St.Albans City ABC
Transparency Report Policy
This policy outlines the framework for St.Albans City ABC to maintain and demonstrate transparency in its financial management practices. The policy ensures that all financial activities are conducted responsibly, are fully documented, and are accessible for audit and review to comply with the Charity Commission regulations.
Scope
This policy applies to all financial transactions and practices of St.Albans City ABC, including but not limited to income, expenditures, donations, grants, and other financial activities associated with the club.
Policy Statement
St.Albans City ABC is committed to upholding the highest standards of financial transparency and accountability. The club will regularly produce financial reports, which will be independently audited to verify compliance with legal standards and best practices for financial management within charitable organisations.
Financial Reporting
Annual Financial Reports
These reports will be made available to the board of trustees and subject to independent audit.
The reports will include detailed accounts of the club’s financial activities, including income, expenditures, assets, and liabilities.
Comprehensive financial statements will be prepared at the end of each fiscal year.
Regular Budget Reviews
Budget reviews will be conducted quarterly and presented to the board of trustees for oversight and approval.
The finance team will conduct regular budget reviews to monitor the club’s financial status and ensure that spending aligns with the club’s objectives and available resources.
Independent Auditing
The audit findings will be documented in an Auditor’s Report, which will be included in the annual financial statements.
The auditor will assess the club’s compliance with accounting standards and the Charity Commission’s regulations.
An independent auditor will be appointed annually to review the club’s financial records and practices.
Compliance with the Charity Commission
The club will adhere to all legal requirements for financial reporting and transparency as required for CIOs.
As a Charitable Incorporated Organisation (CIO), St.Albans City ABC will ensure all financial practices meet the standards set forth by the Charity Commission.
Access to Financial Information
Financial reports and the Auditor’s Report will be accessible to club members, stakeholders, and regulatory bodies upon request, ensuring transparency and openness in the club’s financial dealings.
Future Financial Planning
Future financial planning will be reviewed annually by the board of trustees and adjusted according to the club’s needs and goals.
While detailed financial forecasts will not be distributed publicly, the club will engage in strategic financial planning to ensure sustainability and the prudent use of resources.
Review and Updates
Any changes to the policy or the club’s financial management procedures will be approved by the board of trustees and communicated to all relevant parties.
This policy will be reviewed annually to ensure it continues to meet regulatory requirements and the club’s needs.