The Parish of St Andrew & St George, Stevenage
1. Treasury Committee
The Treasury Committee has responsibilty for the day to day financial affairs of the church with discretion allowed for the payment of extraordinary items.
The committee is responsible for the formulation and review of the church’s financial policy.
All findings and recommendations are presented to the PCC or Standing committee for discussions and, where appropriate, formal adoption.
The committee is made up of the Treasurer and other members of the congregation as approved by the PCC.
Accounts are prepared in accordance with the Church Accounting Regulations 2006, together with the Charities Statement of Recommended Practice, 2005 and the Charities Act 2011.
An historical cost convention is used to value assets and costs are recorded on an accrual basis.
General funds are those of the PCC which are not restricted in use. Funds designated by the PCC for a particular use are unrestricted.
Collections and donations are recognised upon receipt with any element of Gift Aid being accounted for upon receipt of the donation. Fee income is accounted for when due.
Grants and donations to third parties are accounted for when paid or when awarded if that award creates a binding obligation.
Bank statements must be maintained by the Treasurer for at least seven years.
The PCC is not registered for VAT.
The PCC designate an amount to be held in reserve to meet unexpected expenditure.
The reserves are maintained with a very cautious attitude to risk.
Signatories are approved by the PCC. Each payment made requires two signatories.
A signatory may not endorse a payment to themselves or family member.
It is the responsibility of the Treasurer keep records of signatories. The authorisation of signatories should be made regularly by the PCC.
Expenses must be submitted using the expenses claim form and passed for payment with invoices, bills or receipts as appropriate. The form should then be authorised before payment is made.
Authority to pass payments are as follows:
Up to £1,000 – The Standing Committee
Over £1,000 – PCC approval required
7. Cash Collections.
Cash collections should be counted by two members of the congregation who have been approved to do so by the PCC.
The PCC approved form to record monies should be used and the monies either passed to Treasurer or Cashier , approved by the PCC, or locked in the safe.
Names and signatures are required on collection records.
8. Gift Aid Secretary.
Person responsible for Gift Aid recording and claiming should be approved by the PCC.
It is policy to claim Gift Aid as soon as it is due unless PCC approves otherwise. It is the responsiblilty of the Treasurer to maintain adequate records as required by HMRC.
Gift aid records are maintained for seven years or 6 years after the last claim settlement.
9. Petty Cash.
The PCC does not operate a petty cash system.
10. Annual Financial Statements.
Financial and bank statements should be held for a period of seven years.
Approved by the PCC on 17th July 2023