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13.1 Financial Year
The Community’s financial year shall run from 1 April to 31 March each year.
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13.2 Banking
The Community shall maintain one or more bank accounts in its name with a UK banking
institution. The nominated bank accounts shall be operated by three members of the
Executive, each of whom shall be a designated signatory. At least two of the three
designated banking signatories must be UK residents for so long as, and to the extent that,
the Community’s primary banking institution requires it as a condition of the account. This
requirement shall be reviewed by the Executive annually and may be relaxed if the relevant
banking institution no longer imposes it.
All payments from the Community’s bank accounts shall require the authorisation of at least
two of the three designated signatories. No single signatory shall be authorised to make
payments alone, except for routine low-value transactions as defined by the Executive from
time to time in a Financial Controls Policy.
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13.3 Merchant Accounts and Online Payments
The Community may maintain merchant payment processing accounts (including but not
limited to Stripe and PayPal) for the purpose of receiving membership fees, donations, and
payments from the Community’s online store. These accounts shall be managed by the CFO
in conjunction with the CEO. All terms and conditions of payment processors shall be
complied with.
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13.4 Community Store
The Community may operate an online store selling branded merchandise and other items.
All net proceeds from the store shall be applied to the Community’s objectives as set out in
Articles 3 and 5. The CFO shall maintain records of all store income and expenditure.
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13.5 Financial Controls
The Executive shall adopt and maintain a Financial Controls Policy, which shall set out:
• Authorisation thresholds for different categories of expenditure;
• Procedures for the approval and documentation of expenditure;
• Requirements for maintaining receipts, invoices, and financial records;
• Maximum amounts for honorarium payments under Article 13C;
• Procedures for the annual review of accounts.
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13.6 Annual Accounts
The CFO shall prepare annual financial statements for each financial year. These shall be
presented to members at the AGM. The statements shall include a summary income and
expenditure account and a balance sheet. The Executive may arrange for the accounts to be
independently reviewed or examined if it considers this appropriate or if required by any
banking institution or regulatory body.
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13.7 Investments
The Community may hold funds in interest-bearing accounts or other low-risk investments,
provided this is consistent with the Community’s not-for-profit status and the objectives of
this Constitution. No speculative investments shall be made.
