Procurement Policy

Purpose

This policy ensures that Towerblock Radio CIC procures goods, services and works in a transparent, fair and value-for-money manner that meets the standards expected by funders and regulators.

Scope

This policy applies to all procurement of goods, services and works by Towerblock Radio CIC, regardless of funding source.

Definitions

• Procurement means the process of acquiring goods, services or works from external suppliers.
• Value for money means obtaining the best balance of quality, cost and suitability.
• Tender means a formal competitive process for obtaining supplier proposals.

Responsibilities

The board approves procurement above the threshold in the Financial Delegation Matrix. The Finance Lead is responsible for the procurement process. Budget holders initiate procurement within their budgets.

Policy Statement

Towerblock Radio CIC procures goods, services and works through fair, transparent and competitive processes that deliver value for money, support the social mission, and comply with funder requirements.

Detailed Procedures

Procurement thresholds

| Value | Process Required | |---|---| | Up to GBP 500 | Budget holder selects supplier, single quote | | GBP 501 to GBP 2,500 | Minimum two written quotes | | GBP 2,501 to GBP 25,000 | Minimum three written quotes or tender | | Over GBP 25,000 | Formal tender process, board approval |

Selection criteria

Suppliers shall be selected based on value for money, reliability, compliance with Towerblock Radio CIC policies, social value, insurance and professional accreditation where relevant.

Conflicts of interest

Anyone involved in procurement must declare conflicts of interest. Suppliers connected to directors, staff or volunteers may only be used with board approval and full transparency.

Single source procurement

Single source procurement may only be used where the supplier is unique or specialised, the value is below GBP 500, there is an emergency, or the board has approved an exception. The reason must be recorded.

Records

All procurement records (quotes, tenders, contracts, invoices) must be retained for at least six years.

Reporting Process

Procurement above GBP 2,500 is reported to the board at the next meeting.

Compliance Requirements

• Companies Act 2006.
• Community Interest Company Regulations 2005.
• Funder procurement requirements.

Monitoring

The Finance Lead reviews procurement activity monthly.

Review Cycle

This policy shall be reviewed annually.

Version Number

Version 1.0

Approval Section

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

Related Policies

• Financial Delegation Matrix
• Finance Controls Policy
• Conflict of Interest Policy
• Fraud Prevention Policy

Website URL slug

/policies/procurement-policy

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Procurement Policy | Towerblock Radio

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Towerblock Radio CIC's procurement policy covering competitive quoting, tendering, supplier selection, value for money and transparency for all purchasing decisions.

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