Oldbury on Severn War Memorial Hall

(Registered Charity No: 1049492) Camp Road, Oldbury on Severn, Bristol BS35 1PP

Finance Policy and Procedure

Version 2 — August 2026

 

1. Introduction

The aim of the Finance Policy is to enable Oldbury on Severn War Memorial Hall Management Committee to operate the Hall on a sustainable revenue basis, with:

  • A reserve fund for emergency unplanned expenditure and budget deficits

  • Funds built for capital development when identified

 

2. Financial Management

  • The Executive Management Committee (EMC) will manage the assets of the charity in accordance with the Memorial Hall Constitution, including day‑to‑day finances and future planning.

  • The Treasurer will liaise with the Clerk of Oldbury on Severn Parish Council to ensure the Trust Property is insured on an “All Risks” basis for full rebuild value, with suitable contents cover and indemnity for Trustees and EMC. Insurance is paid by the Parish Council.

  • The EMC shall ensure compliance with the Charities Act 1993 (or any statutory modification), including maintaining accounting records, preparing annual statements, arranging independent examination or audit, preparing the annual report and return, and meeting HMRC and common‑law obligations.

  • The financial year ends on 31 December. Accounts are prepared and presented at the February AGM.

  • Accounts will be independently examined by an auditor/examiner appointed at the AGM.

  • The HMC will undertake an annual financial risk assessment prior to the November meeting, reviewing reserves against potential income and expected expenditure.

  • The EMC will approve an expenditure budget prior to the November meeting. Expenditure is determined by surplus above the reserve amount.

  • The Treasurer shall present a financial report at every EMC and HC meeting, including income, expenditure since the last meeting, and known upcoming costs.

  • The EMC shall approve a Reserves Policy and determine the extent of Restricted Funds. Current reserve level: £30,000.

  • All funds will be held in accounts in the name of The Memorial Hall, at banks and on terms decided by the EMC.

  • Cheques will not be issued by the Hall.

  • All expenditure must be authorised and documented; all income must be banked promptly. Receipts and invoices must be kept electronically or on paper.

 

3. Levels of Authorisation

Reviewed annually at the AGM.

  • Repeat payments (rates, cleaning, fuel oil, electricity): Treasurer

  • Below £50: Treasurer (single quote)

  • £50–£200: Treasurer + one EMC member (single quote)

  • Over £200: Agreement of EMC (ideally 3 quotes)

All items purchased personally by a committee member must be agreed by the Treasurer in advance.

 

4. Financial Procedures & Records

The Treasurer shall maintain:

  • Computer‑based records analysing all transactions in the Hall bank account(s), with paper receipts referenced in the ledger

  • Computer‑based records for any cash payments

 

5. Payment Procedure

  • Payments should be made via internet transactions once authorised.

  • A second EMC member shall have access for payment purposes to ensure continuity if the Treasurer is unavailable.

 

6. Income Procedure

  • All income must be paid into the bank without deduction.

  • Cash must be counted by the collector, placed in a bag with source, date, amount, and signature, then handed to the Treasurer.

  • The Treasurer must count cash in the presence of the collector (or another person) and confirm the amount.

  • For third‑party income (e.g., shop), the Treasurer will record actual cash and proposed value (tickets sold) to confirm accuracy.

  • No cash will be kept on Hall premises.

  • For single‑event hires: booking form must be signed; invoice issued; Treasurer collects balance.

  • For regular hires: hirers are invoiced at month end.

 

7. Payment Documentation

  • Every payment must be evidenced by an original invoice.

  • Internet transactions must reference the relevant invoice.

  • A small float (~£40) may be held; no other petty cash.

  • Reimbursement of personal expenditure requires:

    • Tickets for fares

    • Original receipts for purchases

    • Mileage based on local authority scales

 

8. Donations

  • Gift Aid will be claimed where possible via HMRC.

 

9. Licences

The EMC is responsible for ensuring the Hall holds the correct licences:

  • South Gloucestershire Council

    • Premises Licence SGC/093419

    • Licence to sell alcohol (awaiting SGC confirmation)

  • Film Bank Distributors Ltd

    • Account OLDA5BRI — Licence to show films (renew annually)

  • TV Licensing Authority

    • TV Licence (renew annually)

  • PPL PRS

    • Licence to play recorded music (renew annually)