Financial Controls Policy

Adopted by the Board of Trustees: 2nd February 2026

Next review due: February 2027

1. Purpose

This policy sets out how the trustees ensure that the Club’s finances are:

  • Properly managed,
  • Adequately controlled,
  • Used only to further the Club’s charitable objectives.

It supports transparency, accountability, and good stewardship of funds.

2. Financial oversight

The trustees have ultimate responsibility for:

  • Approving budgets and reserves policy,
  • Monitoring financial performance,
  • Ensuring compliance with charity law.

Day-to-day financial administration is delegated to the Treasurer and divisional leads, subject to this policy.

3. Bank accounts and signatories

  • All bank accounts must be held in the name of the Club.
  • There must be at least two authorised signatories on each account.
  • No payment may be made by a single individual without oversight.
  • Online banking access is restricted and reviewed annually.
  • Trustees approve any changes to bank accounts or signatories.

4. Income controls

  • All income must be promptly recorded and paid into the appropriate bank account.
  • Where possible, electronic payment methods are preferred.
  • Divisions are responsible for reconciling player fees, memberships, and programme income.
  • Any sponsorship or grant income must be reported to the Treasurer.

5. Expenditure controls

  • Expenditure must be reasonable, necessary, and in furtherance of the Club’s objects.
  • Divisions may incur expenditure within approved budgets.
  • Any unbudgeted or exceptional expenditure must be approved in advance.
  • Payments above a trustee-set threshold require trustee approval.
  • No trustee may authorise payment to themselves without explicit board approval.
  • All payments must follow a two-person process. One individual must request and/or approve the payment, and a second individual must process the payment. No individual may both authorise and process the same payment.
  • The trustee-set threshold for approvals is defined in the Delegated Authority Matrix and may be amended by trustee resolution.

6. Budgets and monitoring

  • Each division prepares an annual budget.
  • Actual income and expenditure are reviewed against budget during the year.
  • Significant variances are explained and, where necessary, corrective action is taken.

7. Reserves and designated funds

  • Reserves are held in line with the Club’s Reserves Policy.
  • Designated funds (including the Beach Division Future Growth Fund) may only be used for their stated purpose.
  • Use of designated funds requires trustee approval and must be minuted.

8. Accounting records and reporting

  • Proper accounting records are maintained.
  • Accounts are prepared on an accruals basis.
  • Combined accounts are presented annually to the trustees.
  • The accounts are independently examined where required by law.

9. Fraud and error

The trustees take a zero-tolerance approach to fraud. Controls include:

  • Separation of duties where practicable,
  • Regular review of bank statements,
  • Trustee oversight of unusual transactions.

Any suspected fraud or material error must be reported immediately to the Chair.

10. Review

This policy will be reviewed annually by the trustees and updated where necessary.