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:
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.
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