1. Introduction

The policy provides an operational and financial governance framework for Great Impress Kenya Limited.

Vision: Integrate agriculture and cosmetics innovation to promote sustainability, community empowerment, and ecosystem restoration.

Mission: Combine farming and natural skincare manufacturing to enhance rural incomes, local supply chains, and clean beauty production aligned with SDGs.

Core Values:

• Quality
• Integrity
• Collaboration
• Timeliness
• Teamwork

Legal Status: Incorporated in Kenya under the Companies Act.

Policy Purpose:

• Protect company assets
• Ensure accurate financial records
• Set operational standards
• Ensure legal and IFRS compliance
• Clarify employee roles and responsibilities

2. Governance & Compliance

• Policies are set and amended by the Board.
• Employees must comply; violations may lead to disciplinary action or personal liability for losses.
• Staff may contribute to policy improvement through structured processes.

3. Accounting Policies

• Financial Year: Jan 1 – Dec 31.
• Standards: IFRS on accrual basis.
• Depreciation: Reducing balance method (varied asset rates).

Audits:

• External: Annual (ICPAK-recognized auditors).
• Internal: At least once yearly.
• Forensic: When fraud is suspected.

Records Retention: Minimum 7 years.

4. Bank & Cash Management

• Funds held in Tier-1 banks.
• Board approves bank accounts, signatories, and currencies.
• Emphasis on cashless operations (bank & mobile money).
• Credit cards: For official use only; spending limits apply.
• Bank reconciliation: Monthly.

Petty Cash:

• Float: KSh 50,000
• Max payment: KSh 10,000
• Imprest system with regular counts.

5. Board Financial Oversight

• Board ensures prudent financial use.
• Approves budgets, reviews reports, and enforces audits.
• Provides strategic resources and oversight.
• Board members may be reimbursed for official expenses with documentation.

6. Payments Policy

• Payments only for legitimate company expenses.
• Processing timeline: Within 30 days.
• Requires approved Payment Vouchers (PVs).
• Invoices/receipts and supporting documentation required.
• Encourages bank transfer/mobile payments.
• Multi-level authorization required.
• Blank cheques prohibited.

7. Personnel & Payroll

• Payroll limited to contracted staff.
• Managed by Finance; approved by CEO.
• Includes statutory deductions (tax, pensions, etc.).
• Payslips issued monthly.
• Covers interns, consultants, and terminal benefits.

8. Travel & Imprests

• Covers work travel planning and per diem (DSR).
• Imprests issued for official duties.
• Must be retired and accounted for with documentation.

9. Internal Controls & Financial Planning

• Segregation of duties enforced.
• Fraud prevention measures in place.
• Conflict of interest and whistle-blowing policies exist.
• Includes budgeting, cash-flow projections, reserves, and expenditure approvals.

10. Assets Management

• Asset acquisition, registration, insurance, and protection procedures defined.
• Fixed asset register maintained.
• Disposal governed by formal processes.

11. Stores Management

Controls for receipt, storage, issuance, and record-keeping of inventory.

12. Income, Receivables & Payables

Policies on income recognition, deposits, prepayments, accruals, creditors, and bad debts.

13. IT & Administration

Filing systems and data protection protocols established.