Financial Management

The Board of in sync is responsible for the management and finances of the company. The Senior Management Team is accountable to the Board of Directors of in sync, which in turn is accountable to all the funding agencies. The Company Secretary must ensure that appropriate financial controls are in place. The Regional Director is responsible for the day-to-day finances of in sync. The Senior Management Team is made up of the CEO, the Finance & Admin Manager and the Programme Manager.

Accounting Records

The day to day accounts records are maintained on a professional accounting software package. Payroll records are maintained in house on a professional payroll software package.

The Finance and Admin Manager is responsible for the maintenance of these records and their update, and for liaison with and facilitation of the Company External Auditor who conducts an independent Annual Audit of In sync accounts. The Finance and Admin Manager is responsible for reviewing the accounting records and making them available to Management and Board when required.

All in sync Financial Management and Procedures are outlined in the in sync Finance Policy & Procedures including:

Financial Reporting Bank Reconciliations
Annual External Audit Procedures Cancelled Cheques
Budgets Travel and Subsistence Payments
Bank and Cash Fixed Assets Policy
Bank Accounts Apportionment Policy
Security Procurement of Goods and Services
Cheque Signatories/Electronic Transfer Approval Reserves Policy
Cheque & Credit Card Payments Insurance
Tax Clearance Numbers Gifts Policy
Petty Cash Procedure Sales of Goods, Tickets and Sponsorship

The policy operates in line with revenue rules. All financial documents are retained for a period of seven years and are compliant with GDPR requirements.

All salaries paid by in sync are significantly below €100,000 per annum.

The full in sync Finance Policy & Procedures is available on request. In sync has also moved to full implementation of SORP for its 2020 accounts. SORP stands for the Statement of Recommended Practice, Accounting and Reporting by Charities.

For a copy of the most recent In sync Audited Accounts click here