Financial Delegation Matrix

Purpose

This matrix sets out the financial decision-making limits for each role within Towerblock Radio CIC, ensuring clear accountability and preventing unauthorised spending.

Scope

This matrix applies to all directors, staff leads, volunteers and contractors who handle or approve financial transactions.

Definitions

• Financial commitment means any agreement to spend money, including contracts, purchase orders and expense approvals.
• Authorised signatory means a person formally authorised to approve payments on the bank account.

Responsibilities

The board approves the Financial Delegation Matrix. The Finance Lead ensures compliance. All budget holders operate within their limits.

Policy Statement

Towerblock Radio CIC operates a clear financial delegation framework that defines who can authorise spending at each level, ensuring no single person can commit significant funds without appropriate oversight.

Detailed Procedures

Delegation matrix

| Level | Amount | Authoriser | Second Authoriser | Board Approval | |---|---|---|---|---| | 1 | Up to GBP 100 | Budget holder | Not required | No | | 2 | GBP 101 to GBP 500 | Budget holder | One director | No | | 3 | GBP 501 to GBP 2,500 | Budget holder | Two directors | No, recorded with reason | | 4 | GBP 2,501 to GBP 10,000 | Finance Lead | Two directors | Report to board | | 5 | Over GBP 10,000 | Finance Lead | Board resolution required | Yes, before commitment | | 6 | Emergency spend | Any director | Notified within 48 hours | Reviewed retrospectively |

Budget holders

Budget holders may only commit funds within their allocated budget. Overspends require board approval.

Contracts

All contracts, regardless of value, must be reviewed for compliance with the Procurement Policy. Contracts creating ongoing obligations must be approved by the board.

Bank signatories

A minimum of two authorised signatories are required for every bank payment. Online banking requires dual authorisation where the bank supports it.

Reporting Process

All financial commitments above GBP 500 are reported to the board at the next meeting. Emergency spend is reported within 48 hours.

Compliance Requirements

• Companies Act 2006.
• Community Interest Company Regulations 2005.
• Charity Governance Code (best practice).

Monitoring

The Finance Lead reviews financial commitments monthly against this matrix.

Review Cycle

This matrix shall be reviewed annually and whenever roles or financial controls change.

Version Number

Version 1.0

Approval Section

Approved by: Towerblock Radio CIC Board Date: July 2026 Next review: July 2027

Related Policies

• Delegated Authority Policy
• Finance Controls Policy
• Expenses Policy
• Procurement Policy

Website URL slug

/policies/financial-delegation-matrix

Meta Title

Financial Delegation Matrix | Towerblock Radio

Meta Description

Towerblock Radio CIC's financial delegation matrix defining spending approval limits for directors, staff and volunteers, ensuring dual authorisation and board oversight.

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Governance

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financial delegation, spending limits, authorisation, dual signatory, finance controls