Issue - meetings

Since their establishment on 1 April 2019 the Charter Trustees have used the BCP Council financial regulations and accounting systems.

This report asks the Charter Trustees to approve their own set of financial regulations and to note changes being made to financial processes and procedures that recognise that the Charter Trustees as a separate legal entity to BCP Council.

The Responsible Financial Officer presented a report on bespoke Financial Regulations for the Charter Trustees, a copy of which had been circulated to each Member and a copy of which appears as Appendix 'B' to these Minutes in the Minute Book.

The Charter Trustees were advised that the Financial Regulations which govern the financial conduct, internal control and financial management of the Charter Trustees apply equally to the Trustees and the Officers who were supporting the Charter Trustees.  The Responsible Financial Officer reported that since their establishment on 1 April 2019 the Charter Trustees had used the BCP Council’s financial regulations and accounting systems. The Responsible Financial Officer outlined key elements of the proposed Regulations as detailed at Appendix A to the report, including appointment of officers and responsibilities of Charter Trustees and Officers, which would be supported by the scheme of delegation set out at Appendix B to the report  The scheme of delegation was derived from the authorities which were set out in the financial regulations which defines what officers can do and what were reserved matters for the Charter Trustees and sought to separate duties to ensure sound internal controls .  The Responsible Financial Officer explained that Appendix C set out the banking arrangements.  The Charter Trustees were referred to paragraph 11 of the report.  The Responsible Financial Officers reported that instead of using the BCP Council bank account the Charter Trustees would have their own bank account and part of the BCP Ledger so that they were separately identified which would aid transparency and reporting whilst balancing cost efficiencies by being under the BCP Council Banking umbrella.

RESOLVED that:-

(a)           The Charter Trustees approve the financial regulations as presented in Appendix A to this report.

(b)           The Charter Trustees approve the scheme of delegation presented in Appendix B to this report.

(c)           The Charter Trustees approve the bank mandate as presented in Appendix C to this report.

(d)           The Charter Trustees note the other arrangements being made to further improve financial processes and procedures.

Voting: Unanimous.