Lancing and Sompting Churches’ Food Bank

Financial Policy (PDF)

1.   General

Lancing & Sompting Churches Food Bank (L&SCFB) is a registered charitable incorporated organisation (Charity Number 1190449).

Our registered address is Lancing Tabernacle Church, 105 North Road, Lancing, BN15 9BB

Contact Email Address: enquiries@lscfb.org

The objects of the Charity are for the public benefit and specifically restricted to the relief of poverty, especially food poverty, by means including the collection, sorting and distribution of food and other supplies to food bank that serve the needs of persons who are or in danger of suffering food poverty. Our supporters help us to achieve this in a variety of ways, primarily by:

I.            Fundraising, donating money and donating food and food supplies to support our programme of work;

II.            Volunteering at the L&SCFB Centres and supporting our activities in the community;

III.           Volunteering as officers and trustees to facilitate the operation of the Food Bank.

An honorary treasurer is appointed to deal with all financial transactions on behalf of L&SCFB and to report periodically to the Trustees regarding the receipts and payments accounts and present bank balance.

Income to the Food Bank comes from many sources including donations from individuals and organisations, fund raising and from governmental grants.

As a charitable incorporated organization L&SCFB must comply with the financial operational requirements of the UK Charity Commission.  See the link below:

Managing charity money, assets and property - GOV.UK (www.gov.uk)

2.   Bank account

L&SCFB operates a bank account into which all cash donations and grants are paid as income.  The various operational expenses are paid out of the bank account as appropriate.

Account type:- Barclays business account

Account name:- Lancing & Sompting Churches Food Bank

Sort code:-  20 – 79 – 31

Account number:-  73929213

3.   Independent Examiner’s report

L&SCFB appoints an independent examiner each year to examine and report on the accounts and assist with compliance with UK Charity Commission rules, regulations and procedures.  This includes the uploading annually of the “Receipts payments and Accounts” information to the Charity Commission website.

4.   Cash Reserves

It is prudent for L&SCFB to maintain cash reserves to cover for unexpected expenses and for the possibility of reduced levels of donations which could result in a lack of funds available to continue to operate.

The Charity Commission requires that charitable organisations do not hold excessive cash reserves.  The Charity Commission does not define the level of reserves; however, it is common practice with charities to set a reserve equivalent to three months’ operating costs.

It was proposed and agreed at the Trustees committee meeting held on 24 March 2023 that we aim to maintain a cash reserve to cover a minimum of three months of food bank operation.  Presently (2024) that equates to around £25,000.

In the case that cash reserves exceed this level significantly the trustees should discuss the issue at their next meeting and take action accordingly.  The actions to be considered may include:

·         Identification of additional appropriate expenditure;

·         Identification of suitable causes related to the Food Bank’s constitutional aims to offer funding support;

·         Consider reducing fundraising activities.

In the case that cash reserves fall towards the reserve limit the trustees should discuss the issue at their next meeting and take steps to increase income if possible and reduce expenditure if necessary to halt the fall in cash reserves accordingly.  Measures to reduce expenditure may include reducing the numbers of Dave Brown (meat) vouchers issued and reduce expenditure on non-food items given out to visitors.