Financial Control

Financial Control

Financial control of the St Stephen’s Project is the responsibility of the Parochial Church Council (PCC) of the Parish of Central Exeter.

The finances associated with the Project are held and administered separately from the Parish accounts with separate and dedicated bank accounts in the name of the Project. The current account is backed by a dedicated higher-interest saver account.

Procedures to record the payments and receipts associated with the Project are in place. These procedures contain a number of checks and balances to ensure that all financial matters are undertaken appropriately. Responsibility for the Project finances is given to the Project Co-ordinating Committee* acting for, and reporting to, the PCC. The day-by-day administration of the Project finances – including deposits into the bank current account, requests for transfer between accounts and for payments – is undertaken by the Project Director* with the PCC Treasurer providing a watching brief.

  • All requests for payment are forwarded to the Project Director who ensures appropriate records are kept. Each request must be accompanied by an invoice and, where appropriate, a completed claim form and supporting documents.

  • If the payment request is associated with any aspect of the structure of the building or repair costs, the Project Manager is notified of the claim and any objection or query sorted out before proceeding further.

  • If the claim appears valid, it is forwarded to the PCC Treasurer together with copies its supporting documentation. The Project cheque book is held by the PCC Treasurer who issues a cheque after resolving any queries that may be present. Unresolved queries are referred to the Project Co-ordinating Committee.

  • The signatories to the Project cheque account are any two of the PCC Treasurer and the two Churchwardens for St Stephen’s Church. (The Project Director is not a signatory to the Project cheque account.) The signed cheque is sent to the Project Director who forwards it to the payee with a request for a receipt. All invoices and receipts are kept for possible VAT re-claim purposes.

  • Income in the form of grants and donations is banked by the Project Director who is also responsible for clearing the public appeal boxes and arranging claims for Gift Aid and VAT rebates where appropriate.

  • A report of payments and receipts is forwarded to the PCC Treasurer each calendar month by the Project Director. This is checked against the bank statements received directly by the PCC Treasurer.

  • A financial report is presented to the Project Co-ordinating Committee at its bi-monthly meetings for forwarding, if accepted, to the next PCC meeting.

  • The annual payments and receipts record for the Project is audited by the Parish Auditor at the end of the financial year and presented to the Parish AGM.

The PCC requires that the financial resources to meet the cost of each identified phase of the Project should be available before binding financial commitments are made.