The Non Ridden Equine Association UK Financial Policy

Management of Financial Records 

The Non Ridden Equine Association UK has a financial policy to ensure that all expenditure is on the association’s business; that it is properly authorised; and that this can be demonstrated. 

Financial records (a book of accounts) will be kept so that the association: 

  • Has proper financial control of the organisation. 
  • Meets its legal and other statutory obligations. Such as Inland Revenue, Customs & Excise and common law. 
  • Meets the contractual obligations and requirements of funders. 
The accounts will include: 

  • A record analysing all the transactions appearing on the bank account. 
  • A record of cash payments if cash payments are being made. 
Accounts will be drawn up at the end of each financial year within three months of the end of the year, and presented to the next Annual General Meeting (AGM). 

The committee will we involved in any funding bids and approve the budget for project work. 

A report comparing actual income and expenditure with the budget should be presented to the committee on a regular basis. 

The Non Ridden Equine Association UK has appointed Christine Hopkins who is an appropriately qualified accountant to the role of treasurer. She will examine the accounts for presentation to the next AGM.

Banking Arrangements 

1) The Non Ridden Equine Association UK banks with Lloyds with an on-line account. The account is held in the name of The Non Ridden Equine Association UK. 

2) A bank mandate (the list of people who can sign cheques on the forum’s behalf) will be approved and minuted by the committee, as will any changes to it. 

3) The Non Ridden Equine Association UK will have on-line access to statements. These will be reconciled with the accounts. The Treasurer will check that this reconciliation monthly and produce yearly accounts. 

4) The Non Ridden Equine Association UK will not use any other bank or financial institution, or use overdraft facilities or loan, without the previous agreement of the committee. 

5) The Non Ridden Equine Association UK should if possible aim to maintain a reserve in its account equal to three months of running costs, or £100, whichever is higher. 


1) All monies received by the association will be recorded promptly in the accounts and banked without delay. 

Cheque payments 

1) The approved budget provides the cheque signatories with authority to spend up to the budgeted expenditure and not beyond it. 

2) The Treasurer will be responsible for holding the cheque book (unused and partly used cheque books) which should be kept in a secure place. 

3) Each cheque will be signed by at least two people. 

4) A cheque must NOT be signed by the person to whom it is payable. 

5) Blank cheques will NEVER be signed. 

6) The relevant payee's name will always be inserted on the cheque before signature, and the cheque stub will always be properly completed. 

7) No cheques should be signed without original documentation (see below). 

Petty cash payments 

1) If the Non Ridden Equine Association UK wishes to maintain a petty cash float, the Treasurer or representative of the forum should be entrusted with this with the prior agreement of the committee. When the float is more or less expended, a cheque will be drawn for sufficient funds to bring up the float to the agreed sum. 

Expenses and payments 

1) The Non Ridden Equine Association UK , if asked, reimburse expenditure paid for personally by volunteers or staff, providing it has been agreed and minuted to do so, and that: 

  • Fares are evidenced by tickets
  • Other expenditure is evidenced by original receipts containing the items claimed against ONLY 
  • Car mileage is based on agreed and reasonable mileage rates 
  • No cheque signatory signs for the payment of expenses to themselves 
  • Honorarium claims should be accompanied by a record of what this is being paid for, and demonstrates the agreed activity has taken place.
Payment documentation 

1) Every payment out of the Non Ridden Equine Association UK’s bank account must be evidenced by an original invoice and never against a supplier's statement or final demand. That original invoice will be retained by the association and filed. The cheque signatory should ensure that it is referenced with: 

  • Cheque number 
  • Date cheque drawn 
  • Amount of cheque 
2) The only exceptions to cheques not being supported by an original invoice are items such as advanced booking fees for a future course, deposit for a venue, VAT, etc. Here a photocopy of the cheque will be kept. 

Payments for Services 

1) At the moment all staff in the organisation are volunteers who are not paid. If the Non Ridden Equine Association UK has to employ professional services to ensure the smooth running there must be a clear trail to show the authority and reason for EVERY such payment. 

2) If in the future The Non Ridden Equine Association UK needs to employ staff. All formal employees will be paid within the PAYE and National Insurance regulations. 

3) All staff appointments or departures will be authorised by the committee, minuting the dates and salary level. Similarly, all changes in hours and variable payments (e.g. overtime) will be authorised by the committee. 

Other rules 

1) The Non Ridden Equine Association UK does not accept liability for any financial commitment unless properly authorised. Any orders placed or undertakings given which are likely to cost the forum in excess of £100 must be authorised and minuted by the committee/steering group. 

2) In exceptional circumstances, such undertakings can be made with the Chairperson's approval who will then provide full details to the next meeting of the committee/steering group. 

3) The Non Ridden Equine Association UK will adhere to good practice in relation to its finances at all times. This should include when relevant a fixed asset register stating the date of purchase, cost, serial numbers and normal location of assets. Additionally, the forum will maintain a property record of items of significant value, with an appropriate record of their use. Any assets should be returned to the forum if individual members stand down. 

4) Purchases of goods or services over a value agreed by the committee will be subject to obtaining at least two quotes, and the subsequent decision based on value for money and minuted by the committee. 

5) Any member of the committee who has a personal interest in, or connection to, an organisation or individual who is already being paid by The Non Ridden Equine Association UK (or intends to quote for work being commissioned by the forum) must declare this interest and have it minuted by the committee.