures, Remits]]		[[category:Policies, Procedures, Remits]]
	[[category:Finance]]		[[category:Finance]]