Financial Records and Accounts

 

  • Financial records must be kept so that:
    The organisation meets its legal and other statutory obligations, such as Her Majesty’s Revenue & Customs and common law.
    The committee as trustees have proper financial control of the organisation.
    The organisation meets the contractual obligations and requirements of members.
  • The books of accounts must include:
    • A cashbook analysing all the transactions appearing on the bank accounts
    • A petty cash/groat book
    • Membership financial analysis
  • Accounts must be drawn up at the end of the convention and circulated as requested.
  • A report comparing actual income and expenditure with the approved budget.

Banking

  • Ytterbium will bank with Lloyds Plc, using on line services including the app.
  • The bank mandate will be approved by the Chairs, and Treasurers.
  • Ytterbium will require regular statements and on line monitoring. The statements will be reconciled at least twice a year and the date of reconciliation recorded.
  • Ytterbium will not use any other financial institution or use overdraft facilities or loan without the agreement of the Chairs and Treasurers.

Income

  • All monies received direct into the bank through Stripe card/on line will be recorded promptly in the cash book and reconciled with the membership and bursary records.
  • Memberships will only be bought on line through that system, including at the convention.

Payments (Expenditure)

  • The aim is to ensure that all expenditure is on the convention’s business and is properly authorised and that this can be demonstrated.
  • Any non-budget specific expenditure should be approved, and minuted at a committee meeting.
  • A debit card is held by the Treasurer, this will be cancelled at the end of the convention.
  • The treasurer will be responsible for holding the debit card, groats and any cash which should be kept under lock and key.
  • No reimbursement will be made without appropriate original documentation. The documentation will be scanned and stored in Dropbox, the original will be stored by the Treasurers until the accounts have been finalised and approved.
  • Ytterbium will, if asked, reimburse expenditure paid for personally by committee members providing:
    • Fares are evidenced by tickets
    • Other expenditure is evidenced by original receipts
    • No bank reimbursement to be authorised to the person who is receiving the monies.