Finance Documents Review

Log of amendments to the financial documents of Freegle Ltd

(Finance Policy, Finance Procedures, Finance Role Remits, Paying People in Freegle Guidelines, Conflicts of Interest Procedure, Contract for Services).

Finance Procedures

• 10.8.2015 Added section 11.Tendering to the document. This was discussed and polled on Development Group, then recommended to the Board who agreed to adopt it.

• 30.9.2015 Added section 12.Reserves to the document. This was agreed by the Board on 29th July.

• 4th December 2015 Amended section 11.4 from 11.4 A contract will be set up for all paid work over £100 (Contract for Services) and Directors will follow agreed procedures when discussing and deciding on paid work (Conflicts of Interest Procedure) to 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). Discussed and polled on Development Group, approved by the Board.

• 28th May 2016 Amended section 5 from:

5.1 Under certain special circumstances, the Treasurer, in accordance with authority of the Board (4.1) can issue up to £50 float to an individual for them to disburse within guidelines set down and agreed by the Board at that time.

5.2 Special circumstances may include but are not limited to Freegle Volunteers who anticipate incurring incidental costs associated with an event or activity on behalf of Freegle nationally.

5.3 This float will be the sole personal responsibility of the person to whom it is issued and all expenditure must be accounted for with a proper receipt. Receipts will be returned each month to the Treasurer and any unspent funds will be returned along with outstanding receipts to the Treasurer at the end of the agreed period of the float issue.

5.4 Freegle Ltd will not operate any ongoing petty cash systems.

to

5.1 Under certain special circumstances, the Treasurer, in accordance with authority of the Board (4.1) can issue up to £300 float to an individual for them to disburse within guidelines set down and agreed by the Board at that time.

5.2 Special circumstances may include but are not limited to Freegle Volunteers who anticipate incurring incidental costs associated or an event or activity on behalf of Freegle nationally, or work provided under and agreed within a Contract of Service where the Board agrees the contractor can receive payment in advance for specific activities and/or expenses.

5.3 This float will be the sole personal responsibility of the person to whom it is issued and all expenditure must be accounted for with a proper receipt. Receipts will be returned each month to the Treasurer and any unspent funds will be returned along with outstanding receipts to the Treasurer at the end of the agreed period of the float issue. Where the float is on a pre-paid debit card the float remains with the on-line statement returned showing remaining funds. It is the role of the Director of Finance to periodically review the spend on these cards with those who are holding them. Card holders will be encouraged to check with the board before they spend if they are not sure the spend is in line with pre-agreed categories. Should any spend be outside of agreed categories the board may ask the card holder to reimburse freegle the sums not approved.

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 a ongoing float via an authorised prepaid debit card subject to the rules above, it will not operate any ongoing petty cash system.

This proposed change was outlined by the Board in a message to Central on 12th May 2016 [[1]] and then, following no dissent, was adopted by the Board at their meeting on 26th May 2016.