Introduction The Owen Project is committed to ensuring sound financial management and accountability to support its mission and objectives. This policy outlines the principles, procedures, and responsibilities necessary to maintain the integrity and transparency of financial operations.

Purpose The purpose of this policy is to:

1. Establish clear guidelines for financial management and control.
2. Ensure compliance with relevant legal, regulatory, and donor requirements.
3. Protect the organization’s financial resources from fraud, misuse, and inefficiency.
4. Provide transparency and accountability to stakeholders.

Scope This policy applies to all financial activities of The Owen Project, including but not limited to budgeting, income, expenditures, banking, reporting, and auditing. It applies to all staff, volunteers, trustees, and anyone responsible for managing financial resources on behalf of The Owen Project.

Financial Principles The Owen Project’s financial management will be guided by the following principles:

1. Transparency: All financial activities will be conducted openly and documented appropriately.
2. Accountability: Financial resources will be used responsibly and solely for the purposes intended.
3. Efficiency: Financial resources will be managed to maximize their impact.
4. Compliance: All financial operations will comply with relevant laws, regulations, and agreements.

Roles and Responsibilities

Management Team:

• Implement financial policies and procedures.
• Prepare budgets and financial reports for approval.
• Monitor financial performance and ensure alignment with strategic objectives.

Staff and Volunteers:

• Adhere to financial policies and procedures.
• Maintain accurate records of financial transactions.
• Report any concerns regarding financial matters to management.

Budgeting

1. Monitoring:

1. Financial performance will be reviewed monthly to ensure expenditures align with the approved budget.
2. Any significant variances will be reported to the Board of Trustees.

Income Management

1. Receipts and Recording:

1. All income, including donations, grants, and earned revenue, will be recorded promptly and accurately.
2. Official receipts will be issued for all income received.

2. Grant Management:

1. Funds received from grants must be used in accordance with the terms of the grant agreement.
2. Regular reports will be provided to funders as required.

Expenditure Management

1. Approval of Expenditures:

1. All expenditures must be authorized in accordance with the organization’s approval matrix.

2. Documentation:

1. All payments must be supported by appropriate documentation, such as invoices, receipts, or contracts.
2. Payments will be made through traceable methods (e.g., bank transfers, checks) to minimize risks.

Banking and Cash Management

1. Bank Accounts:

1. The Owen Project will maintain bank accounts in its name, and all financial transactions will be conducted through these accounts.
2. The opening and closing of bank accounts must be approved by the Board of Directors.

2. Signatories:

1. Bank account signatories will include at least two authorized individuals.
2. Dual authorization is required for all payments and withdrawals.

3. Cash Handling:

1. Cash transactions will be minimized, and petty cash limits will be strictly enforced.
2. Cash balances will be reconciled regularly, and discrepancies must be reported immediately.

Financial Reporting

1. Internal Reporting:

1. Monthly financial reports will be prepared for the management team and Board of Directors.
2. Reports will include income, expenditure, and budget variance analysis.

2. External Reporting:

1. Annual financial statements will be prepared and audited by the Management team and Directors.

Fraud Prevention and Detection

1. Internal Controls:

1. Robust internal controls will be implemented to prevent and detect fraud.
2. Examples include segregation of duties, approval processes, and regular reconciliations.

2. Reporting Fraud:

1. Any suspected fraud must be reported immediately to the management team or Board of Directors.
2. Reports will be investigated promptly, and appropriate actions will be taken.

Reserves Policy

• The Owen Project will maintain financial reserves to ensure stability and sustainability.
• The level of reserves required will be reviewed monthly & annuals by the board of Directors.

Policy Review This Financial Management Policy will be reviewed annually or as needed to ensure it remains effective and aligned with best practices and regulatory requirements.

Conclusion The Owen Project is committed to maintaining high standards of financial management to support its mission and build trust with stakeholders. By adhering to this policy, we ensure the responsible and effective use of our financial resources.

Approved by: Jessica Owen - Director

Date: 14/12/2024