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Financial Policy

General arrangements

We have a management committee which is elected at the Annual General Meeting.

  1. The management committee is responsible for ensuring that the group is well managed and that we look after our income properly and put it to best use.

  2. We will keep appropriate financial records, including:

    • spreadsheets recording all the transactions in the bank, other accounts and receipt of cash.

    • bank and other account statements.

    • details of all funds received.

    • invoices and other receipts for all payments.

  3. Our financial year ends on 31 December

  4. We will draw up accounts at the end of the financial year and have them examined by a suitable person who is independent of the group. The annual accounts will be presented to the Annual General Meeting for approval.

  5. Before the start of the financial year, we will set a budget for the following year.

  6. We will discuss a financial report at each committee meeting showing money received, payments, and remaining funds. It will also show expected future receipts and payments.


Bank accounts

  1. We have a current account (Treasurers Account) with Lloyds Bank PLC, 25 Gresham Street, London EC2V 7HN.

  2. We have an online account with PayPal in the name of “Hex Blufest” to facilitate electronic payments and donations to the group. The only payments made from this account shall be transfers to our Bank account.

  3. All bank transactions will go through our current account. If we pay money into any other account, it will be as a transfer from the current account.

  4. Three members of the management committee, to include the Treasurer, will be signatories to the accounts.

  5. Any withdrawals, payments or transfers from our bank account will be signed by two of the signatories. We expect that one of these will be the treasurer. If not, we will give the treasurer full details of the payment.

  6. Bank and PayPal statements will be collated every month and will be checked against our records.



  1. When we receive cash at events, two members of the group will count the cash, make a credit note of the total and sign for it.

  2. When the treasurer collects cash from a group member, the treasurer will issue a receipt and retain a copy for group records.

  3. Details of cash received will be entered in the cash spreadsheet.

  4. We will bank all cash received – we will not use it for cash payments. We expect that cash over £100 will be banked within a week.

  5. We will record details of all bank transfer (BACs) receipts.


Buying goods and services

  1. Our management committee will agree payments in advance. These will be agreed at committee meetings during the year.

  2. The treasurer will keep a file of all the paperwork and check invoices before making payments.


Payments by cheque, direct debit, bank transfer or debit card

  1. We will not sign a cheque, or authorise a direct debit, bank transfer (BACs) or debit card payments without appropriate paperwork to support the payment.

  2. Two signatories are required on each cheque. Cheque stubs will be completed at the time of payment.

  3. All other payments (including BACS, debit card payments, standing orders and direct debits) must be signed for by two signatories on our payment form. The payment form will include the following details: payee; date; amount; type of payment (e.g., BACS, standing order); and space for two signatures.

  4. We will never sign a blank cheque.

  5. We will record details of payments on the accounts spreadsheet:

    • type of payment

    • date

    • who signed the cheque / payment form.


Petty cash

  1. We will not retain any monies or make any payments in the form of cash.


This document approved by the management committee on:  17th May 2023

Next Review Date: 17th May 2025

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