Finance Role Remits: Difference between revisions
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This document was adopted by the Board at their meeting of 27th August 2014, and amended in 2026 with adoption of new governance model, agreed by the Board at their meeting of 2nd April 2026. | This document was adopted by the Board at their meeting of 27th August 2014, and amended in 2026 with adoption of the new governance model, agreed by the Board at their meeting of 2nd April 2026. | ||
===TREASURER=== | ===TREASURER=== | ||
1. | 1. The Treasurer will be appointed by the Board. | ||
2. | 2. The Treasurer will remain in post until there is another person appointed to the role. | ||
3. | 3. Directors have a responsibility to appoint a Treasurer as soon as possible once there is an impending or actual vacancy. | ||
4. | 4. The Treasurer's role and remit are as described in the [[Finance Procedures]] document and subject to the [[Finance Policy]]. | ||
5. | 5. This role is subject to the [[Named Role Holder Ending Term of Office Procedure]]. | ||
===FINANCE DIRECTOR=== | ===FINANCE DIRECTOR=== | ||
| Line 18: | Line 17: | ||
====Role==== | ====Role==== | ||
To oversee all financial aspects of company strategy and responsible for the flow of financial information to the Board and, where necessary, external parties such as investors or financial institutions. | To oversee all financial aspects of company strategy and be responsible for the flow of financial information to the Board and, where necessary, external parties such as investors or financial institutions. The Finance Director will be appointed by the Board. | ||
====Primary Focus (additional section added May 2026)==== | ====Primary Focus (additional section added May 2026)==== | ||
Financial Stewardship and Risk | Financial Stewardship and Risk | ||
*Key Responsibilities: Overseeing the preparation of annual accounts and the annual budget. | |||
**Monitoring cash flow and reserves to ensure solvency. | |||
**Reporting financial health to the Board quarterly. | |||
**Jointly approving unbudgeted expenditure with the Chairperson. | |||
*Success looks like: Financial stability and the Board having full confidence in the numbers. | |||
====Main Responsibilities==== | ====Main Responsibilities==== | ||
*1. | *1. Overall control of Freegle Ltd's accounting function. | ||
*2. | *2. Financial planning and related ongoing advice for the Board. | ||
*3. | *3. Providing periodic reports to the Board on the financial plan, including forecasts and variances. | ||
*4. | *4. Formulating financial targets and budgets in accordance with the strategy determined by the Board. | ||
*5. | *5. Overall control of all financial transactions and accountancy matters, including audit systems. | ||
*6. | *6. Corporate finance: managing Freegle Ltd's policies regarding capital requirements, debt, taxation, equity and acquisitions, as appropriate. | ||
*7. | *7. Preparing annual accounts. | ||
*8. | *8. Ensuring that the regulatory requirements of all statutory bodies are met regarding all Freegle Ltd's financial affairs. | ||
===Finance and Risk Working Group=== | ===Finance and Risk Working Group=== | ||
| Line 46: | Line 44: | ||
===Auditor=== | ===Auditor=== | ||
[[Rules#Audit]] details the requirement for an Auditor. | |||
===Contact Details=== | ===Contact Details=== | ||
Contact email address for the Treasurer: [mailto:Treasurer@ilovefreegle.org Treasurer@ilovefreegle.org](the | Contact email address for the Treasurer: [mailto:Treasurer@ilovefreegle.org Treasurer@ilovefreegle.org] (the Finance Director will also have access to this mailbox). | ||
Contact email address for the Finance Director: [mailto:Finance@ilovefreegle.org Finance@ilovefreegle.org] (the Chair of the Board will have access to this mailbox). | |||
Relevant links: | Relevant links: | ||
*See [[Finance Documents Review]] for the record of reviews and amendments of this document. | *See [[Finance Documents Review]] for the record of reviews and amendments of this document. | ||
*[[Finance Policy]] | *[[Finance Policy]] | ||
*[[Finance Procedures]] | *[[Finance Procedures]] | ||
* | *Appeal for Finance Director for the 2025 Board Election: https://discourse.ilovefreegle.org/t/freegle-election-2025-formal-notice/8895/2 | ||
*[[Document Approval Policy]] | *[[Document Approval Policy]] | ||
*[[Glossary]] | *[[Glossary]] | ||
*[[Rules]] | *[[Rules]] | ||
*Previous Freegle UK document Financial Management and Controls | *Previous Freegle UK document: Financial Management and Controls | ||
*Link to Financial Conduct Authority website. | *Link to the 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] | ||
[[ | [[Category:Organisation & Governance]] | ||
[[ | [[Category:Finance]] | ||
[[Category:Freegle Board]] | |||
[[Category:Policies, Procedures, Remits]] | |||
Latest revision as of 12:00, 17 July 2026
This document was adopted by the Board at their meeting of 27th August 2014, and amended in 2026 with adoption of the new governance model, agreed by the Board at their meeting of 2nd April 2026.
TREASURER
1. The Treasurer will be appointed by the Board.
2. The Treasurer will remain in post until there is another person appointed to the role.
3. Directors have a responsibility to appoint a Treasurer as soon as possible once there is an impending or actual vacancy.
4. The Treasurer's role and remit are as described in the Finance Procedures document and subject to the Finance Policy.
5. This role is subject to the Named Role Holder Ending Term of Office Procedure.
FINANCE DIRECTOR
Role
To oversee all financial aspects of company strategy and be responsible for the flow of financial information to the Board and, where necessary, external parties such as investors or financial institutions. The Finance Director will be appointed by the Board.
Primary Focus (additional section added May 2026)
Financial Stewardship and Risk
- Key Responsibilities: Overseeing the preparation of annual accounts and the annual budget.
- Monitoring cash flow and reserves to ensure solvency.
- Reporting financial health to the Board quarterly.
- Jointly approving unbudgeted expenditure with the Chairperson.
- Success looks like: Financial stability and the Board having full confidence in the numbers.
Main Responsibilities
- 1. Overall control of Freegle Ltd's accounting function.
- 2. Financial planning and related ongoing advice for the Board.
- 3. Providing periodic reports to the Board on the financial plan, including forecasts and variances.
- 4. Formulating financial targets and budgets in accordance with the strategy determined by the Board.
- 5. Overall control of all financial transactions and accountancy matters, including audit systems.
- 6. Corporate finance: managing Freegle Ltd's policies regarding capital requirements, debt, taxation, equity and acquisitions, as appropriate.
- 7. Preparing annual accounts.
- 8. Ensuring that the regulatory requirements of all statutory bodies are met regarding all Freegle Ltd's financial affairs.
Finance and Risk Working Group
Finance and Risk Working Group
Auditor
Rules#Audit details the requirement for an Auditor.
Contact Details
Contact email address for the Treasurer: Treasurer@ilovefreegle.org (the Finance Director will also have access to this mailbox).
Contact email address for the Finance Director: Finance@ilovefreegle.org (the Chair of the Board will have access to this mailbox).
Relevant links:
- See Finance Documents Review for the record of reviews and amendments of this document.
- Finance Policy
- Finance Procedures
- Appeal for Finance Director for the 2025 Board Election: https://discourse.ilovefreegle.org/t/freegle-election-2025-formal-notice/8895/2
- Document Approval Policy
- Glossary
- Rules
- Previous Freegle UK document: Financial Management and Controls
- Link to the Financial Conduct Authority website. The FCA is the body to which IPSs are accountable: [1]
