Culture: We are a small non- profit organisation and all team members should support the business by remaining mindful of maximising the resources we have and treating the company money as if it was their own. The team are also encouraged to think entrepreneurially and creatively to minimise costs where possible. And where costs seem excessive, these should be queried and alternative options investigated. Queries and concerns should always be discussed with other team members.
The day to day finances are managed by the Head of Operations & Finance
A monthly meeting is held between the Executive Director and Operations & Finance Manager to review the previous month’s financials, any payments made by other team members, cash flow and aged debtors.
Quarterly, management accounts are submitted to a meeting of the Board of Directors.
· Ahead of each financial year, a budget will be drawn up by the Head of Operations & Finance, who will discuss and agree each line with the relevant owner of the line and the Executive Director.
· The owner of the line will manage the budget through the year. This should be managed in line with our culture, and not as a cost to aim for; costs should be kept to a minimum where possible.
· Where there is potential for costs to go over budget, this should be raised with the Executive Director and Operations & Finance Manager as soon as possible who will need to approve any budget overspends.
·The annual budget and any overspend of £20k or more will need to be approved by the Board of Directors.
Payments procedures and approvals
· All payments are entered into Xero, our accounting system which is managed by the Operations & Finance Manager. Most payments are then made from the HSBC bank account and must go through two levels of approval:
- Initially approved and set up for payment by the Head of Operations & Finance and then payment is confirmed by the Executive Director
- If the Operations & Finance Manager or Executive Director is away and a payment is urgent, it can be paid on card (if appropriate, with approval from the Executive Director or Programme Director)
· In the event that the Executive Director is unable to make payments for a significant period of time, the Programme Director may contact the Bank and switch the access to herself to approve payments.
· As a general rule, any team member may make payments of up to £250 without permission as long as they believe the payment to be in the appropriate course of business. If there is a concern about any payment, this should be raised with Adam, Ruth, Cleo or Jess. This limit is increased to £1000 for the Head of Operations & Finance and Deputy Programme Director.
· Written approval is required for any payments or financial commitments of between £250- £1000 from either the Operations & Finance Manager or the Deputy Programme Director (who may decide to seek additional approval from a Director). Payments or financial commitments of over £1000 require approval from the Executive Director, and those over £10,000 require approval of the Executive Director and Programme Director.
Credit and debit cards
· The Forward Institute has two credit cards:
- One issued to the Executive Director with a credit limit of £6000
- One issued to the Events and Fellowship Coordinator with a credit limit of £2000 and a one-off payment limit of £500
· All credit card transactions are flagged on our accounting system and the Head of Operations & Finance completes a monthly reconciliation process
· We have two debit cards:
- One issued to the Executive Director
- One issued to the Head of Operations & Finance
Expenses policy: Team
· Culture: Team expenses will be reimbursed when they are related to work and reasonable. The team are expected to take a responsible attitude to purchases they expect to expense and only expense what they would justify buying themselves.
· Travel: Team travel expenses will be paid for or reimbursed where they must travel outside of their normal travel. Taxis should only be used when public transport isn’t feasible, and train tickets should be booked in standard class and in advance where possible. Car travel will be reimbursed at 45p per mile.
· Accommodation: In the unlikely event that a team member must pay for accommodation for a work event that is not arranged by the Forward Institute, approval must be gained from their line manager and the cost must be reasonable for the location.
· Subsistence: Subsistence will be reimbursed where, due to a Forward Institute event, team members must pay for food that they would otherwise not need to.
· Other: Other reasonable expenses in relation to your work with the Forward Institute will be reimbursed within the expenses procedure guidelines
· Entertainment: Team entertainment should be kept to within £25 per person for a regular team dinner, and within £50 per person for ‘special occasions’. Caution should be exercised in providing business entertainment worth over £25 per person. In such cases, this should be recorded in the gift log.
· Procedure: Expenses should be submitted via Xero and where not otherwise stated, should follow normal payment procedures and approvals. Expenses will be reimbursed within 2 weeks unless otherwise communicated.
Expenses policy: Contractors
· Travel: Where a contractor has to travel outside of their normal travel for a Forward Institute event, and the Forward Institute is not arranging travel, we will reimburse the cost of travel. Taxis should only be taken where there are no alternative options, and train tickets should be booked in standard class. Should the contractor choose to travel in a higher class, we will reimburse the cost of what the standard class ticket would have cost only. Tickets should be booked in advance where possible. Car travel will be reimbursed at 45p per mile.
· Accommodation: Accommodation for Forward Institute events will be arranged and paid for by the Forward Institute. Other accommodation will not be reimbursed unless agreed in advance.
· Subsistence: Subsistence will be reimbursed where, due to a Forward Institute event, contractors must pay for food that is not provided by the Institute. As per the Forward Institute team expenses policy, meals must remain under £25 pp unless agreed in advance.
· Other: Other reasonable expenses in relation to working with the Forward Institute will be reimbursed if agreed in advance
· Procedure: Expenses should be submitted as invoices with receipts attached. They will be paid within 2 weeks of submission unless otherwise communicated.