OFWI GUIDELINES FOR WI TREASURERS 1. HANDOVER CHECKLIST 2. COMMITTEE MEETINGS

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1 OFWI GUIDELINES FOR WI TREASURERS The Treasurer's job is interesting and challenging. Here are some simple rules and guidelines to make the job easier. If you have any questions please remember your Federation Treasurer or Independent Financial Examiner (IFE) are there to help! It is important to remember that the WI Committee as a whole is responsible for the financial status of the WI it is not just the Treasurer's responsibility. Accounts can be kept on your computer or using a paper account book. 1. HANDOVER CHECKLIST Items to be passed on from outgoing to incoming WI Treasurer: Financial Statements from the 6 previous years Accounts Book and Financial Statement for the current year either the spreadsheet (which can be ed or put on a memory stick) or paper copy A-Z of the WI Accounts a really useful document telling you what to enter under which column in the Accounts book Cheque book Paying in book Bank statements Subscription Receipt book (obligatory) General receipt book (advisable) Up-to-date membership list and emergency contacts Gift Aid declaration forms (if doing Gift Aid) for each individual for whom Gift Aid is claimed Petty cash book (if using Petty Cash not recommended) Receipts & Invoices Correspondence including: Letters from OFWI/NFWI including the letter with the membership fees Payments sheets HMRC Gateway registration details if claiming Gift Aid Charity registration number (if registered). You will need to do the following to let others know you have taken over as Treasurer: Contact the bank and fill in the appropriate forms (the outgoing Treasurer may need to sign the forms). Remember to change cheque signatories and, if appropriate, online access If you have registered with HMRC for Gift Aid you may need to contact them (and also the Charity Commission) Ask your Membership Communication System (MCS) representative to update the officer details for your WI on the MCS Ensure you have access to any shared cloud storage areas (e.g. Dropbox) and the previous treasurer's name is removed (unless she is staying on the committee) If your WI has a Facebook page or website with officer details, ensure these are updated. 2. COMMITTEE MEETINGS Before the committee meeting Check the latest bank statement against your accounts and prepare figures for the Committee Consider finances and future plans, check against your budget Prepare recommendations to make to the committee. Remember WI money is there to be Page 1 of 10 OFWI Treasurers Handbook v1

2 used for the benefit of PRESENT members so make your recommendations and be prepared to explain them. At the first meeting of a new committee Have forms from the bank to change cheque and online (if applicable) signatories. Have three signatories for cheques, any two of whom may sign each cheque. An Assistant Treasurer can be appointed and duties assigned. At the committee meeting: Check the costs (including expenses) of speakers against the budget Ensure sub-committees are passing any money to the Treasurer as soon as possible. Money should be banked as soon as possible Ask for expenses and receipts to go with them. President, secretary and treasurer expenses can be claimed once a year or more often if they wish Ensure cheques are approved and have two signatures Ask the President to check the accounts and sign the bank statement Check whether or not there is anything in the monthly posting for the Treasurer. News & Views will have a list of all enclosures and any relating to the Treasurer should be passed on to her If keeping accounts on a computer make sure there is a backup copy (not on the same computer) and the committee know where it is. 3. MONTHLY MEETINGS Before the monthly meeting: Do the bank reconciliation and note the balance at the bank If possible, prepare the cheque for the speaker, expense claims, hall and other bills etc. Take subscription rate details (especially pro rata rates), Gift Aid forms, Member Details Form (so new members can be put onto the MCS), cheque book, subscription and general receipts books, notebook, petty cash and petty cash notebook (if using) and money bags with you Prepare a brief report every 3 or 4 months so that members know how the finances stand in relation to the budget Prepare any lists needed including those from News & Views (i.e. sign up lists for outings people may want to go on). At the monthly meeting: Arrive in good time ready to receive any payments due Give receipts for all monies received where possible Give a brief, clear statement of the finances usually quarterly Encourage members to ask questions on money matters ALL monies received must be banked. NEVER pay out cash received in payment (Charity Commission Law) Put ALL recommendations to members for approval Collect names, emergency contact details (where appropriate) and money for outings/events and give receipts For new members: if applying to be a dual member, ask for evidence of their existing membership if joining in April or later, check they have not been a WI member in the last 10 years. If they have, the pro rate rates DO NOT apply to them Give a Gift Aid form to all new members and also ask them to complete a Member Details Form. The Gift Aid form should be given to the Treasurer and the Member Details Form to the MCS rep so new members can be entered onto the MCS Page 2 of 10 OFWI Treasurers Handbook v1

