Finance: A High-Level Overview
For the full version of the SOHK Policies please:
Finance Policy here.
SOHK Bank Card Policy here.
SOHK Expenses Policy here .
This policy details the workflows that implement the principles in the Financial Controls policy. The policy also relates to the Bank Cards policy and Expenses policy. Each policy interacts with and complements the others. If you believe any policy to disagree with another, contact the COO for clarification before proceeding.
Finance Manager prepares monthly financial papers for Finance Subcommittee of Trustee Board, including Cashflow, Financial Forecast and Key Messages document. Subcommittee reviews and approves papers or requests remedial action.
Finance Manager prepares quarterly financial papers for Trustee Board, including Cashflow, Financial Forecast, Key Messages document and report from Finance Subcommittee. Board discusses papers and approves them or requests remedial action.
All SOHK financial apps and software create a transparent, digital audit trail which is maintained in perpetuity. Every member of staff is given their own login so that every action is auditable. Wherever possible, workflows and authorisation lines are hard-coded into apps and software. Staff are only given access to financial information and powers on a need-to-know basis, with permissions hard-coded into apps and software.
CEO holds authorisation on payments exceeding £5K
Finance Manager confirms adjustments to core and delivery staff wages in conjunction with respective programme manager.
In the absence of the Bookkeeper, Finance Manager reviews payments in Xero before authorising release.
In the absence of the Bookkeeper, Finance Manager provides the second authorisation for all payments scheduled in CAF with the Operations Executive.
Finance Manager reviews and processes invoices in Receiptbank and publishes to Xero for authorisation.
Bookkeeper schedules all payments 'awaiting payment' in Xero in CAF Bank.
Finance Manager updates transactions in Xero with the reference code and date of payment.
Bookkeeper performs bank reconciliation on all SOHK accounts importing all transactions into Xero and reconciling within Xero. Finance Manager reviews and approves reconciliation on monthly basis.
Finance Manager performs account categorisation and Cashflow.
Finance Manager provides to schedule the release of SOHK salaries.
Bookkeeper schedules the release of liabilities owed to HMRC, Finance Manager reviews according to payroll reports and authorises.
Bookkeeper completes monthly bank and petty cash reconciliation.
Bookkeeper requests missing invoices/receipts from Staff or Managers. Bookkeeper refers any suspicious or unknown transactions to Finance Manager for investigation.
Bookkeeper enters PAYE, pension and timesheets monthly onto Xero, assigning spending category codes and project codes for restricted funds, as appropriate.
Bookkeeper issues monthly aged debtors and creditors report to Finance Manager for remedial action if needed. Finance Manager reviews and authorises reports.
Bookkeeper updates VAT records monthly and creates quarterly VAT report for Finance Manager. Finance Manager authorises and bookkeeper sends to HMRC.
Bookkeeper reviews payments requiring authosrisation in Xero before release.
Bookkeeper provides the second authorisation for all payments scheduled in CAF.
Key Financial documents are held here. Link
Staff expenses processed and approved here. Link
Online finance inbox which scans attached invoices in Word or PDF. Bills are stored here for the person responsible for the bill to verify, before being published to Xero for payment. Link
Online accounting platform. Link
SOHK's bank accounts. Link
Secure email for SOHK salaries, PAYE, pension etc. Link
Perform bank reconciliation: download bank statements from CAF, upload to Xero. Perform reconciliation.
Update the SOHK Accounts and Cashflow
Review and assign bills to the correct programme, funding source and spend category in Receiptbank.
Publish bills received to Receiptbank to Xero.
Obtain Bookkeeper/Finance Manager authorisation of bills to pay.
Schedule all payments in 'awaiting to be paid' in Xero in CAF Bank.
Obtain Bookkeeper/Finance Manager authorisation to release payments scheduled in CAF.
Perform bank reconciliation to enable real-time reports and monitoring of invoices issued.
There are no limits for individual signatories but every instruction or cheque must be signed by two signatories.
CEO – Ken Cowen
Finance Manager – Shelby Jones
Bookkeeper – Christine Buxcey
Programmes Director, England – Nathan Persaud
There are no limits for individual users but every instruction must be authorised by two users.
Operations Executive– Megan Gaffney
CEO – Ken Cowen – no limit
Programmes Director, England – Nathan Persaud - £500 per month
Programmes Director, Cymru – Catryn Grundy - £500 per month
Programmes Manager, Scotland – Rosa Innes - £500 per month
Senior Course Facilitator, England – Jim Harper - £500 per month
