1 Introduction

The trustees of Artists Attic Trust  share overall responsibility for financial control and safeguarding the funds of Artists Attic Trust  and ensuring that the organisation operates in accordance with the financial powers stated in its Constitution. This document sets out how this responsibility will be exercised and where functions have been delegated to particular trustees or staff of Artists Attic Trust  

2 The role of the Treasurer

The treasurer takes the lead at board level on: 

  • making sure Artists Attic Trust  keeps proper accounts 
  • reviewing financial performance 
  • ensuring policies for finance and if relevant investment are regularly reviewed • ensuring that Artists Attic Trust  has robust and effective financial controls in place
  • liaising with the Chief Officer about financial matters and with the auditor (or independent examiner) 
  • reporting on financial matters at the AGM 

The treasurer will carry out periodic internal checks, for example prior to audit, and checklist to assist with this will be provided

3 Financial records 

Financial records will be kept so that: 

The organisation will keep proper books of account using the excel accounts package. These will include: 

4 Budget 

The financial year for Artists Attic Trust  will end on 31st March . 

Before the start of each financial year, the Artists Attic Trust  trustees will approve a budgeted income and expenditure account for the following year. 

A paper comparing actual income, and expenditure with the budget will be presented to the Artists Attic Trust  trustees every 3 months 

5 Accounts and Audit 

Accounts will be drawn up after each financial year within 4 months of the end of the year and presented to the next Annual General Meeting. 

The accounts will be submitted by the Company Secretary to the Charity Commission and to Companies House. 

The trustees will appoint an appropriately qualified auditor or an independent examiner to audit the accounts for presentation to the next AGM. 

The trustees will review the appointment of the auditor/independent examiner at least every 3 years 

6 Best value 

When procuring goods and services it is Artists Attic Trust  aim to achieve best value.  For goods and services valued at over £5,000 at least 3 quotes will be obtained. For service contracts such as ICT, telephone and cleaning organisations will be invited to submit a proposal and these will be considered in relation to specific criteria including price, service requirements and quality. Whenever possible feedback will be obtained from organisations that are currently using the relevant service provider. 

Service contracts will be reviewed at least every 3 years. 

7 Bank 

Artists Attic Trust  will bank with Metro Bank where the accounts will be held in the name of Artists Attic Trust . All bank accounts held by Artists Attic Trust  must be agreed and approved by the Artists Attic Trust  trustees. 

The bank mandate (list of people who can sign cheques on the organisation's behalf) will always be approved and minuted by the Artists Attic Trust  trustees as will all changes to it.

Artists Attic Trust  will require the bank to provide current account statements every month. These will be reconciled with the cash book every month by the book keeper and theChief Officer or Management Accountant will sign the monthly reconciliation. 

Artists Attic Trust  will not use any other bank or financial institution or use overdraft facilities or invest speculatively unless authorised, approved and minuted by the Artists Attic Trust  trustees. 

8 Fundraising, funding bids, tenders, and partnership arrangements 

All fundraising, grant applications and tendering undertaken on behalf of Artists Attic Trust  will be done in the name of the organisation and will generally be based on recovery of the full cost of the proposed work. If the organisation is to subsidise the cost of any work from reserves or earned income then this must be approved by the trustees. The Chief Officer 

must approve bids and tenders to a value up to £15,000 . The trustees who are officers(i.e. chair and treasurer) of Artists Attic Trust  must approve bids and tenders to a value of upto£60,000 . Bids and tenders to a value of over £60,000 require the prior approval of the trustee board. Details of all funding bids and tenders will be provided to the trustee board. 

Artists Attic Trust  may be the partner in a bid submitted by another organisation only if this is consistent with the objectives of Artists Attic Trust  as set out in our Constitution The partnership arrangements must have the prior approval of the Chief Officer or, in the absence of the Chief Officer/ the Chair. All partnership arrangements will be reported to the trustee board. 

When Artists Attic Trust  will receive funding from partnership arrangements and take on financial commitments a written agreement must be in place covering the financial  arrangements. In these circumstances the funding that Artists Attic Trust  receives should generally be based on recovery of the full cost of the proposed work. 

If the organisation is to subsidise the cost of work from reserves or earned income then this must be approved by the trustee board The Chief Officer must approve partnership arrangements to a value up to £15,000