Section 3 

A. Reserves Policy

  1. The Charity Commission recommends that all charities should have a Reserves Policy in order to:

            a. demonstrate prudent management of funds

              b. provide existing or potential funders with a clear explanation of the nature and purpose of any reserves held.

2. The Puddenecks do not have any fixed overheads or liabilities and could therefore go for the lower end of the recommended 3 – 6-month funding.However, while the activities programme is evenly spread over the year the main sources of fund-raising fall in the latter part of the year and cannot always be guaranteed to achieve target levels of income.

3. In order to reduce the risk of the activities being disrupted, and thereby reduce the level of benefit to our client group, the Committee has agreed to keep a level of financial reserves that equate to six months expenditure on ‘Guest’ events. In addition, the Committee has agreed to keep a contingency fund of £2,000 to guard against any unforeseen liabilities.

4. This policy is to be reviewed annually when the outturn from the previous financial year is known and reserves can be considered in the context of planning for the coming year.

B. Online Banking Safeguards

1.With the advent of online banking The Puddenecks needs to protect their bank account and the reputation of the Treasurer as online payments are carried out entirely by the Treasurer. This differs from current operations where all cheques need two signatures. This procedure set out below ensures all online payments are visible, transparent, and made within the rules of the club.

2. All payments requests should be in a written or email format and sent to the Treasurer. The form should contain the person’s name, address, the amount required to be reimbursed/paid, and the reason for the claim. It also needs the payee’s bank details (Bank; Sort Code; Account name; Account Number and payee reference, if required). Once received this email will be forwarded to another, agreed committee member holding a specific office, for approval and then saved once approval is given. Once paid, the payee should be informed that the transaction has been completed. To maintain security, the committee member, who authorised the payment, should be offered a copy of the bank statement to check that the amount they authorised is the amount paid.  

3. In addition to the Treasurer, another executive committee member who holds office, needs to know where the card reader lives, and the passcodes for the online bank account.

Rab Butler     – Treasurer

Last reviewed February 2024