Financial Policy
How we look after the money that donors, funders and families trust us with.
Purpose
This policy sets out how Revive Community Centre CIC manages its money, so that funds from donors, funders and families are used safely, openly and only for our community purposes.
Responsibility
The directors are jointly responsible for the company’s finances. The board reviews income, spending and the bank balance at least every three months, and approves an annual budget.
Bank account and signatories
All money is held in the company’s bank account in the name of Revive Community Centre CIC. There are two authorised signatories, who are directors and are not related to each other. No money is held in any individual’s personal account.
Approving payments
Payments up to £1,500 may be approved by either signatory. Payments over £1,500, cash withdrawals, cheques, new borrowing and changes to the bank mandate need the approval of both signatories. Nobody may approve a payment to themselves or to a member of their family.
Separation of duties
The person who records a payment or claims an expense is not the only person who approves it. Bank statements are checked every month by a director who did not make the payments.
Receipts and records
Every payment must have a receipt or invoice, kept for at least six years. Volunteers’ out-of-pocket expenses are refunded only against receipts and an approved claim. Income is recorded by source: donations, grants, event contributions and fees.
Cash
Cash collected at activities and events is counted by two people, recorded on a signed cash sheet and paid into the bank within seven days. Cash is never used to pay expenses directly.
Grants and restricted funds
Grant money is spent only on the purpose agreed with the funder and is tracked separately in our records. We report to funders on time and return any money we cannot use for the agreed purpose.
Zakat
Zakat is kept separate from general funds and recorded on its own. It is paid only to eligible recipients and is never used for running costs such as rent or utilities.
Conflicts of interest
Any director or volunteer with a personal interest in a payment, contract or supplier must declare it and must not take part in the decision. Declarations are recorded in the board minutes.
Annual accounts
We keep proper accounting records and file annual accounts and the community interest report (CIC34) at Companies House on time. Our financial year runs from 1 May to 30 April.
Review
This policy was adopted in October 2026 and will be reviewed every year. Next review: October 2027.
Signed: Ahmed Hussein Sabee, Director, Revive Community Centre CIC