Guidelines for Divisional Treasurers 19 th May 2009 Northumbria University, Newcastle

Session Content Rules and Regulations Accounts and Transaction Schedules Record Keeping VAT Returns Expenses Auditors / Independent Examiners Top-up payments / CILIP Reserves Policy

Rules and Regulations

Accounts and Transaction Schedules

Record Keeping

VAT Returns

Expenses

Auditors / Independent Examiners

Top-up payments / CILIP Reserves Policy

Rules and Regulations Relationship to CILIP Branch and Group Rules Charitable Status

Relationship to CILIP

Branch and Group Rules

Charitable Status

Rules and Regulations – relationship to CILIP All groups are part of CILIP Must account for all assets/liabilities Same legal identity 313014 GB 233 1574 87

All groups are part of CILIP

Must account for all assets/liabilities

Same legal identity

313014

GB 233 1574 87

Rules and Regulations – Branch and Group Rules Treasurer’s responsibility: Accounts Annual General Meeting Solvency

Treasurer’s responsibility:

Accounts

Annual General Meeting

Solvency

Rules and Regulations – Charitable Status “ Registered Charity No 313014” Include on Advertisements Cheques Invoices Orders for Goods Receipts

“ Registered Charity No 313014”

Include on

Advertisements

Cheques

Invoices

Orders for Goods

Receipts

Accounts and Transaction Schedules Accounts Cash book Bank Reconciliation Income and Expenditure Transaction Schedule

Accounts

Cash book

Bank Reconciliation

Income and Expenditure

Transaction Schedule

Record keeping Set aside time each month to update your accounts Add transactions to the Cash Book Reconcile the Cash Book balance with the Bank Balance

Set 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 include VAT 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 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 charge Output VAT of 15% is chargeable on Income from conferences Royalties received Sponsorship Advertising Subscriptions

Output VAT of 15% is chargeable on

Income from conferences

Royalties received

Sponsorship

Advertising

Subscriptions

VAT – what to claim VAT on expenses can be reclaimed… To do this you need to keep VAT receipts

VAT on expenses can be reclaimed…

To do this you need to keep VAT receipts

Expenses Expenses are normally for Small purchases Subsistence Travel Mileage Train tickets

Expenses are normally for

Small purchases

Subsistence

Travel

Mileage

Train tickets

Expenses Expenses should only be paid after a completed Expenses Claim Form has been submitted… with receipts!

Expenses should only be paid after a completed

Expenses Claim Form

has been submitted…

with receipts!

Auditors / Independent examiners Accounts have to be audited. 2 examiners should be independent of the committee appointed during AGM Do NOT have to be qualified accountants

Accounts have to be audited.

2 examiners should be

independent of the committee

appointed during AGM

Do NOT have to be qualified accountants

Timescale Jan – submit Q4 VAT return – submit annual accounts Apr – submit Q1 VAT return – submit audited accounts May – receive capitation July – submit Q2 VAT return Oct – submit Q3 VAT return

Jan – submit Q4 VAT return

– submit annual accounts

Apr – submit Q1 VAT return

– submit audited accounts

May – receive capitation

July – submit Q2 VAT return

Oct – submit Q3 VAT return

Top-up payments Capitation no longer provided (since 2009) Top-up payments - only awarded if Divisional Finances are below £1,000 threshold Transferred directly into Divisional Bank Account

Capitation 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?

Any questions?