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Financial Procedures (Wales) Policy

Policy Statement

This policy sets out the values, principles and policies underpinning {{org_field_name}}’s approach to the management of its finances.

People have a right to expect that {{org_field_name}} they are using will be run on a sound financial basis with robust procedures for dealing with money and accounting.

The service provider’s systems and procedures are all designed to achieve the financial safeguarding requirements set out in Regulation 10: Requirements in Relation to the Financial Position of the Service and other regulations governing service providers’ responsibilities included in the Regulated Services (Service Providers and Responsible Individuals) Regulations 2017.

Policy on Financial Procedures

The following applies.

1. There is a financial plan for {{org_field_name}} as part of the business plan which is open to inspection and reviewed annually, and includes a current cash flow forecast for the business set over a 12-month period.
2. {{org_field_name}} adopts open, transparent and robust accounting and financial procedures, which are annually audited by an independent firm of auditors.
3. Annual accounts are prepared and submitted, and include:
   a. a profit and loss account
   b. a balance sheet
   c. an auditor’s report signed by the auditor
   d. a director’s report signed by a director or the secretary of the company
   e. notes to the accounts.
4. Insurance cover is in place against loss or damage to the assets of the business.
5. Insurance cover is in place to cover business interruption costs including loss of earnings.
6. Records are kept of all transactions entered into the business.
   Our accountant is: _____________________
   The insurance provider for the business is: _____________________

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Responsible Person: {{org_field_registered_manager_first_name}} {{org_field_registered_manager_last_name}}

Reviewed on: {{last_update_date}}

Next review date: this policy is reviewed annually (every 12 months). When needed, this policy is also updated in response to changes in legislation, regulation, best practices, or organisational changes.

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