Finance Policy

This document was adopted by the Board at their meeting of 27th August 2014.

1. The financial year for Freegle Ltd runs from 6th April to 5th April.

2. At the end of each year, the final accounts will be prepared. The accounts and a short financial report will be posted on Central as part of the AGM Finance Report. The Board will also provide interim financial reports as part of the Minutes of Board Meetings posted on Central.

3. If required (ie. if not disapplied under Rule 103) an Auditor will be sought from suitably qualified candidates from within and outside of Freegle within the criteria set out in Rule 104. The Auditor will be chosen by the Board and recommended to Freegle Members. (Refer to Rules 104-107)

4. Financial records will be kept so that Freegle can:

• Meet any legal and other obligations.
• Enable the Board to oversee the organisation’s finances on behalf of Freegle Members.
• Meet contractual obligations and the requirements of any funding bodies.
• Provide auditable records to ensure accountability and security for individuals and the organisation.

5. The Board are responsible for ensuring that any expenditure is in the best interests of Freegle Ltd, taking account of ethical, recycling, reuse and environmental implications where practicable. Any income will be applied solely towards the Objects of Freegle (Rule 4).

6. Expenditure must not be committed without prior authorisation by the Board. No contracts, hire purchase agreements or leases will be entered into in the name of Freegle without the Board’s approval, in an email from the Board’s email account. Freegle Ltd does not accept liability for any financial commitment unless properly authorised. Should a situation occur where an order is placed or undertaken or given with unauthorised financial consequences, the Board will decide a course of action and will record their decision in Board minutes.

7. Freegle’s central funds will be lodged with an FCA approved bank and will be held in the name of Freegle Limited. Other financial accounts (e.g. payment services, credit cards) may be established with agreement of the Board.

8. Any fund raising and grant applications undertaken on behalf of Freegle Ltd nationally can only be carried out in the name of the organisation with prior approval of the Board. Approval must be in an email from the Board’s email account.

9. The Board are collectively responsible for financial matters, and that legal responsibility is not reduced by appointment of a Finance Director, Treasurer or other financial role.

Relevant links:

• Finance Documents Review for the record of reviews and amendments of this document.
• Document Approval Policy
• Finance Procedures
• Finance Role Remits
• Glossary
• Rules
• Bank Account and Donation Methods
• Previous Freegle UK document Financial Management and Controls
• Link to Financial Conduct Authority website. The FCA is the body to which IPSs are accountable [1]