Financial Procedures

The Financial Procedures outlines how the association will manage its financial assets.

1. Bank accounts

   1. Each of Exe Water Sports Association and Exe Water Sports Club shall have a bank account, and a savings account if there are funds available for deposit.
   2. Changes in cheque signatories shall be agreed at a committee meeting, documented in the minutes and notified to the bank.
   3. All payments from the bank accounts including cheques, standing orders and direct debits shall require signatures from two cheque signatories.

2. Authorisation of expenditure

   1. Authorisation of expenditure is required before the expenditure is incurred, rather than at the time of the payment of invoice.
   2. The following items are accepted as authorised automatically:
      1. Rent
      2. Pontoon and mooring charges
      3. Supplies for the bar
      4. Supplies from Booker for bar stocks, cleaning materials etc
      5. Supplies of gas for the bar
      6. Bar licence
      7. Performing Rights Society
      8. TV licence
      9. Electricity
      10. Gas
      11. Water
      12. Telephone
      13. Waste disposal

1. 1. The following items are managed by members of the committee to whom authorisation is given to negotiate suitable terms and to approve payment where expenditure does not exceed the previous purchase of the goods or service by more than 10%.
      1. Insurance
      2. Cleaner
      3. Fire extinguisher servicing
      4. Gas safety checks
      5. Cellar cooler maintenance service
      6. Burglar alarm service
      7. Fire alarm service
      8. PAT testing
      9. Electrical inspection
      10. Sanitary disposal
      11. Emergency repairs eg to plumbing, electrics, gas, roof etc
   2. The following items require approval from the committee before expenditure is incurred
      1. Lease renewals
      2. Pontoon mooring licence renewals
      3. Professional fees
      4. Repairs not specified above and costing more than £200

2. Managements accounts and Budgets

   1. The Treasurer shall provide management accounts to the committee at least once every four months.
   2. The Treasurer shall provide a budget to the committee in readiness for the committee meeting that takes place nearest to the commencement of the financial year.

3. Annual financial statements

   1. The Treasurer shall draw up annual financial statements to a 31 March year end to be available for the AGM in July.
   2. The financial statements shall be inspected by the Independent Examiner of the Association and Club.