u3a

Great Glen Oadby & Wigston

Financial Rules

FINANCIAL RULES

1. Statement

Great Glen Oadby & Wigston U3A (abbreviated to GGOW u3a) is a learning co-operative and membership charity which enables members in their third age to share educational, creative and leisure activities. Members draw upon their knowledge, skills and experience to teach and learn from each other (peer to peer learning). As a charity, GGOW u3a is required to determine its ‘Internal Controls’, of which one is the Financial Controls. These Financial Rules are a documentation of the current procedures of the GGOW u3a. The Trustees are the members of the GGOW u3a Committee.

2. Trustees’ financial responsibilities

2.1 Responsibilities

The Trustees of GGOW u3a are responsible for:

  • Safeguarding the assets of the charity.
  • Identifying and managing the risk of loss, waste, theft or fraud.
  • Ensuring the financial reporting is robust and of sufficient quality.
  • Keeping financial records in accordance with the governing document and relevant legislation (e.g. Charities Acts, Companies Acts, Tax Acts, etc.).
  • Preparing Annual Accounts in accordance with the governing document and relevant legislation. Filing the accounts promptly at the Charity Commission for England & Wales.
  • The accounts showing a true and fair view of the state of affairs of the u3a.

Trustees are jointly responsible for keeping complete financial records for the whole u3a and all the interest groups. To enable the Trustees to carry out these responsibilities, the financial procedures detailed below in this policy will be followed.

2.2 Financial controls

The Trustees will review the financial controls annually and decide if the controls are appropriate for GGOW u3a. The Trustees will review the risk register (which includes financial aspects) annually.

3. Banking

3.1 Bank accounts

  • All bank accounts are in the name of Great Glen U3A Interests Group and are operated by the Trustees.
  • New accounts may be opened by a decision of the Trustees only, which must be recorded in the minutes.
  • Changes to the bank mandate may be made by a decision of the Trustees only, which must be recorded in the minutes.
  • The four authorised signatories are four from the Chairman, Vice Chairman, and Treasurer and Secretary or another Trustee.
  • All cheques must be signed by two signatories, who are responsible for examining the cheque for accuracy and completeness.
  • The signatories are responsible for examining the payment documentation (purchase invoice, etc.) prior to signing the cheque or undertaking reasonableness checks, such as sight of the remittance advice, before authorising an internet payment.
  • All bank statements are be sent to the Treasurer directly.
  • Blank cheques will never be signed by one signatory for a second to complete later.
  • Our banks will be informed of all changes to the Trustees.

3.2 Online banking

3.2.1 CAF Bank

For our online bank accounts only Trustees approved by the Committee will have access to this facility. The security of the online system follows the arrangements required by our bank (CAF Bank). The system has dual authorisation on payments, a password for signing on and one time passcode when signing on to view the accounts or make payments, or for creating each new payee.

We operate a separate bank account for collecting membership subscriptions. View access is granted to the Membership Secretary.

Operation of the online banking services is under the control of the Treasurer, who has full access rights and is responsible for assigning the appropriate delegate rights, as agreed by the Committee and in accordance with the bank mandate. All payments are authorised in accordance with the bank mandate.

3.2.2 Bath Building Society Account

The Bath Building Society Account is an online savings account and all transfers out are paid into the Current account. All transfers are notified to the Committee and authorised by the Treasurer or another approved Trustee. We use the Society’s access control security systems to sign in to the account, which are similar to the CAF bank account. The second Trustee will check the bank balance at least four times a year.

3.2 3 United Trust Bank

The United Trust Bank account is a 100-day notice savings account and the signatories are the Treasurer, Robert Mansfield and Lynda Williams. There is an annual statement, in October, and other statements can be requested.

3.3 Payment by bank cards

The issue of any bank debit or credit card in the name of Great Glen U3A Interests Group requires the approval of the Committee. No such cards are in use.

3.4 Personal debit or credit cards

The use of personal debit or credit cards for interest group activities will be closely managed.

Prior approval must be given by the Committee for equipment and other items to be purchased for the use of GGOW u3a or specific interest groups. In these circumstances, it may be appropriate for a member to make a purchase in person and then claim the cost as a personal expense claim.

All invoices received must be issued in the name of Great Glen Interests Group.

4. Groups’ finances and meeting donations

4.1 Rents

Rent for all groups will be paid by the Treasurer from central funds. Rents are normally self-billed so a remittance advice must be sent to the Landlord. If the landlord requires rent to be paid prior to each session the Group Leader shall submit a reimbursement expense claim;
and may retain cash received and bank the net figure and send receipts to the Treasurer.