3 Member payments may be by: Cheque with a note on the back of what is being paid for Cash keep a supply of small envelopes so members can write their name, what they are paying for and the amount on the envelope with the cash inside. Issue a receipt or keep a list of people and what they have paid for Electronic banking give members the WI bank account name, sort code and account number and ask them to add their name and what they are paying for as a reference. Do not issue a receipt until the money is in the bank Pay fees and expenses due to the speaker ideally by cheque Collect money from trading stall, raffle, refreshments, sub committees and give receipts. NONE OF THIS MONEY SHOULD BE USED TO PAY OUTGOINGS If using petty cash, a petty cash book should be kept for all cash payments. Immediately after the meeting: Count up and complete the computer spreadsheet or account book quietly at home. Use the A-Z of WI Accounts for guidance If keeping the accounts on a computer, remember to back up each time you update the accounts and save a copy on, for example, a memory stick or in the cloud (e.g. Dropbox) Pay into the bank as soon as possible after the meeting Complete the OFWI Payments sheet and any other forms which require payment (e.g. Insurance, Membership fees, ACWW), send off to OFWI and pay either by cheque or bank transfer. Make sure you have all payments in before applying for tickets for outings/events. NB it is good practice to keep a copy of payments sheets etc. sent to OFWI for your records and for the examination of accounts. DO NOT KEEP MONEY AT HOME 4. END OF YEAR The following activities need to be done in December and early in January in order to prepare the accounts for independent examination. All WI Accounts must be examined by a competent person who is NOT a member of that WI nor a relative of any member of the WI Committee. At the last meeting of the year ask for all expense claims to be submitted by, for example, mid-december so they can be paid in the year in which they were incurred Close the accounts on 31 st December to give yourself and the independent examiner time to complete the accounts before the Annual Meeting If using petty cash (not recommended), complete petty cash entries and make the petty cash up to the agreed amount before closing the books Complete the Financial Statement. It should balance. If it doesn't ask for help this is where your IFE can be really useful! Ideally the President and committee should see the Financial Statement before it goes to the examiner Pass all relevant documents (see Appendix B) to the examiner The IFE will examine the documents, come back with any queries and, when satisfied, approve the Financial Statement The President and Treasurer should sign the approved Financial Statement and, if using a computer spreadsheet, ensure it is backed up and no-one can overwrite it (e.g. convert it to a.pdf file). The approved Financial Statement can then be copied ready to send to OFWI (two copies are needed), along with the Checklist for IFEs, after the Annual Meeting. Page 3 of 10 OFWI Treasurers Handbook v1

4 5. BUDGETING The budget is an intelligent guess of the income and expenditure for the coming year. A simple budget form is at Appendix D. Use the recently completed financial statement as a guideline allowing for inflation Ask the person who does the programme planning for the list of speakers, their fees and expenses for the coming year Include updated subscriptions figures (a letter is sent out to WI Treasurer's from NFWI annually - usually in July) Include any special plans your WI has made for the next year Present the budget to the WI for approval at the annual meeting. This gives you approval for all normal expenditure without asking members at every meeting. 6. USEFUL CONTACTS, WEBSITES AND PUBLICATIONS OFWI Federation Treasurer contact details will be on the website and in News & Views. Independent Financial Examiner if you do not know who yours is, contact the OFWI office. - the best place for general information about running a WI, including information for Treasurers. - check the Treasurer's page for useful information and guidance from our OFWI Treasurer. - the About the WI page will have information about subscriptions and other useful documents although there is more information on My WI. - the WI Training site provides an online Treasurer's training course which is well worth doing. Charity Commission website, useful for information on Gift Aid WI Account Book and Financial Statement a spreadsheet available to download from the OFWI Treasurer's page or MyWI (under Running Your WI/WI Finances). The spreadsheet will compile most of the Financial Statement for you so makes your life easier at the end of the year. A paper version is available from the OFWI office. A-Z of the WI Accounts available from the OFWI website Treasurers page If you do nothing else make sure you have a copy of this document and you will know where to record receipts and payments in the Account Book. Subscription Receipt book the official WI one can be purchased from the OFWI office. General Receipt book Any receipt book will do. The WI one can be purchased from the OFWI office. WI Guide available to download from My WI. The responsibilities of the Treasurer are described here Fundraising Guideline available from My WI Using WI Funds available from My WI USING WI FUNDS ADDITIONAL INFORMATION Presentations to retiring Officers/expressions of gratitude for exceptional contribution to the WI. Small gifts can be given to outgoing Officers or those who have done something exceptional for their WI. Check the Charity Commission's guidance for the limit. Money/gift vouchers cannot be given in lieu of a gift. WI funds cannot be used for an expensive present A modest lunch or supper (fish and chips or ploughman's) can be provided at an occasional meeting (e.g. resolutions, annual etc.) provided it is incidental to the meeting (i.e. it Page 4 of 10 OFWI Treasurers Handbook v1

