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Something New: Financial scheme

Something New: Financial scheme

Introduction

1.1 This scheme sets out how Something New (‘the party’) will organise its financial affairs to comply with the Political Parties, Elections and Referendums Act 2000 (‘the Act’).

Constitution

1.2 A copy of Something New’s constitution, setting out our structure and organisation, and how we take decisions about the management of the party, is attached to this scheme or has been provided separately to the Electoral Commission.

Accounting units

1.3 Something New does not wish to register any separate accounting units with the Commission

Organisations within the party

1.4 For the purpose of compliance with the Act, the financial affairs of any local branches or affiliated organisations of the party, whether currently existing or to be established in future, will be wholly controlled by the party treasurer.

Financial year

1.5 The party’s financial year will run from 1 October to 31 September.

Role of the party treasurer

1.6 Raymond James Smith, the registered treasurer of Something New is responsible for the whole party’s compliance with the requirements of the Act, including the following:

Annual accounts

1.7 Something New will submit our annual statement of accounts to the Commission by the required date, being 30 April of the year following the end of the financial year if both our expenditure and income are under £250,000 in that year, or 7 July of the year following the end of our financial year if either our expenditure or income exceeds £250,000 in that year. We understand that if our income or expenditure exceeds £250,000 our accounts must be submitted with an auditor’s certificate.

1.8 In order to comply with this requirement, Raymond James Smith has:

Donations and Loans (regulated transactions)

1.9 Something New will report the donations and loans it receives each quarter to the Commission, for each of the registers it is registered on, within the following timescales:

1.10 In order to comply with this requirement, Raymond James Smith will:

For donations:

1.11 We understand that if we submit four consecutive quarterly nil donation returns, we will then be exempt from submitting further quarterly returns in respect of donations until we receive a reportable donation.

1.12 We also understand that separate quarterly donation returns must be submitted if we appear on the Northern Ireland register of political parties.

For loans (regulated transactions):

1.13 We understand that if the party has submitted four consecutive quarterly nil loans returns, we will then be exempt from submitting further quarterly returns until we enter into a reportable loan.

1.14 We also understand that separate quarterly loan returns must be submitted if we appear on the Northern Ireland register of political parties.

Campaign expenditure

1.15 The party will submit a campaign expenditure return if we have candidates contesting a UK Parliamentary election, European election, Scottish Parliamentary election, National Assembly of Wales election, or Northern Ireland Assembly election. The campaign expenditure return will be submitted within three months of the date of the election if our expenditure is less than £250,000 or within six months of the date of the election if our expenditure exceeds £250,000. We note that if our expenditure during the campaign exceeds £250,000 our return must be submitted with an auditor’s certificate.

1.16 In order to ensure compliance with the legislation, Raymond James Smith will:

Referendums

1.17 If the party participates in a referendum to which Part VII of the Act applies, Something New will develop and put in place arrangements for complying with the controls on referendum expenditure. We will do this by adapting our arrangements for the control of campaign expenditure.

Grants

1.18 Raymond James Smith will ensure that any grants from the Commission to the party are spent in accordance with the conditions of grant imposed by the Commission. We agree to cooperate with any associated audit requirements specified by the Commission.

Changes to registered details

1.19 Something New will ensure that the party’s details that are registered with the Commission are kept up to date. We will inform the Commission of any changes to registered officers within 14 days of the change and any other changes within 28 days.

1.20 We will ensure that our RP8 annual confirmation of registered details and £25 fee are submitted to the Commission with the annual statement of accounts by 30 April of the following year (if our expenditure or income is less than £250,000) or by 7 July of the following year (if our expenditure or income exceeds £250,000).

1.21 We note that failure to submit our RP8 annual confirmation of registered details within the prescribed timescale will result in our statutory removal from the register of political parties. We understand that this would mean that the party would no longer be able to field candidates at elections under the party name.

Penalties and offences

1.22 Something New understands that the Commission may impose civil penalties on parties that fail to comply with their legal obligations, including failures to submit statutory returns on time. The party also understands that failure to comply with certain legal requirements of being a registered political party is a criminal offence.

Role of other party officers

1.23 Should the appointment of the registered party treasurer terminate for any reason, then the registered party leader will, until a new treasurer is appointed, be treated as the party treasurer and will be responsible for ensuring that the party complies with its legal obligations.

1.24 Should the treasurer whose appointment is terminated also be party leader, then the nominating officer will, until a new treasurer is appointed, be treated as the party treasurer.

1.25 Should the treasurer whose appointment is terminated also be party leader and nominating officer, then the other registered officer will, until a new treasurer is appointed, be treated as the party treasurer.

Promoting compliance with the Act

1.26 The registered treasurer, Raymond James Smith, will ensure that the registered leader and all other officers and members of Something New have sufficient knowledge of our financial obligations under the Act to ensure that the party as a whole complies with these obligations.

Amendments to the financial scheme

1.27 The registered treasurer, Raymond James Smith, will ensure that any proposed amendments to this financial scheme are submitted to the Commission for approval.

Signatures


Party Leader / Treasurer: Raymond James Smith

Date: 24/07/2016


Nominating Officer: Paul Robinson

Date: 24/07/2016