The roll of a treasurer

[Terry_Hoy]

Hi, our shed (approximately 15 members to date) has been running for the last eighteen months with
just a chairman and a vice chairman, which has been fine as our sponsor has been handling our
finances for us. We now have to stand on our own feet and be prepared to handle our own finances, so
we have set up a committee consisting of a chairman, secretary, and treasurer (myself). I put myself
forward for this roll as I have a reasonable understanding of spreadsheets and have always handled a
rigorous control over my home finances.
However I have never stood as a treasurer before, so a little guidance would go a long way, could
someone make useful suggestions as what should be recorded?
How should the income from subscriptions be stored, bank account set up for the shed, my personal
savings account, or kept in a safe with a couple of key holders? I want it to be safe, but I don’t want to
occur any unnecessary bank charges.
I’m thinking of recording the following information:-
Members subscriptions.
Expenses, utilities, rent.
Petty cash, small amount of cash for instant purchases, receipts recorded.
Assets, approximate value of machinery already in hand.
Produce a total balance of all of the above.
Thanks in advance Terry

[Roy Cadoux]

Hi Terry, I've been Treasurer of Hayling Island Mens Shed for 6 months.  We haven't actually got a shed yet so my task is fairly straightforward so far.  I keep the accounts on a simple income and expenditure basis on a spreadsheet.  What you suggest recording all sounds correct, but for your own protection you should definitely open a bank account and keep any shed monies separate from your own.  We have a Barclays Community Account which doesn't cost us anything.

[Terry_Hoy]

Hi Roy,

Thank you for your reply, we opened a business account with Santander and operate with three signatories.

like you I keep all money movements recorded on a spreadsheet.

 

This leads to a question about taxation, we are making small items for fund-raising, all monies raised, membership  subscriptions, and sponsorships received will be ploughed into the future running costs of the shed. Do we have to notify the tax man? I feel that we should, but others had said no don't bother, believe me I hate tax returns. Any suggestions?

 

Regards Terry

 

(Sent from my PC)

 

 

------ Original Message ------

From: "Roy Cadoux [via Southern Men's Shed Network Forum]" <[hidden email]>

To: "Terry_Hoy" <[hidden email]>

Sent: 07/07/2016 18:59:16

Subject: Re: The roll of a treasurer

 

Hi Terry, I've been Treasurer of Hayling Island Mens Shed for 6 months.  We haven't actually got a shed yet so my task is fairly straightforward so far.  I keep the accounts on a simple income and expenditure basis on a spreadsheet.  What you suggest recording all sounds correct, but for your own protection you should definitely open a bank account and keep any shed monies separate from your own.  We have a Barclays Community Account which doesn't cost us anything.

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