Chepstow

Group Financial Procedures

The following procedures have been prepared to help Conveners deal with financial aspects of running their Groups. Please contact the Treasurer to discuss any issues.

Money from each of the Activity Groups are held individually in the U3A Activities Bank Account (Sort code: 309189, Account number: 1289562). This account is completely separate from the Main U3A bank account.

  • Conveners will be given a uniquely numbered paying-in book to deposit cash and cheques. This will associate the deposits made to a particular activity group.
  • Conveners can also deposit money directly into the U3A Activities account by bank transfer. If this is done then it is very important that the reference given indicates the name of the group.
  • All payments from this bank account will be made by the Treasurer and another committee member. You will not be given a cheque book.
  • Requests for payment should be made via the Treasurer. This can be done by filling in a request form, or by email. The requests should include all relevant details including account numbers and invoice numbers etc. of the payee. Scanning an invoice and sending by email would be good.
  • Wherever possible, paying invoices online is the preferred method of payment as it is more convenient to the Treasurer and can normally be processed quicker.
  • Cheques will be also issued when requested but it may take a little more time to get them signed so please request them in good time.
  • Some activities may require a payment dependent on the number of participants which may not be accurately known prior to the event. In such cases, issuing a cheque beforehand is not appropriate and it may be easier for the Convener to pay from their own account. Afterwards, the Treasurer would transfer the cost directly to them. Alternatively, money for the approximate cost of the event could be transferred to the Convener shortly prior to the trip. The Treasurer would expect to receive a receipt for all such payments.
  • Occasionally, it may be convenient to give the option of individual members paying by bank transfer for some event such as a trip or visit. This can be done but it is important to inform the Treasurer of your intention. Furthermore, the reference of the bank transfer should indicate the name of the Group and event for which it is intended. For example 'Striders Trip'. Also, an email or a note should be sent to the Treasurer and convener to inform them of the transfer.
  • The financial accounts of the Groups are published monthly on the U3A website so you can keep abreast of how much money there is. This must agree each month with your own records. This is also displayed at the monthly meeting. However, the current status of the account at any time can be obtained from the Treasurer.
  • You will need to produce an end of year Income and Expenditure account but the Treasurer will help you with this. This must include all cash payments and receipts together with amounts banked banked or paid out of the bank account.

As Convener, you must keep an accurate up to date record of all your receipts and payments (bank and cash). This will ensure that the bank balance agrees with the Treasurer's bank account at the financial year which is 31st December. All transactions (bank and cash) can then be correctly included in the year end accounts which are subject to audit and filed with the Charity Commission.