1) Financial records must be kept so that:
The organisation meets its legal and other statutory obligations, such as Charity
The trustees have proper financial control of the organisation.
The organisation meets the contractual obligations and requirements of funders.
Acts, Her Majesty s Revenue & Customs and common law.
2) The books of accounts must include:
A cashbook analysing all the transactions appearing on the bank accounts
A petty cash book if cash payments are being made
3) Accounts must be drawn up at the end of each financial year within 3 months of the financial year end and presented to the next Annual General Meeting.
4) Prior to the start of each financial year, the trustees will approve a budgeted income and expenditure account for the following year.
5) A report comparing actual income and expenditure with the budget should be presented to the trustees every three months or whenever meetings take place.
6) The AGM will appoint an appropriately qualified auditor/ independent examiner to audit or examine the accounts before presentation to the next AGM