|
Financial controls
A cash-flow system is in place whereby funds are monitored
on a monthly basis. Cheques have to be signed by two authorised
signatories usually the Director and Deputy Director or two
trustees.
A budget is prepared in advance of student selection both
in South Africa and the United Kingdom and this also applies
to any educational projects being considered.
Subsequent to the selection process being completed a further
check is made and if a student is taken on for an MPhil or
a PhD the financial
commitment for the ensuing years is taken into account. A
bank reconciliation is done every week which the QuickBook
accounting system allows for within it's programme. The South
African office sends an account of money spent on a monthly
basis and this is backed up by the bank statement from the
Nedbank in South Africa.
|
Different people in the office deal with
the database and the covenants and our Finance Officer is
responsible for the cross-referencing. She is in charge of
income and expenditure entering them into a the main accounts
package. Records are also kept of all expenditure pertaining
to the different projects and if, as we sometimes do, we make
an appeal for a particular project donations received are
allocated to that project on the computer and subsequently
retrieved. All income is entered into the accounts and database
and these two records are regularly reconciled.
Projects assisted in South Africa are required
to submit detailed accounts and are visited on a regular basis
by representatives of the Trust.
|