4.2 Meeting donations

The Committee set meeting donation levels. Meeting donations are the same for all groups meeting in accommodation provided by the GGOW u3a, unless otherwise stipulated/agreed by the Committee. Members of groups with a projected annual deficit (rent less donations) exceeding a sum agreed by Committee, are required to pay an increased donation to keep the annual deficit close to the maximum permitted.

Groups collecting the standard meeting donation and meeting in venues where there is a need to pay for refreshments, instead of paying a rent, should take such payments out of the donations received and bank the balance (if any). If the standard donation does not cover the cost of refreshment the meeting donation should be set at a level which will cover the full cost.

Groups collecting money for extra refreshments/biscuits and/or consumables do not need to account for these monies to the Treasurer.

4.3 Self-financing

Interest groups are expected to cover any costs other than rentals and may collect such sums of money as the group members and leader deem to be necessary to undertake their activities, e.g. to buy consumables, hire a film, engage a guest speaker. The extra funds of these groups belong to the U3A, but may be held in safe custody by the Group Leader or Group Administrator.

The Treasurer, Groups Co-ordinator and Group Leader(s) will agree what records they need to keep of each group’s transactions in order to:

  • Allow the Treasurer to keep accurate accounts for presentation to the AGM, for discussion with the Trustees and to meet regulatory requirements.
  • Allow the group members to understand how their monies are being managed.
  • Maintain transparency and trust for all concerned.
  • Minimise the risk of error and potential loss of funds.
  • Allow Group Leaders to maintain cash floats.

The Treasurer shall inform the Trustees of the balances on group accounts annually and if material shall consolidate the transactions within the final accounts.

4.4 Equipment and start up grants

Groups seeking grants for purchase of equipment or other materials shall submit a request to the Groups Coordinator. A decision whether to award a grant shall be made by the Committee.

5. Receipts for meeting donations and trips

Members attending any group in a hired room are expected to make a donation at a level advised by the Committee. Receipts are not issued by the Organiser / Group leader when the cash is handed over.

To manage the handover of cash and cheques to be paid into the Great Glen U3A Interests Group bank account:

  • Group Leaders may use bank transfer from a personal account and retain the cash.
  • Or pay the money into any bank, Group Leaders will be given a paying in book supplied by the Treasurer.
  • Where cash is handed over a receipt may be requested by the Group Leader, or acknowledged by email.
  • For trips, the organiser should evidence the cash retained for on-the-day disbursements on the handover sheet supplied to the Treasurer.


The Treasurer will supply the Membership Secretary, and others, with a paying-in book to bank any income. The Treasurer will provide stationery to make cheque or cash deposits into the Post Office. If paying in where cheques are scanned by the ATM, the payer should keep a full audit trail of these cheques, ie the full receipt, which normally includes a copy of the face of each cheque.

6. Gift Aid

The Treasurer will submit claims to His Majesty’s Revenue and Customs (HMRC) periodically, using data from the meeting donations for Community buildings. Also for subscriptions, by using the list produced from Beacon. HMRC will be advised if there are material changes to the basis of the data collected, e.g. increases in subscription rates. Registers, membership forms, claims and Gift Aid declarations will be securely retained for all claims and, if no longer current, destroyed after six years.

7. Contracts for rooms and other services

One or more of the Committee Officers shall sign any contracts for the supply of rented rooms and broadband connections. Committee should be informed of the essential details of all contracts entered into. The Treasurer shall maintain a record of all such contracts.

8. Payments

The Committee will inform relevant Group Leaders of the approved process for payments relating to:

  • When a trip is organised by and paid through the u3a or paid directly by the members to the trip organiser.
  • When payments may be deducted from activity revenue for:
    • Venues
    • Coaches
    • Tutors
    • Speakers
    • Other
  • When payment for venues, coaches, tutors, speakers etc. must be paid by the u3a.

Where cash is collected on the day and paid over on the day to the venue, normally to obtain group booking discounts, no records need to be submitted to the Treasurer

Outside speakers should be asked to state their fees and any travel costs at the time of booking and a cheque obtained from the Treasurer or a bank transfer made if possible.

Where the Committee has agreed the use of paid tutors, such tutors must provide evidence of their self-employed status and invoice the u3a as agreed.

The Committee (via the Treasurer) will monitor the income and expenditure of the groups or trips. Group Leaders need to provide regular information, as agreed, to the Treasurer. Where groups do not comply then the Committee will review whether the group is legitimately operating in line with the insurance and financial requirements.

