EVENTS & NEWS

Main Bank Account Management

• The main cheque account must have at least 2 and a maximum of 5 authorised signatories, all of whom should be members of the committee.
• The signatories must be registered with the bank (and changes made where necessary eg due to resignations) using a Mandate Change Form within 1 calendar month of the event resulting in the need for change.
• Each cheque must be signed by 2 of the authorised signatories.
• Payments should be supported by receipts or invoices.  Where payments are for items where there is a chance of recourse (eg affiliated club membership, equipment purchases, insurance), then the receipts /invoices should be retained.  For other items such as magazine printing costs and small equipment purchase (<£20) the receipts need not be retained.
• All claims for payments must be made within 6 months of the date the expenditure was incurred.

• The Treasurer must ensure all cheques received are banked within 6 months of the date on the cheque (as the bank will not recognise it after this time)
• The Treasurer must ensure that cash is paid into the account in a timely fashion, at the Treasurer’s discretion, to minimise the risk of loss to the club resulting from theft.

• All income and expenditure should be recorded in a ledger.  
• It is acceptable for just the net profit or loss from an event to be recorded but, where this occurs, the treasurer should ensure that the activity organiser provides a statement of income and costs for the particular event, which agrees to the net amount recorded in the ledger.
• When bank statements are received, these should be checked against the ledger records.  Interest on the bank account (per the bank statement) should be added to the ledgers to ensure consistency between the two.
• At the end of the year, when accounts are presented at the AGM, a reconciliation should be performed between the account balance per the ledgers and per the latest bank statement.  This should state the difference between the two in terms of amounts paid in and out of the ledger account, which have not yet cleared the bank.  Any resulting unexplained difference between the two should be adjusted for in the ledger as ‘unspecified income’/(‘write-off’) so that eventually the reconciled amount agrees to the bank record.

• The account cheque book should have 4 signatories, 2 ski committee members and 2 ordinary committee members being the Treasurer and one other.  This must be 4 separate people.  
• Each cheque issued must be signed by one ski committee member and one normal committee member.

• It is the responsibility of the ski committee to maintain the accounts including retaining a ledger, making payments into the account and ensuring that cheques are generated in sufficient time to enable a second signature to be obtained before any payment deadline.
• It is also the responsibility of the ski committee to prepare annual accounts for the ski trip, which should be presented at the AGM.  These should be circulated to the committee 7 days before the AGM as for the club’s main accounts.
• For the purposes of reporting AOAC income, any excess or deficit of funds on the ski trip account are to be classified as part of the main club account.  Therefore, at the AGM, the Treasurer should state the total net income/(loss) being the net of the income/(loss) on the main account and on the ski account.  There is no requirement for funds to be physically transferred between the two accounts.