Finance & Accounts
Each local club will have their own bank account; it is recommended that a business account is open, with a bank that has a branch local to the location of the club. There should be at least 2 signatories on the account; one of these should be the treasurer. It is advisable to open an account where on line accounting/BACS payments can be actioned.
The financial year of the Club shall end on 31 December of each year. All monies received for, or on account of the Club, shall be paid into the Club's banking account. A receipt should be given or a control sheet signed for every payment taken by any official of the club. Any cheques paid to the club IRO local club activity should be cashed within 14 days of receipt.
The Treasurer shall maintain accounts of all sums received and expended in a form to be approved by the Committee. The account of the Club shall be audited by two auditors, appointed at the AGM.
The number and extent of accounting records will depend mainly on the annual turnover of the Club. However, the minimum requirement is that a cashbook is maintained showing all receipts and payments.
Specimen cashbooks to be used depending on annual turnover can be found in the Staff Clubs Guide
If the finances of the Club appear unsound, the Treasurer (or other Officer identifying the problem) should immediately report the fact to the Committee. The Treasurer should regard the Club's finances as unsound if the outstanding liabilities exceed the cash held including at the bank or other realisable investments
Once the accounts have been audited, these need to be sent, along with the Chairs certificate to the Regional Finance Manager, audited accounts should be received no later than 31st March of the following year of the report.