In order to achieve its purpose, the Belmont PTA (BHSA) recognises that steps must be taken to ensure that all profit is collected, securely held and spent, or given to appropriate people to spend on items or services that improve Belmont School facilities and improve on current enrichment opportunities.

The key areas are:

• The role of the Treasurer includes the collection, savings and payment of monies
• The role of the Committee in identifying and approving appropriate causes
• The individual role of each Committee member in declaring any conflict of interest

The Belmont PTA (BHSA) Committee is collectively responsible for its finances and must formally agree to any event. However, it is the responsibility of the Treasurer to ensure that all financial transactions are presented and recorded correctly.

Money Authorisations

The following controls will be applied when managing the money raised by the Belmont PTA (BHSA):

• All purchases over £[200] must be agreed by the Committee before they are made
• All disbursements to Belmont School must be agreed by the Committee
• Confidentiality of anonymous donation are to be respected and not disclosed outside the Committee
• Expenses can only be reclaimed upon production of a receipt or similar suitable evidence of costs incurred
• There will be no payment of expense claims to Committee members for petrol, telephone or childcare costs incurred when organising Belmont PTA (BHSA) events

Bank Account Management

The bank accounts will be maintained according to the following rules:

• The Treasurer is authorised to operate the bank accounts and will retain passwords for electronic banking
• View only access to electronic banking will be granted to other members of the Committee as appropriate (usually the Chair and the School Business Manager as a minimum)
• Movement between the current account, the parental donation (gift aid) account and any savings account will be actioned by the Treasurer only
• The Treasurer shall make a regular review of deposit, investment and current accounts suitable for charities

Handling Cash

There are extra rules for the handling of cash due to the difficulty of tracking transactions:

• For large events, such as the Summer Fair and Winter Fair, the Treasurer is responsible for managing the cash
• Money from events should be banked as soon as possible after the event unless required for petty cash to pay outstanding expenses
• Payment of services in cash (e.g. first aiders, cleaners) should be done by the Treasurer or their approved delegate only

Accounts and Recording Transactions

The Treasurer shall keep accounts up to date in order to produce accurate reports for the Committee and to keep track of cash and bank balances

• The Treasurer shall produce an income and expenditure statement and bank reconciliation at Committee meetings plus a breakdown of events as and when requested
• The Treasurer shall record the flow of money into and out of the Belmont PTA (BHSA), categorising each transaction to facilitate reporting and maximise transparency
• Bills must be paid when they are due and invoices chased when they become overdue
• Donations to the school must be recorded in a separate category

Identifying Facilities and Spending Funds

In order to ensure that the profit the Belmont PTA (BHSA) makes is spent on items or services that improve the facilities of Belmont School for the benefit of all pupils, the Belmont PTA (BHSA) will invite the Senior Leadership Team to submit bids for monies with an explanation of why the funds are needed together with their cost.

The Belmont PTA (BHSA) will consider the requests taking into account:

• Any previous large expenditure to that area in the previous year
• Any other large expenditure items that have been agreed

When the Belmont PTA (BHSA) agrees to a purchase, the requester will be informed and the Treasurer will release the money to the Belmont School Finance Officer or Bursar once the purchase cost has been confirmed.

At any Belmont PTA (BHSA) Committee meeting which agrees expenditure, members will be reminded of any potential conflict of interests and asked to declare any such conflict before decisions are reached.