Finance and Risk Working Group: Difference between revisions
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''' | '''TERMS OF REFERENCE''' | ||
Purpose | ===== Purpose ===== | ||
===== Membership ===== | To safeguard Freegle’s financial integrity, ensure regulatory compliance, and mitigate organisational risk. | ||
===== Membership ===== | |||
*Chair: The [[Finance_Role_Remits#FINANCE_DIRECTOR|Finance Director]] | *Chair: The [[Finance_Role_Remits#FINANCE_DIRECTOR|Finance Director]] | ||
* Board Members: Two additional Board members (including the [[Lead for Legal, Risk & Safeguarding]]) | * Board Members: Two additional Board members (including the [[Board_Portfolio_Roles#Lead_for_Legal,_Risk_&_Safeguarding|Lead for Legal, Risk & Safeguarding]]) | ||
* Co-opted Volunteers: Up to 2 volunteers with relevant expertise | * Co-opted Volunteers: Up to 2 volunteers with relevant expertise | ||
| Line 17: | Line 18: | ||
===== Financial Authority ===== | ===== Financial Authority ===== | ||
* Budgeted: Authorised to approve spend within the levels of the Board-approved Annual Budget for Finance/Legal operations. | * Budgeted: Authorised to approve spend within the levels of the Board-approved Annual Budget for Finance/Legal operations. | ||
* Unbudgeted: Requires joint written approval from the Chairperson and the Finance Director | * Unbudgeted: Requires joint written approval from the Chairperson and the Finance Director (or the Treasurer if one is absent). | ||
===== Standard Governance Provisions Decision-Making & Voting ===== | ===== Standard Governance Provisions Decision-Making & Voting ===== | ||
The Working Group should strive for consensus. However, as the Board is legally liable for the organisation's actions, formal voting rights on delegated authority matters are reserved for the Board members within the group. Volunteer members serve in an advisory and delivery capacity. | The Working Group should strive for consensus. However, as the Board is legally liable for the organisation's actions, formal voting rights on delegated authority matters are reserved for the Board members within the group. Volunteer members serve in an advisory and delivery capacity. | ||
* Working Groups are to meet monthly to manage delivery and operations | |||
*Reporting and Transparency | *Reporting and Transparency | ||
Latest revision as of 15:22, 29 April 2026
TERMS OF REFERENCE
Purpose
To safeguard Freegle’s financial integrity, ensure regulatory compliance, and mitigate organisational risk.
Membership
- Chair: The Finance Director
- Board Members: Two additional Board members (including the Lead for Legal, Risk & Safeguarding)
- Co-opted Volunteers: Up to 2 volunteers with relevant expertise
Key Responsibilities
- Monitoring monthly management accounts and cash flow
- Overseeing the production of the Annual Budget and Statutory Accounts
- Maintaining the organisational Risk Register and reporting significant changes to the Board
- Ensuring compliance with the Financial Conduct Authority (FCA) and other relevant UK regulators.
Financial Authority
- Budgeted: Authorised to approve spend within the levels of the Board-approved Annual Budget for Finance/Legal operations.
- Unbudgeted: Requires joint written approval from the Chairperson and the Finance Director (or the Treasurer if one is absent).
Standard Governance Provisions Decision-Making & Voting
The Working Group should strive for consensus. However, as the Board is legally liable for the organisation's actions, formal voting rights on delegated authority matters are reserved for the Board members within the group. Volunteer members serve in an advisory and delivery capacity.
- Working Groups are to meet monthly to manage delivery and operations
- Reporting and Transparency
- Minutes: A brief record of decisions and actions must be circulated to the full Board within 7 days of each meeting
- Quarterly Reports: Each WG Chair must present an update at the quarterly Board meeting
- Unbudgeted Spends: All approvals granted by the Chair/Finance Director/(or Treasurer in their absence) must be reported as a standing item to the full Board
- Conduct & Confidentiality
- All Working Group members (Board and Volunteers) must adhere to Freegle’s Conflicts of Interest Procedure
The formation of this working group, with the above terms of reference, was agreed by the Board at their meeting of 2nd April 2026.
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