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Purpose
This Financial Policy sets out the procedures for the financial management of VIVACE CHORUS CIO to ensure:
- Transparent and consistent financial practices
- Protection against misappropriation or misallocation of funds
- Assets are used efficiently and safeguarded appropriately
- Compliance with relevant legislation, such as the Charities Act 2011
This policy applies to all Committee members, trustees, and volunteers, and will be reviewed periodically by the Committee.
1. Responsibilities of the Trustee Committee
The Committee is responsible for:
- Keeping financial records in line with governing documents and legal obligations
- Preparing annual accounts and financial returns for submission to relevant bodies
- Safeguarding VIVACE CHORUS CIO’s assets and preventing fraud, error, or misuse
- Ensuring that this Financial Policy is followed by all relevant individuals
2. Bank Accounts
2.1 Opening and Management
- All bank accounts must be in the name of VIVACE CHORUS CIO.
- Opening or closing of any bank account must be approved by the Trustee Committee and minuted.
- The organisation will operate a main Current Account, a second Current Account for Subscriptions and an interest bearing Deposit Account for surplus funds.
2.2 Bank Statements and Reconciliation
- Bank statements shall be received regularly and reconciled with bookkeeping records by the Treasurer.
2.3 Authorised Signatories
- At least two unrelated signatories are required for all payments.
- All changes to signatories must be agreed by the Committee and recorded in meeting minutes.