Financial Governance

Purpose

The purpose of this policy is to ensure that the UK Organization for Biotechnology and Computational Science (UKABCS) manages its financial resources responsibly, transparently, and in alignment with its mission as a non-profit organization. This policy provides a clear framework for financial planning, internal controls, monitoring, and reporting to guarantee that all funds are used effectively to support scientific research, capacity building, and open collaboration.

Scope

This policy applies to all financial activities of UKABCS, including but not limited to:

• Grant-making and project funding
• Partnerships and donations
• Membership fees and service income
• Operational and administrative expenses

Budgeting and Planning

• Annual budgets will be prepared by staff and approved by the Board of Trustees.
• Budgets will align with the strategic objectives of UKABCS and reflect realistic income and expenditure projections.
• Budget revisions may be made during the year with Board approval in response to changes in funding or operational needs.

Internal Financial Controls

• Clear segregation of duties will be maintained between authorization, processing, and recording of financial transactions.
• Dual authorization is required for all payments above a defined threshold.
• Expenditure must be supported by proper documentation (invoices, receipts, contracts).
• Bank accounts will be monitored regularly, with reconciliations performed monthly.

External Oversight and Auditing

• UKABCS will appoint independent external auditors to review financial statements annually.
• Audited accounts will be published and made publicly accessible in line with charity governance standards.
• Findings and recommendations from auditors will be reviewed by the Board and acted upon promptly.

Financial Reporting and Transparency

• Regular financial reports will be presented to the Board of Trustees to monitor income, expenditure, and reserves.
• Summaries of financial activities, including grants disbursed and impact achieved, will be included in the annual impact report.
• Members and stakeholders will have access to transparent information on how funds are managed and allocated.

Use of Funds

• All funds must be applied exclusively to activities that advance the non-profit objectives of UKABCS.
• Restricted funds (e.g., donor-designated or grant-specific funds) will be tracked separately and used strictly in line with donor requirements.
• Surplus income will be reinvested into programmes and initiatives that further the mission of UKABCS.

Risk Management

• Financial risks, including fraud, mismanagement, and loss of funds, will be monitored regularly.
• A fraud prevention and whistleblowing mechanism will be maintained to allow safe reporting of suspected financial misconduct.
• Adequate insurance will be maintained to protect the organization from financial liabilities.

Review and Compliance

• This policy will be reviewed annually to ensure compliance with UK charity law, accounting standards, and international best practices.
• Trustees are collectively responsible for ensuring that UKABCS adheres to this policy and remains accountable to regulators, members, and funders.