GBR is committed to managing its financial resources with integrity, accountability, transparency, prudence, and responsible stewardship. All funds and financial resources entrusted to GBR must be managed responsibly and used to support the organisation’s approved objectives, programmes, activities, and responsibilities.
1. Purpose
The purpose of this policy is to establish clear principles for the responsible management, control, use, recording, and reporting of GBR’s financial resources.
The policy seeks to promote sound financial practices, accountability, appropriate oversight, and responsible decision-making.
2. Financial Stewardship
All GBR funds, donations, membership fees, sponsorships, grants, and other financial resources must be treated as organisational resources and not as personal funds.
Financial decisions should be made in the best interests of GBR and should support its approved objectives and activities.
Individuals entrusted with GBR funds or financial responsibilities are expected to exercise appropriate care, honesty, and accountability.
3. Budgeting and Financial Planning
GBR should maintain appropriate budgets and financial plans for its programmes, events, projects, and operational activities.
Expenditure should be planned and authorised in accordance with approved budgets and internal procedures. Material or unplanned expenditure should receive appropriate approval before commitments are made.
4. Authorisation and Expenditure
All financial transactions should be properly authorised and supported by appropriate documentation.
Individuals must not approve their own personal expenses or use GBR funds for unauthorised personal purposes.
Expenses incurred on behalf of GBR should be reasonable, necessary, properly documented, and related to legitimate organisational activities.
5. Financial Records
GBR will maintain appropriate financial records to support accurate reporting, accountability, and responsible financial management.
Records may include invoices, receipts, payment records, bank statements, budgets, contracts, donation records, and other relevant financial documentation.
Financial records should be maintained securely and retained in accordance with applicable legal, regulatory, and organisational requirements.
6. Donations and Restricted Funds
Donations and other contributions should be recorded accurately and used in accordance with any agreed restrictions or designated purposes.
Where funds are provided for a specific programme or activity, GBR should take reasonable steps to ensure that those funds are used for their intended purpose.
The acceptance and management of donations must also comply with the Charitable Giving & Donations Policy.
7. Financial Controls
GBR should maintain reasonable controls to reduce the risk of fraud, theft, error, unauthorised expenditure, or misuse of financial resources.
Where practical, financial responsibilities should be appropriately separated, with suitable oversight for payments, approvals, reconciliations, and reporting.
Any suspected financial irregularity, fraud, misuse, or unauthorised transaction should be reported promptly to the appropriate GBR leadership.
8. Conflicts of Interest
Individuals involved in financial decisions must disclose actual or potential conflicts of interest.
No person may use GBR funds, financial information, supplier relationships, or organisational authority to obtain an improper personal or financial benefit.
9. Reporting and Oversight
GBR should provide appropriate financial reporting to its authorised leadership or governing structures to support transparency and informed decision-making.
Financial performance, significant expenditure, and material financial risks should be reviewed periodically.
10. Commitment to Responsible Stewardship
GBR recognises that responsible financial management is an important part of organisational trust and accountability. All individuals entrusted with GBR resources are expected to uphold the highest standards of integrity, transparency, accountability, prudence, and stewardship, ensuring that financial resources are used responsibly in support of GBR’s mission and objectives.