Financial Regulations & Control Policy

Financial Control:

Company management is responsible for ensuring all financial transactions are properly recorded and appropriate financial controls are in place.
All financial transactions must comply with legal and regulatory requirements and accounting best practices.
Detailed working procedures must be maintained and updated as necessary.

Audit and Annual Accounts:

The company will provide annual accounts prepared and audited in accordance with legal and regulatory requirements.
External auditors, appointed by the company management, will report on the financial statements and have the authority to access all company records and documents related to financial transactions.
The company must maintain an internal audit function.

Other Financial Returns:

The company is required to submit financial returns to regulators and others, with preparation, submission, and audit responsibility lying with the accountant in conjunction with the company management.

Budgetary Control:

Budgets will be monitored and controlled through regular discussions between the company management and staff members.
Reports will be completed each quarter setting out actual income and expenditure against budget, explanations of variances, and reforecasted budgets for the year.
The company management may switch expenditure between revenue budgets and incur overspends where necessary and in line with service delivery objectives.

Banking Arrangements and Bank Accounts:

Company management has the authority to open or close accounts.
All bank accounts must be in the name of Seven Steps Support Ltd.
Company management is responsible for liaising with the company’s bank in relation to bank accounts.
All cheques must be signed in accordance with a bank mandate for the account.

Income:

Company management is responsible for collecting all monies due to the company and ensuring they are deposited without delay into an appropriate bank account.
Sales invoices must be in a format that complies with VAT and other legal requirements.

Expenditure:

This section outlines the principles and procedures for ordering and payment for miscellaneous goods and services.
Payments will only be made against properly authorized invoices.
Payments will primarily be made via BACS or other electronic means.
Cash payments will only be accepted in exceptional circumstances.
Payments via credit card must be accompanied by an authorized invoice or receipt.

Assets:

Company management is responsible for safeguarding company property and maintaining an asset register.
Losses of property should be notified to the company management.

Miscellaneous:

Mileage payments will be made per the HMRC casual car rates per mile.
The company management is responsible for ensuring that all necessary insurance cover is in place.
Staff using their own vehicles on company business must maintain insurance cover for business use and provide proof of this to the company management each year.
The company management is responsible for dealing with all taxation matters.

Safeguarding Client’s Money

Seven Steps Support Ltd provides support to clients with their own personal monies where instructed by the client, client families, social workers, etc. We support clients to seek support from outside organizations to manage their money and budgets, and we have all relevant risk assessments in place and followed by all staff members.

We keep all records of receipts, incomings, and outgoings of clients’ money in locked tins and are available to clients whenever needed. We will not use clients’ money and valuables for the running or maintaining of the service. We will only become the agent when no other person outside the service is available.

All staff at Seven Steps Support Ltd are unable to:

Be involved in writing or benefiting from clients’ wills or bequests
Benefit financially from gaining money by loyalty points, cash or other valuable items
Use their personal property (using the telephone)
Borrow money from clients, lending other clients’ monies
Sell or dispose of clients’ belongings without consent from the client

In addition to the duties placed on employees by Civil and Statute Law, the company requires its employees to ensure that gifts and hospitality offered by suppliers and potential suppliers of goods and services to the company are declined. This applies whether the gifts or hospitality are offered within or outside normal working hours. The only exceptions to this are trivial gifts with a nominal value of less than £15, such as a calendar, diary, chocolates, or mugs, which can be accepted. All other gifts must be politely refused or, if received through the post, returned to the donor with a suitably worded letter.

Relevant Regulators and Financial Regulations

Care Quality Commission (CQC) regulations: The CQC is the regulatory body that oversees and inspects social care providers in the UK. All social care companies must be registered with the CQC, and comply with their standards for quality and safety of care.
The Health and Social Care Act 2008: This legislation outlines the responsibilities of social care providers and sets out requirements for registration, inspection, and enforcement of regulations.
The Mental Capacity Act 2005: This Act provides a legal framework for making decisions on behalf of adults who lack capacity to make decisions for themselves. Social care companies must comply with the requirements of the Act when providing care to adults with learning disabilities who may lack capacity to make certain decisions.
The Data Protection Act 2018: This Act sets out requirements for the collection, storage, and use of personal data, including data about individuals’ health and care needs. Social care companies must comply with the Act’s requirements when handling sensitive personal information.
The Equality Act 2010: This Act provides protections against discrimination and requires social care companies to ensure that they provide care in a non-discriminatory manner.
The Care Act 2014: This legislation sets out the responsibilities of local authorities in providing social care to adults with learning disabilities, and includes requirements for assessments, care planning, and safeguarding.
Financial Conduct Authority (FCA) regulations: Social care companies that provide financial services, such as managing clients’ finances, may be subject to FCA regulations. These regulations include requirements for authorisation, reporting, and compliance.
HM Revenue & Customs (HMRC) regulations: Social care companies must comply with HMRC requirements for tax and national insurance contributions.
The Companies Act 2006: This legislation sets out the requirements for registering and operating a limited company in the UK, including requirements for annual accounts, reporting, and disclosure.