1. High Level Policy Statements
- Our u3a recognises that, in line with Charity Law, the trustees are legally responsible for ensuring the fitness of the financial processes and associated controls.
- In line with Charity Commission regulations pertaining to a charity with our level of turnover, our Annual Report and Accounts will be submitted to our accountants for inspection and, subject to acceptance at the AGM, uploaded to the Charity Register.
- In line with Charity Commission guidelines, our accounts will be produced on a ‘Receipts and Payments’ basis, as opposed to the more complex ‘Accruals’ basis.
- To comply with HMRC regulations, financial records for the current and previous six financial years will be retained and made available on demand.
- Our u3a will hold financial reserves equating to fifty percent of the value of annual payments which are not pre-funded. Those reserves may be invested in low-risk financial instruments where Financial Services Authority protection is in place: typically, fixed duration (typically 1-2 years), fixed interest, deposit bonds.
- The treasurer will be appointed at the first meeting of the Management Committee following the Annual General Meeting. That treasurer may appoint assistant treasurers and define roles which take account of workload and individuals’ experience and competency.
- The treasurer will submit a report to each meeting of the Management Committee, providing a status update, insights into recent activity and any risks or issues pertaining to the finances.
- The treasurer will be a member of the Finance & Resources Committee but need not be the chair of that committee.
More detailed policies and procedures are maintained by the Honorary Treasurer
2. Adoption and Review
This policy was adopted on: 27th May 2025
Last review date: 27th May 2025
Next review date: May 2026