9. Social activities

Events such as theatre trips, visits or educational days out must be charged at cost and all participants pay appropriately. The costs paid by members must cover out-of-pocket expenses and make a contribution to the bank charges involved.

Where monies are collected fully before making a venue and/or coach booking the fee can match the exact costs. Where the facilities need to be hired before all the income is received then organisers need to collect monies to cover the costs in full before the event is necessarily fully booked. Any resultant surplus will be shared pro rata between those who have paid.

Unfilled places can be offered to neighbouring u3as,

The organiser of an event must not benefit from any discount (e.g. a free place) offered by the organisation providing the event. The value of free places must be shared out among all participants to the event.

Out-of-pocket expenses, e.g. tips, postage, small refunds, can be paid by an organiser out of the money collected for the event. As all u3a members offer their services free, the organiser(s) must not receive any pecuniary reward for organising an event.

10. Payments to other charities

In line with charity law, a u3a can only raise funds for another charity if it has similar charitable objectives.

GGOW u3a will make payments direct:

  • to the charity if a service is being supplied to members
  • to the charity if the speaker is employed by the charity
  • to the speaker, for those who have indicated that they intend to donate their fee to a specific charity.
  • to the charity if the speaker signs a waiver form requesting paying to the Charity.

11. Expenses policy

Out of pocket expenses incurred by the volunteers who are involved with running the u3a will be reimbursed. Expense claims must be submitted with receipts, wherever practicable. Expense claims will be authorised by an authorised bank signatory, and no Committee member should authorise their own claim nor approve their expense claim (or that of a relative) through the on-line bank account. Expenses will include – with Committee approval – attendance at the Trust’s AGM and Conference or national/regional workshops.

All claims need to be made on the appropriate form (copies available from the Treasurer or the website) giving sufficient detail as to the nature of the expense.

Expense claims should reflect the cheapest travel option available. Travel by car will be reimbursed at 33p per mile, or 35p if car sharing, approximately 2/3rd of the current HMRC approved rate for the actual mileage travelled. Car parking and congestion charges can be reclaimed (with receipts) but parking or other fines will not be reimbursed.

Overnight accommodation will only be allowed in exceptional circumstances and will need the prior agreement of the Committee.

12. Membership Subscription and membership of more than one u3a

The membership subscription is reviewed on an annual basis. The subscription year is 1st April to 31st March. Subscriptions are normally collected in advance so that all members can renew in time to vote at the AGM.
From 1st April 2025, for full members joining in September to 31 st March each year the rate will be reduced by about half to a third. For those joining in the second half of the year, there will be no reductions for those not wanting a TAT magazine. Those not wanting a magazine may pay a reduced rate on renewal.

GGOW u3a is committed to keeping the membership subscription low enough to ensure that the u3a remains accessible to all members. We offer a reduced rate for two members at one address sharing the TAT magazine and for those not wanting a TAT magazine.

For u3a members who can evidence membership of another u3a, including the Interests Group Online (provided by the TAT), GGOW u3a will reduce the cost of membership by an amount that is at least equal to that paid to the Third Age Trust for each member.

13. Asset register

An asset register is maintained by the Secretary which records all assets held including their initial purchase price, date of purchase, estimated nominal value and location. The Treasurer shall retain a copy invoice in case required for insurance claims.

All assets are fully written off against receipts in the year of purchase. The register is reviewed annually to confirm assets are still held and in good condition. Items no longer of use may be offered to members, recycled or scrapped.

Software Licences are included in the Asset register.

14. Reserves

GGOW u3a aims to hold reserves that will cover [three] months of regular operating activity. This is considered by the Committee a reasonable level. The Treasurer must advise the Committee if reserves are likely to fall below this level.
We should not hold unnecessarily high reserves. The Treasurer should advise the Committee if reserves are forecast to exceed [nine] months of regular operating activity.

Social account activities may be excluded from this figure as these activities are inflated by high-costs such as those of theatre visits and days out and are entirely self-financing.

15. Insurances

The Treasurer will maintain insurances. These are all arranged by the Third Age Trust out of the membership fees paid to the Trust.

There is cover for: Public and Products Liability, All Risk Contents, Cash held at home, Trustee indemnity, Tour Operators liability, guest speakers (one off) and Cyber-attack. There are excesses on all policies.

16. Availability and changes to this policy

This policy is available on the GGOW u3a website. This policy may change from time to time. If we make any material changes, we will make members aware of this through the newsletter.

17. Queries

If you have any queries about this policy, please contact the
Chairman

This policy was adopted on: 7 January 2025

Signed: XXX

Committee Role: CHAIRMAN

Print Name: ROBERT MANSFIELD

Policy Review Date: January 2026