Introduction

Tyne Bridge Harriers is committed to ensuring that robust financial policies and procedures are in place to safeguard the assets of Tyne Bridge Harriers. The aim of the policy is to:

• ensure the officers have proper financial controls of the organisation.
• provide a clear framework for our officers and volunteers to work with when dealing with money.
• ensure the organisation meets its legal obligations in relation to accounting and financial reporting
• Ensure that the club finances are used and managed for the benefit of the club and members.

Accounting basis and record keeping

• The accounts will be kept on an accruals basis
• Accounting records
  • A cash accounting software package (Sage) analysing all the transactions appearing on the bank accounts
  • Bank statements
  • A record of invoices received and issued
  • Receipts for payments made
  • A list of amounts owed and owing
  • Expense claim forms
  • Cheque book stub receipts
  • A petty cash book if cash payments are being made

The financial year end date is 31 March.

All financial records will be kept for 6 years from the financial year end date they relate to. This can include digital storage.

Annual accounts

• Accounts must be drawn up at the end of each financial year within (e.g.) 3 months of the financial year end. These will include: 
  • Final reconciliation of income and expenditure with bank statements
  • A summary of the financial position at year end
  • An income and expenditure statement
• Scrutiny of accounts
  • Accounts will be examined by an external person (external to the executive, senior or junior committee) with financial knowledge.
  • They will be presented for approval to members at the AGM

Budget

• Up to 3 months (and no less than 1 month) before the start of each financial year, the officers will approve a budgeted income and expenditure account for the following year.
• The officers will review actual income and expenditure compared with the budget at least quarterly and reforecast the budget as necessary.
• Budget holders will be assigned to each budget heading. Any costs over the budget require additional officer approval.

Bank accounts

Tyne Bridge Harriers has a Club Charity and Trust Account with TSB.

Tyne Bridge Harriers also has four accounts with NatWest

Designated account signatories shall be the Chair, the Secretary and the Treasurer. No sum shall be expended from the Club Account except by cheque signed by two of the designated signatories or by electronic transfer approved by at least one of the designated signatories subject to a maximum amount (£100) fixed by the Executive Committee.

The current signatories are:

• Ian Pickett, Chair
• Claire Norman, Secretary,
• Jessica Anderson, Treasurer

Income / receiving payments

The following procedures apply to all Tyne Bridge Harriers officers, volunteers and freelancers taking and making any payments on behalf of Tyne Bridge Harriers.

Ideally all payments due to Tyne Bridge Harriers should have an accompanying invoice issued to the payee. Where this is not possible the payee should be issued with a receipt confirming payment has been made and what it was for (this could be via email or a digital scan of the receipt)

For any cheque or cash payment received:

• Report receipt of the payment to the treasurer in writing (email) as soon as practically possible. The amount and reason for payment should be recorded.
• Pay any cash or cheques into the bank account within 5 working days of receipt.
• Notify the treasurer that the payment has been made to the bank in writing (email)
• An account signatory must check and confirm the amount paid into the bank has been received within 7 days.

All payments received into the bank account will be recorded and accounted for in the accounts within 1 month of receipt of the payment.

Expenditure – payments made

Officers can approve spending in line with the approved spending limits as above. Where a cost exceeds the approved limit, another officer must approve the cost in writing (by email) before a commitment is made.

All payments made from Tyne Bridge Harriers bank account will have a matching corresponding invoice, order form or expense claim form.

Where possible payments will be made by BACS (document when debit cards, cheques or cash can be used).

Dual authorisation

All payments (over a limit of £100) made from the bank account must be authorised by 2 signatories.

• Online BACs payments must be authorised by two signatories before payment is made:
  • A signatory emails (or send message in TBH financial WhatsApp group) another signatory with details of the payment to be made (amount and reason)
  • The second signatory emails (or uses WhatsApp) back to approve
  • The first signatory makes the payment from the bank account
  • The second signatory checks the bank account to ensure the correct payment has been made
  • All email (and WhatsApp) correspondence saved
• All cheques must be signed by two signatories
• Blank cheques must never be signed
• Where the payment is for a signatory’s expense, the signatory claiming the expense cannot be one of the approving signatories.
• Petty cash can be available for cash payments:
  • At least two officers must pre-approve general petty cash payments – this pre-approval can cover an extended period of time and for a range or purposes.
  • The maximum amount for a single cash payment is £20.
  • All cash payments must be recorded in the petty cash book.
  • If an individual is holding petty cash and will not have a reason to use it within 2 months, they must return the cash and any records to the Treasurer.
• All payments made from the bank account must be recorded and accounted for in the accounts within 1 month.

Direct Debits and standing orders

• All Direct Debit and standing order payments must be approved by two signatories.
• Payments must be reviewed annually.
• Any change to the amounts must be approved by two signatories.

Claiming expenses back

Officers

• Officers are approved to make payments up to e.g. £100 from their own personal accounts on behalf of the club without approval from a signatory.
• They must submit a written request for a reimbursement of payment within 10 days of making the payment. This must include:
  • Reason for making the payment on behalf of the club
  • Evidence of the item or service received
  • Evidence of a receipt for the payment
• Payments must then be approved online (see the expenditure section above).
• If a officer expects to make a payment e.g. over £100, they must get prior written approval from another officer.

Others

• All non-officers must seek approval from a officer before making payments from their personal account on behalf of the club.
• They must submit a written request for a reimbursement of payment within 10 days of making the payment. This must include:
  • Reason for making the payment on behalf of the charity
  • Evidence of the item or service received.
  • Evidence of the payment
• Payments must then be approved online (see the expenditure section above).

Travel expense policy

Travel expenses can be claimed for officers’ meetings or any other event you attend in your capacity as a officer if approved by the executive committee.

• Rail Travel: cheapest form of standard class rail (e.g. please make use of advance fares)
• Car travel: 45p per mile if a private car is used. Insurance, breakdown cover, MOT, parking fines & other such penalties are the responsibility of the individual driver and cannot be reclaimed.

Fixed assets

The officers have agreed that assets costing more than (e.g.) £1,000 are treated as capital expenditure, recorded as fixed assets on the balance sheet and depreciated (the cost spread) over the estimated useful life of the asset class (e.g.) five years.

Review

This policy will be reviewed on an annual basis unless the officers deem it necessary to review the policy sooner.

Reviewed by: Jessica Anderson
Last Reviewed: September 2025
Next Review: April 2026