This policy sets out how the Royal Scottish County Dance Society Edinburgh Branch manages its income and expenditure to ensure sound financial control, transparency, and accountability in line with good governance practices.
This policy applies to all trustees, officers, and volunteers involved in handling, recording, or approving the organisation’s income and expenditure.
Income may include, but is not limited to:
All income must be recorded promptly and accurately in the organisation’s financial records.
Cash received should be banked as soon as practicable.
No income should be used directly to pay expenses (“cash payments out of takings” are not permitted).
All income must be paid into the organisation’s designated bank account.
Bank statements should be reconciled regularly (at least quarterly) with accounting records by the Treasurer.
All expenditure must be approved in advance by the trustees or in line with delegated authority levels agreed by the Committee.
Routine or minor expenses (e.g. stationery, refreshments) may be authorised by the Treasurer within limits set by the Committee.
Payments should be made by bank transfer or cheque wherever possible.
Cash payments should be avoided, but where necessary must be supported by valid receipts.
All payments must be supported by appropriate documentation (invoices, receipts, or expense claim forms).
Trustees and volunteers may reclaim authorised out-of-pocket expenses using the approved claim form.
Claims must include original receipts and be submitted within 30 days of the expense being incurred.
Accurate and up-to-date records of all income and expenditure must be maintained by the Treasurer.
Financial reports should be presented to each Executive committee meeting and to members at the Annual General Meeting.
The Trustees are responsible for reviewing income and expenditure regularly to ensure financial stability.
The accounts will be examined annually by an independent person appointed at the AGM.
This policy will be reviewed periodically, or sooner if required, by the Trustees to ensure it remains appropriate and effective.
fun, fitness & friendship
