Finance Controls Policy

Purpose

This policy explains how Tower Block Radio aims to manage money responsibly, including donations, sponsorship, grants, income, spending, approvals and records.

Scope

This policy applies to:

• Donations.
• Sponsorship income.
• Grants.
• Ticket income.
• Merchandise income.
• Workshop fees.
• Supplier payments.
• Expenses.
• Equipment purchases.
• Contractor payments.
• Community project spending.

Principles

Tower Block Radio will aim to:

• Keep accurate financial records.
• Separate personal and project money.
• Use money only for legitimate Tower Block Radio purposes.
• Apply grant or restricted funding only to the purpose agreed.
• Require approvals before spending.
• Keep receipts and invoices.
• Review finances regularly.
• Avoid conflicts of interest.
• Protect cash, bank accounts and online payment systems.
• Report honestly to funders, sponsors and supporters.

Bank account and access

Tower Block Radio should use a dedicated business, project or organisation bank account where possible. Access should be limited to authorised people. Online banking should use strong passwords and two factor authentication.

Approval levels

Set spending approvals as follows unless replaced by formal governance:

• Up to £100: Approved by one authorised lead.
• £101 to £500: Approved by two authorised people.
• £501 to £2,500: Approved by two authorised people and recorded with reason.
• Over £2,500: Requires written approval from leadership / board / directors before commitment.
• Emergency spend: Can be approved by one authorised lead if urgent, but must be reviewed afterwards.

Restricted funds

Money given for a specific purpose must only be used for that purpose unless the funder gives written permission.

Records

Tower Block Radio should keep:

• Invoices.
• Receipts.
• Bank statements.
• Grant agreements.
• Sponsorship agreements.
• Donation records.
• Expense claims.
• Payment approvals.
• Financial reports.
• Asset records for equipment.

Cash handling

Cash should be avoided where possible. If cash is used:

• Two people should count it where practical.
• A record should be made.
• Cash should be banked promptly.
• Cash should not be mixed with personal money.

Conflicts of interest

Anyone involved in a financial decision must declare a conflict if they, their family, their business or a close connection may benefit.

Supplier payments

Supplier payments should require:

• Valid invoice or receipt.
• Clear description of goods or services.
• Approval before payment.
• Confirmation that work or goods were received.

Equipment and assets

Equipment bought for Tower Block Radio should be recorded, stored safely and used for approved purposes.

Reporting

Tower Block Radio should prepare regular finance summaries for leadership and funders where required.

Fraud or misuse

Any suspected fraud, theft, misuse of funds or financial irregularity must be reported immediately to the Finance Lead and leadership.

Review

This policy will be reviewed annually.