The Treasurer is responsible for keeping proper records of the Club’s financial transactions and for providing a copy of annual accounts for inspection by the Senior Member and the Proctors at the end of week 9 of each Trinity term.
A bank account of a registered clubs must be in the full name of the Club and have two registered signatories in order to provide continuity, one of whom will be the Treasurer.
To ensure transparency and accuracy in financial reporting, the Treasurer will:
- Maintain organised records: Throughout the year, keep all financial records, including cheques, receipts, invoices, bank statements, and any other relevant documents. Ensure they are properly labeled, dated, and stored in a systematic manner.
- Record financial transactions: Keep accurate and up-to-date records of all financial transactions. It is recommended that a Club maintains a Receipts and Payments Book (or equivalent accounting system). This will provide a clear structure for recording financial transactions and help with generating accurate financial statements. Enter all income and expenses into your accounting system using appropriate categories (e.g., cash, cheques, invoices, liabilities etc). Include details such as date, description, amount. Be diligent in recording all financial activities to maintain an accurate financial picture. Petty cash can be maintained but only for minor disbursements. Otherwise all cash and cheques received by the Club should be paid into the bank account promptly. Major disbursements should be paid directly from the bank account.
- Record assets: Proper records of any assets held by the Club should be kept.
If the Club is disbanded, the treasurer must submit to the Senior Member and to the Proctors a full statement of the Club’s accounts.
It should be noted that the University does not accept liability for the activities of registered Clubs, including the repayment of debts incurred by Clubs.
PREPARATION OF ACCOUNTS FOR THE PROCTORS
At the end each Trinity term the Treasurer is required to prepare and submit accounts for the Proctors. (The same process should be used when preparing accounts for approval by the Club's members at the AGM).
To do this the Treasurer will:
- Review, reconcile and verify financial data: Review the financial statements to ensure accuracy and completeness. Reconcile your bank statements with records in the Receipts and Payments Book to ensure they match. Verify that all transactions have been recorded correctly and that the totals align with supporting documents and bank statements. Investigate and resolve any discrepancies, such as missing transactions or errors. Rule off the Petty Cash book and any other books kept by the Club and check the balances.
- Prepare financial statements: Prepare a financial statement that provides an overview of the society's financial performance and position. Accounts should note all income and expenditure, including any sponsorships and donations. Where all financial transactions are made via the Club's bank account providing bank statements will be sufficient. If the clubs handles cash and maintains any other account books you will need to include a simple balance sheet and/or a cash flow statement, as necessary.
- Arrange review by the Senior Member: The Senior Member of the Club is expected to review and approve accounts before they are submitted to the Proctors via the Clubs Office. Final accounts will either need to be signed or the Senior Member be copied into an email to the Clubs Office.