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?