Donations to Charity

If UKmate receive surplus client money in a client account, we follow best practice and enact the following procedures:

• Ensure that all efforts are made to trace the clients or owners of the money;
• Hold the surplus money in a client suspense account; and
• Hold surplus money for at least six years. If, after six years, the client or owner of the money has not been found and no true claimant to the money has come forward it may be donated to a registered charity.

General Controls

UKmate ensure that:

• Employees have clear segregation of duties and responsibilities and that a Principal or appropriately qualified individual oversees the client accounting function;
• It employs competent and knowledgeable staff who are responsible for processing clients’ money and who are familiar with Client Accounting rules;
• Accounting systems and client data are securely controlled and protected;
• Computer systems are adequately protected for access, firewalls, back-ups and disaster recovery;
• There is adequate cover for holiday and long-term absence;
• Principals cannot and do not override controls surrounding the accounting system; and
• All areas of the business apply the same level of controls in relation to the client accounting function.

Client Bank Accounts

UKmate ensure that:

• We hold clients’ money in one or more client bank accounts separate from all other monies;
• Client money is available on demand;
• The bank account is correctly titled to include the name of the Company and the word “client” to distinguish the account from an office or any other account; and
• We have obtained written consent if the Company is to retain interest.

Client Accounting Systems and Controls

UKmate ensure that:

• Accounting records and systems are appropriate to the nature and volumes of client account transactions;
• Systems provide details of all money received into and paid from all client accounts and show a running balance of all client money held in that account;
• balances held on behalf of clients at all times;
• Accounting records are completed chronologically and promptly;
• The current balances at the total and client levels are always available;
• All ledgers have the client name and an appropriate description, e.g. the property address;
• Overdrawn balances on client ledgers are prevented by the systems or controls in place and where they do occur are investigated and rectified immediately;
• Adequate controls are in place over unidentified client money to ensure that such funds are kept securely. The client should be located and reimbursed as soon as possible. Such funds held for more than six years may be donated to a registered charity;
• A central list of client bank accounts is maintained including dates of opening and closing of accounts;
• A reconciliation is completed at least once every month where clients’ money is held in a general client account. This is produced as a formal statement, and any unresolved differences or adjustments are fully investigated and explained. Any errors identified in the reconciliation process are promptly rectified;
• Reconciliations are reviewed and signed off by a Principal or an appropriate independent senior member of staff; and
• Client accounting records, including copies of reconciliations, are securely kept for at least six years plus the current year.

Controls over the payment of Client Money

UKmate ensure that:

• Checks are made to ensure that sufficient funds are held on behalf of the relevant client before payments are made;
• A copy of the bank mandate is held and is up to date;
• Adequate authorisation and supervision procedures are in place for payments made by cheque, bank transfer and electronic methods;
• All payment requests have supporting evidence and that documentation has been authorised in advance by a Principal or other appropriate person;
• Blank cheques are not signed, and unused cheques are kept securely;
• Effective controls are in place over the setting up of new supplier accounts on the system; and
• Cash payments are not accepted.