guidelines for divisional treasurers

Guidelines for Guidelines for Divisional TreasurersDivisional Treasurers

19th May 2009Northumbria University, Newcastle

Session ContentSession Content

Rules and RegulationsAccounts and Transaction SchedulesRecord KeepingVAT ReturnsExpensesAuditors / Independent ExaminersTop-up payments / CILIP Reserves Policy

Rules and Rules and RegulationsRegulations

Relationship to CILIP

Branch and Group Rules

Charitable Status

Rules and Rules and Regulations – Regulations – relationship to relationship to CILIPCILIPAll groups are part of

CILIP

Must account for all assets/liabilities

Same legal identity◦313014◦GB 233 1574 87

Rules and Rules and Regulations – Regulations – Branch and Branch and Group RulesGroup Rules

Treasurer’s responsibility:

Accounts

Annual General Meeting

Solvency

Rules and Rules and Regulations – Regulations – Charitable StatusCharitable Status

“Registered Charity No 313014”

Include onAdvertisementsChequesInvoicesOrders for GoodsReceipts

Accounts and Accounts and Transaction Transaction SchedulesSchedules

Accounts◦ Cash book

◦ Bank Reconciliation

◦ Income and Expenditure

Transaction Schedule

Record keepingRecord keepingSet aside time each month to update your accounts

- Add transactions to the Cash Book

- Reconcile the Cash Book balance with the Bank Balance

VAT – what to VAT – what to includeincludeVAT invoices to include

- An identifying number- Group name & address- Date of supply- Customer’s name and address- Description of goods supplied- Net value of goods- VAT charged

VAT – what to VAT – what to chargechargeOutput VAT of 15% is

chargeable on

Income from conferences

Royalties receivedSponsorshipAdvertisingSubscriptions

VAT – what to VAT – what to claimclaimVAT on expenses can

be reclaimed…

To do this you need to keep VAT receipts

ExpensesExpensesExpenses are normally for

Small purchases

Subsistence

Travel◦Mileage◦Train tickets

ExpensesExpensesExpenses should only be paid after a completed

Expenses Claim Form

has been submitted…

with receipts!

Auditors / Auditors / Independent Independent examinersexaminers

Accounts have to be audited.

2 examiners should be- independent of the

committee- appointed during AGM

- Do NOT have to be qualified accountants

TimescaleTimescale

Jan – submit Q4 VAT return

– submit annual accountsApr – submit Q1 VAT return

– submit audited accountsMay – receive capitationJuly – submit Q2 VAT returnOct – submit Q3 VAT return

Top-up paymentsTop-up paymentsCapitation no longer

provided (since 2009)

Top-up payments - only awarded if Divisional Finances are below £1,000 threshold

Transferred directly into Divisional Bank Account

Any questions?