 MODEL FINANCIAL REGULAT IONS Page 14 of 20 1.1. Any sums found to be irrecoverable and any bad debts shall be reported to the c ouncil and shall be written off in the year. 1.2. All sums received on behalf of the c ouncil shall be banked intact as directed by the RFO. In all cases, all receipts shall be deposited with the c ouncil's bankers with such frequency as the RFO considers necessary. 1.3. The origin of each receipt shall be entered on the paying - in slip. 1.4. Personal cheques shall not be cashed out of money held on behalf of the c ouncil. 1.5. The RFO shall promptly complete any VAT Return that is required. Any repayment claim due in accordance with VAT Act 1994 section 33 shall be made at least annually coinciding with the financial year end. 1.6. Where any significant sums of cash are reg ularly received by the c ouncil, the RFO shall take such steps as are agreed by the c ouncil to ensure that more than one person is present when the cash is counted in the first instance, that there is a reconciliation to some form of control such as ticket issues, and that appropriate care is taken in the security and safety of individuals banking such cash. 1.7. [ Any income arising which is the property of a charitable trust shall be paid into a charitable bank account. Instructions for the payment of funds due from the c haritable t rust to the c ouncil (to meet expenditure already incurred by the authority) will be given by the Managing Trustees of the c harity meeting separately from any c ouncil m eeting (see also Regulation 16 below) ] . 2. ORDERS FOR WORK, GOODS AN D SERVICES 2.1. An official order or letter shall be issued for all work, goods and services unless a formal contract is to be prepared or an official order would be inappropriate. Copies of orders shall be retained. 2.2. O rder books shall be controlled by the RFO . 2.3. All members and o fficers are responsible for obtaining value for money at all times. An officer issuing an official order shall ensure as far as reasonable and practicable that the best available terms are obtained in respect of each transaction, usually by obtaining three or more quotations or estimates from appropriate suppliers, subject to any de minimis provisions in Regulation 11.1 below. 2.4. A member may not issue an official order or make any contract on behalf of the c ouncil. 1.1. The RFO shall verify the lawful nature of any proposed purchase before the issue of any order, and in the case of new or infrequent purchases or payments, the RFO shall ensure that the statutory authority shall be reported to the meeting at which the order is approved so that the m inutes can record the power being used.
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