Financial Control, Reserves & Investment Policy
The Charity’s financial year will be from 1st April to 31st March.
The Board will approve an annual budget at the start of the year.
A bank account, approved by the Board, shall be maintained in the Charity’s name and all money received by the Charity will be deposited in this account. Minimum 2 signatories will be approved by the Board for managing the bank account.
The Treasurer shall have the responsibility for the control of the Charity’s finances and for ensuring that the requirements of the Charity Commission are complied with.
The Treasurer is authorized to incur expenditure within the budget. Wherever possible. The Treasurer will seek prior approval for any expenditure outside the budget at the Board meetings. If it was not possible to obtain prior approval, the Treasurer will report the expenditure to the Board as soon as possible.
The Charity currently receive donations through members’ contribution, charity events, fund raising through crowd funding platforms and grants by pharmaceutical and other companies. These are largely unallocated funds and hence surplus, if any at the end of the year will be transferred to general reserve for use in subsequent years.
Considering the limited reserves held by the Charity, excess funds, if any will be invested in fixed deposits with the approved bank. The investment requirements will be reviewed at least once every quarter.
Three quotations will be obtained before any order is placed for any goods or services exceeding £5000, unless the Board approves a preferred supplier.
The Treasurer will submit quarterly financial statements to the Board or at any time at the Board’s request.
Any Trustee may examine the accounts at any time.
Where possible, invoices must be received for the payment of goods and services.
The Treasurer or any other person involved in the placing of an order shall comply with the Charity’s Conflict of Interest Policy and shall immediately report any conflict, actual, potential or perceived, to the Board.
30th May 2024