Purpose, Objectives & Scope
PURPOSE

Trinity Rawdon Leadership Team require the secure handling of financial matters.

OBJECTIVE

This policy aims to adopt sound financial practice and meet the requirements of a number of bodies.

SCOPE

The Finance policy applies to all Trinity Rawdon Members, Groups and Committees.

Policy Statement

1.1 Trinity Rawdon Members, Groups and Committees are required to observe this policy and to immediately report any breaches of its terms to the Leadership Team.

1.2 The Leadership Team will review the terms of the policy at least every five years to ensure it continues to represent the intention of the Congregational Meeting and remains fit for purpose.

1.3 Trinity Rawdon, Leadership Team and Members appoint members to a Finance Committee. The Finance Committee conduct the Financial matters of Trinity Rawdon as per the Roles and Responsibilities agreed by the Leadership Team.

1.4 Trinity Rawdon is a Local Ecumenical Partnership consisting of the United Reformed Church, the Methodist Church, The Baptist Church. As such Trinity Rawdon finances will be managed in harmony with each denomination as much as is possible.

1.5 The Finance Committee comprises the following positions: a Chairman, the Church Treasurer, a Secretary or minute taker; and includes any other member appointed by the Membership. It meets to transact business as many times as necessary, usual at least twice a year before Congregational Meetings.

1.6 All financial assets and liabilities are reflected in the Financial Statements.

1.7 Trinity Rawdon Leadership Team are accountable to the Charities Commission and comply with the Charities Commission guidelines.

1.8 Whilst the Leadership Team have delegated various responsibilities to the finance committee, they retain an oversight of finances to ensure proper financial accountability including:

■ Summary Financial Statements
■ A budget for the coming year
■ Reports of the commitees activities
■ Financial reports which must also be presented at each Congregational meeting.

Context

2.1 The finances of Trinity Rawdon will be conducted in line with all financial requirements contained in:

■ Trinity Constitution
■ The Memorandum of Understanding
■ The Finance Committee Role Description
■ Any Trust or Sharing Agreements
■ Charities Commission Guidelines

2.2 While sound administration of the finances of the Church is for the benefit of both current
and future generations, financial management will seek to enable Trinity Rawdon to live out its
vision and objectives for Christian worship, witness and mission within the world.

Financial Statements and Accounting Policies

2.3 Financial Statements must be prepared for each calendar year within a reasonable time of the year-end and examined by an independent examiner. Financial Statements should reflect all the assets and liabilities of Trinity Rawdon.

2.4 These Financial Statements should be prepared in accordance with the applicable law of the United Kingdom, United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice) and any Statement of Recommended Practice (SORP) applicable to charities at the relevant date.

2.5 When examined, the full Financial Statements and Leadership Team’ Report for the preceding calendar year should be made available to Church Members. A summary Financial Statement will be made available to the general public on request.

Expenditure

2.6 Expenses should be agreed with the Finance Committee in advance. They should be submitted as soon as possible and be accompanied by a receipt.

2.7 Groups should consider expenditure requirements for the following year and submit an annual figure to be agreed and incorporated into the budget.

2.8 No large expenditure should be entered into without prior approval by the Finance Committee. Larger expenditure should be within the agreed budget wherever possible.

Banking

2.9 Leadership Team and members of the Finance Committee are eligible to be a signatory onthe Church accounts.

2.10 Three signatories will be registered against Bank Accounts and building societies

2.11 Cheques will be signed in line with banking/ building society requirements e.g. two signatures

2.12 Online banking can be used. Instructions for use such as sign on details and passwords will be made available to the Finance Committee.

2.13 Signatories and Passwords will be changed as soon as possible on change of members inrole.

2.14 Bank transfers will be recorded monthly and made available to the Chair of Finance.

Cash and Investments

2.15 Sufficient cash must be held on short to medium term deposits to meet any commitments entered into on behalf of Trinity Rawdon in accordance with this Finance Policy. Typically this would cover at least three months anticipated revenue expenditure.

2.16 Investment should aim to achieve as high an income as possible whilst protecting the capital value of the funds.

2.17 Where information is available, ethical investments which do not compromise the conscience of Christians will be sought.

2.18 Offertory money should be left in the safe and banked at least once a month.

2.19 Any money must be counted and recorded with two Rawdon members or elected people present.

Financial Support for Others

2.20 The Finance Committee will oversee the provision of available funds to the ministers ormembers, to assist with:

■ mission and outreach projects;
■ engagement with children and young people;
■ acquisition, maintenance and improvement of property;
■ training and development of individuals.

Rawdon Buildings

2.21 Every effort will be made to maintain Rawdon buildings, the Manse or other applicable dwelling.

2.22 When Church property (buildings) is disposed of, the terms of the disposal and financial sharing, are those set out in any Sharing agreements and will be subject to approval at a Congregational Meeting and any committee meeting of the three denominational bodies as appropriate.

Approval and Version Control
Status: Approved 19.03.18
By: Trinity Rawdon Leadership Team

Signed:
P Lambert Trinity Rawdon Administrator

Version Review Date: 19/02/2023