Finance Policy
The Billingshurst Women’s Hall is set up as a Charity and is registered as such with the Charities Commission Charity No: 208927. The hall was gifted to the women of Billingshurst in 1923 by two sisters who lived in the village to provide a safe space for women to meet. Over time the hall and wider site has extended its remit to be available for all sectors of the community.
Funding for the upkeep of the Hall comes from the fees from hiring out the space which provides non-designated funding which is used to invest in the maintenance and upkeep of the facility. The Trustees also make bids for funding for improvements to the facility from funding agencies when these funding streams meet the needs of the charity. Any funds secured in this way will be designated for the defined purpose for which the bid will be made.
The Women’s Hall is governed by a group of Trustees who are all volunteers. There is a Chair with overall accountability for the work of the Charity and a Treasurer who is responsible for the appropriate and accountable use of the funding. All Trustees are involved in decisions about income and expenditure and key decisions are made at their monthly meetings.
The following processes are used to manage the finances associated with the hall and the site:
The trustees will manage the assets of the charity in accordance with the Women’s Hall Trust Deed dated 22nd April 1924.
The trustees will insure the Trust Property with a reputable Insurance Company on an ‘All Risks’ basis for its full rebuild value; the sums insured shall be reviewed at each policy renewal.
Financial records will be kept to ensure that The Women’s Hall meets its legal and other obligations under Charity Law, Revenue and Customs and common law with income and expenditure reported to Trustees on a monthly basis.
The financial year ends at the end of December and accounts for each financial year are drawn up by the treasurer and approved by the Trustees prior to being presented to the independent auditor.
The accounts will be independently examined by an auditor or examiner of accounts appointed by the AGM before being submitted to the Charity Commission
The trustees monitor financial performance at every meeting
All funds are held in accounts in the name of The Women’s Hall at such banks and on such terms as the trustees shall decide. The Full Board is required to authorise the opening and closing of bank accounts. All cheques and transfer documents shall require the signatures of two trustees authorised by minute of a Committee Meeting.
The treasurer shall present a financial report to every meeting of the trustees: the format and content of the report to be decided by the trustees.
All expenditure shall be properly authorised and documented; all income shall be paid into the bank without delay.
Financial Procedures
1) Financial Records The following records shall be kept up to date by the treasurer:
a) A cashbook analysing all the transactions in the Women’s Hall bank accounts.
2) Payment Procedure
a) The treasurer will be responsible for holding the cheque book (unused and partly used cheque books) which should be kept under lock and key.
b) Blank cheques will never be pre-signed.
c) The relevant payee's name will always be inserted on the cheque before signature and the cheque stub will always be properly completed.
d) No cheques should be signed without original documentation (see below)
e) BACS payments will be made to contractors on the basis of the estimates agreed and approved at the Trustees meeting. Variations of 10% or more will be represented to the full Board for approval before payment.
3) Income Procedure
a) All income will be paid into the bank without deduction
b) Cash is to be counted by the treasurer and placed in a bag with a pay-in slip showing source, date, and amount collected; the cash shall be handed to the Bank who should count the cash in the presence of the treasurer and confirm the amount.
c) Hiring agreement forms showing conditions of hire, date, purpose of hire, the rate per hour if applicable and total due must be signed by the hirer on booking and the deposit paid. The hirer will pay the outstanding balance, at the time of collecting the keys, to the Caretaker, who will account for the income and notify the treasurer on a monthly basis
4) Payment Documentation
a) Every payment out of the bank accounts will be evidenced by an original invoice. The cheque signatories should ensure that the invoice is referenced with Cheque number, Date cheque drawn and Amount of cheque.
b) Petty cash. There will be a clear trail to show the authority and reason for EVERY such payment.
c) All payments for services will be authorised by the Trustees at their meeting and shall be minuted. Any significant expenditure(over £100) to be required between meetings will be authorised by a Trustee over e-mail and records kept.
d) Petty cash, for ongoing replaceable materials , will be maintained on the system whereby the Caretaker is entrusted with a float as agreed by the Trustees and will account for expenditure at monthly meetings.
e) Expenses/allowances. Women’s Hall Treasurer will, if asked, reimburse expenditure paid for personally by the caretaker or trustees on behalf of the charity as incurred, providing it is evidenced by original receipts and no cheque signatory signs for the payment of expenses to themselves.
5.) Revenue and Reserves
a) The Women’s Hall funds will all be spent on the upkeep and improvement of the facilities to meet its original purpose of providing a community facility for local people
b) The Trustees will hold a small reserve to enable them to manage any reasonably foreseeable contingency
c) A reserve of three months operating cost has been set as a requirement. This would enable staff and suppliers to be paid and deposits and pre-payments to be returned to those involved in using the hall if for any reason the hall had to cease hiring the facilities
d) The revenue and reserves are reported to Trustees on a monthly basis and income and expenditure monitored and managed
March 2023