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Financial Policy



The Ham and Petersham Tennis Club Financial Policy consists principally of three components:

  • Annual accounts
  • A rolling forecast of income vs expenditure.
  • Expenditure control and authorisation.

Annual Accounts

An income and expenditure account shall be produced annually and presented at the AGM for ratification in accordance with the Rules of the Ham and Petersham Tennis Club.

Rolling Forecast

The Club recognises that due to the intrinsic nature of court maintenance expenditure is not evenly distributed on a yearly basis and funds must be accumulated to cover expenditure in future years. Consequently a rolling forecast of estimated expenditure vs. estimated income shall be maintained. This forecast shall include a minimum of fifteen forward years plus the actual experience of past years. This rolling forecast shall be updated at least annually.

Expenditure Control and Authorisation

In the day to day running of the club, maintenance of the courts and projects, Club funds require to be expended. In order to ensure adequate accountability for funds expended the following rules shall be applicable:

Expenditure up to £250 shall require the authorisation of either the Chairperson, the Deputy Chairperson or the Treasurer.

Expenditure in excess of £250 and less than £5,000 shall be approved by the Management Committee or in special cases a sub-committee specifically approved for such expenditure by the Management Committee e.g. a specific project.

Expenditure in excess of £5,000 shall be presented for approval to the membership for approval at either an AGM or an EGM. However such approval may be obtained in principal at the AGM/EGM and the specific approval for expenditure executed by the Management Committee or their designated sub-committee.

All expenditure greater than £250 shall require quotations for the goods or services to be supplied. Receipts are required for all expenditure.

References

Clubmark Planning – Budget Costs with Sinking Funds – LTA web site.

Ham and Petersham Tennis Club
Revised November 2011