Version: 1.0 — Draft for Adoption
Effective Date: 18th October 2026
Review Date: Annually
Approved By: Benjamin Smith

 

1. Purpose

This policy establishes financial controls to help Wymondham Town United Football Club manage its funds responsibly, transparently and sustainably.

Club income shall support youth football, player development and the activities needed to run the Club.

This policy applies to Committee Members, Officers, coaches, volunteers and anyone authorised to collect, spend or commit Club funds.

 

2. Financial Objectives

The Club shall seek to:

• Meet its financial commitments.

• Plan expenditure realistically.

• Avoid unnecessary debt.

• Maintain appropriate reserves.

• Protect Club funds and equipment.

• Support affordable participation.

• Develop suitable sponsorship and fundraising income.

• Use grants and donations for their agreed purposes.

Surplus income shall support the Club’s objectives.

 

3. Responsibilities

The Committee retains overall responsibility for financial oversight.

The Treasurer shall maintain accounts, prepare reports and oversee banking and payment arrangements.

All individuals handling Club money must provide accurate records and supporting documents promptly.

Financial responsibility must not rest with one person without appropriate oversight.

 

4. Financial Year

The accounting period shall be recorded consistently in budgets, reports and annual accounts.

 

5. Bank Accounts

Club funds shall be held in approved accounts in the Club’s name.

Personal bank accounts must not be used to hold or collect Club funds.

Any team-level account or payment platform must be approved by the Committee and included in the Treasurer’s oversight.

 

6. Authorised Users and Signatories

The Committee shall approve and record authorised banking users and signatories.

Payments shall require approval by two authorised adults. No individual may approve their own expense claim or a payment benefiting themselves or a connected person.

Bank permissions shall be reviewed when responsibilities change, and access removed promptly when someone leaves their role.

 

7. Online Banking and Security

Financial systems shall use:

• Individual user accounts where available.

• Strong passwords.

• Multi-factor authentication where available.

• Appropriate access restrictions.

• Secure storage of records.

• Regular transaction checks.

Bank details supplied or changed by a supplier must be independently verified using a trusted contact method.

Passwords and authentication codes must not be shared.

 

8. Spending Authority

The Committee shall adopt a written schedule setting out:

• Who may approve expenditure.

• Spending limits.

• Budget responsibilities.

• Contract approval requirements.

• Matters requiring member approval.

Until a schedule is adopted, new spending commitments require explicit Committee approval.

Approval to purchase and approval to release payment are separate controls.

Related purchases must not be split to avoid approval limits. Approval must consider the total commitment, including recurring charges.

 

9. Emergency Expenditure

Urgent expenditure necessary to address an immediate safety risk or prevent significant loss may be approved jointly by two authorised, unconflicted officers.

Emergency action shall be limited to what is reasonably necessary.

The reasons, amount and supporting documents must be reported promptly to the Committee and recorded.

This provision must not be used to bypass approval for ordinary purchases.

 

10. Procurement

The Club shall seek suitable quality and value for money.

Price comparisons or quotations shall be obtained where proportionate to the purchase.

Where comparison is impractical, the reason must be recorded. Grant-funded purchases must follow the funder’s conditions.

Connected suppliers must be managed under the Club’s Conflict of Interest Policy.

 

11. Annual Budget

The Treasurer shall prepare an annual budget for Committee approval.

It should account for relevant items such as:

• Playing subscriptions.

• Sponsorship.

• Fundraising and donations.

• Grants.

• Merchandise income and costs.

• Pitch and training venue hire.

• League and affiliation fees.

• Referee fees.

• Equipment and kit.

• Coaching qualifications and required checks.

• Insurance.

• Administration and website costs.

• Events and tournament entries.

Expected income must be assessed realistically. Unconfirmed funding must not be treated as guaranteed.

 

12. Subscription and Paying Fees

Fees and payment arrangements shall be approved through the Club’s governing procedures and explained before registration.

The Treasurer shall maintain records of amounts due, payments received, refunds and agreed concessions.

Financial difficulties shall be discussed confidentially. Any assistance or payment flexibility must be authorised and applied fairly.

 

13. TeamFeePay and Other Payment Platforms

Where TeamFeePay or another approved platform handles Club payments or shop transactions, the Treasurer shall reconcile relevant records with funds received.

Records shall distinguish:

• Gross receipts.

• Platform and transaction charges.

• Refunds.

• Chargebacks.

• Amounts awaiting settlement.

• Net amounts paid to the Club.

The Club shall confirm who is responsible for sales, fulfilment, refunds and payment queries under each arrangement.

Platform access shall be restricted to authorised users.

 

14. Cash Handling

Where cash is collected:

• Two adults should count it together.

• A dated record shall identify its source and amount.

• It shall be held securely and banked promptly.

• Any discrepancy shall be reported.

If two-person counting is impractical, an independent check shall be arranged.

Cash expenses must be documented. Takings must not be informally used for purchases without recording both the income and expenditure.

 

15. Expenses and Reimbursements

Expenses must relate to approved Club activities.

Claims shall include receipts or other appropriate evidence and identify the purpose of the expenditure.

Claims must be approved by someone other than the claimant.

Any mileage rates or allowances must be agreed in advance.

 

16. SPONSORSHIP INCOME

Sponsorship agreements shall record:

• The sponsor.

• Amount and payment dates.

• Duration.

• Benefits promised.

• Production or delivery costs.

• Relevant cancellation arrangements.

Income and delivery obligations shall be monitored.

No agreement may offer rights over facilities or activities that the Club does not control.

 

17. Merchandise

Approved merchandise activity shall be monitored for income, costs and any stock held by the Club.

Pricing should consider affordability, supplier charges and a sustainable margin.

Stock purchases must be authorised. Lost, damaged or written-off stock shall be recorded.

 

18. Grants, Donations and Fundraising

Applications and appeals must accurately describe the Club and the proposed use of funds.

Funding that creates match-funding, repayment or continuing obligations requires approval before acceptance.

Restricted funds shall be identified separately and used only for their authorised purpose.

Required reports and evidence shall be retained and submitted on time.

 

19. Reserves and Cash Flow

The Committee shall agree a reserves target based on foreseeable costs, seasonal income and financial risks.

Restricted funds shall not be treated as freely available reserves.

The Treasurer shall monitor cash flow so that upcoming bills can be met.

 

20. Borrowing and Major Commitments

Borrowing, guarantees and significant long-term commitments require approval under the Club’s Constitution and legal arrangements.

Before approval, the Club shall consider:

• Total cost.

• Available funding.

• Ongoing obligations.

• Affordability.

• Risks.

• Benefit to youth football.

No individual may borrow or offer a guarantee in the Club’s name without authority.