5 should not be advertised in the programme etc. and the point of the meeting is business). If gift aid is claimed everyone attending should be treated equally no charge for visitors Birthday cards can be purchased if members agree Legislation now allows WIs to have a bottle of alcohol as a raffle prize even if the hall does not have a licence provided it is incidental to the event, it is in a sealed bottle and the ticket is sold on the day. There must be no cash prizes Payment of subscriptions from WI funds. This is NOT allowed. Members must pay in full at the time of joining and cannot be subsidised in any way using WI funds (e.g. paying over a number of months) Refund of subscriptions. Subscriptions are non-refundable. If a member moves home during the course of a year or joins another WI, she can join that second WI as a dual member Refreshments at WI meetings. Refreshments at WI meetings can include a glass of wine payable from WI funds. The advice given by the Charity Commission is that the emphasis must be on the words reasonable refreshments e.g. vintage wine or champagne and lavish dinners would not be considered reasonable! WI Anniversaries/important events. WIs can use their funds to celebrate anniversaries and other WI events and to publicise themselves and their activities Officer training. Officer training courses can be paid for out of WI funds. Page 5 of 10 OFWI Treasurers Handbook v1

6 APPENDIX A TIMETABLE These timings are for guidance only and assume your Annual Meeting is held in March. If you hold it in January, February or April you will need to adjust this timetable accordingly. The timetable also assumes you hold a committee meeting before your monthly meeting if this is not the case, please adjust accordingly. APRIL First meeting of new committee. Explain to new committee members about expenses and when to claim MAY News & Views orders due. A separate form is provided by OFWI and needs to be returned by the date specified on the form (usually the end May/beginning of June) JUNE Calendar & Diary orders due SEPTEMBER Subscription rates for the new year will be available. If you haven't received a letter check the OFWI website Treasurer's page and/or September News & Views for details OCTOBER 400+ Club payments due. Show WIs own entry in Treasurer s name. They all go in Donations column Send form to OFWI to request Independent Financial Examiner (IFE). You will receive a letter from OFWI in November/December saying who your IFE will be, the fee and a list of what to give them (see Appendix B) NOVEMBER Insurance due Remind everyone to hand in their expenses or to pay in any money due DECEMBER Collect in claims and pay expenses and bank all money Give out envelopes for next year s Membership Fees. Request cheques to be dated for new year and on-line transactions to be done on/after 1 st January Do not post the December Payment Sheet to OFWI until the 1 st January to avoid an unpresented cheque in the financial year to be audited JANUARY Prepare finances for examination and prepare budget for the coming year Calculate benefits to members & apply for Gift Aid for the previous year. Remember to check the subscription fees for full members, dual members and new members who joined after March and so paid pro rata fees Committee Meeting. Present the Financial Statement to the committee for approval Pass all relevant documents to the Examiner (see Appendix B) On completion of the examination pay Examiner either by cheque or bank transfer and file documents as appropriate Monthly Meeting. Collect in Membership Fees and give out NFWI Voucher Books (if available) Page 6 of 10 OFWI Treasurers Handbook v1

7 APPENDIX A FEBRUARY Committee meeting. Present the audited accounts to the committee and ask the President to sing the Financial Statement. Distribute Budget for discussion Monthly Meeting. Chase up outstanding Membership Fees After Meeting Send in Membership Fees to OFWI there will be a separate form Print or send/ a Financial statement for/to each member MARCH Annual Meeting: (see or the WI Handbook for more information) Present Financial statement and Budget (take all supporting documents) Propose the use of the OFWI Independent Financial Examiner (IFE) scheme for the coming year or an independent examiner. A seconder is sought and the appointment approved by the WI Collect for ACWW. This may be done at various times during the year After the meeting: Monies collected for ACWW should be paid into the bank. A cheque can be given to the delegate to take to the OFWI Annual Meeting, or sent with the March Payment Sheet. An online transfer to OFWI is also possible Send two copies of the Financial Statement to OFWI and retain the original. The completed Checklist for Auditors & OFWI Independent Financial Examiners (Appendix C) must also be sent to OFWI Page 7 of 10 OFWI Treasurers Handbook v1

8 APPENDIX B A guide to the information your auditor/ife should receive. Please check the letter you will have received from OFWI in case changes have been made. Independent Financial Examiners should receive: Completed year end reconciliation Completed current Financial Statement Previous Financial Statement Current budget or minutes (as authorisation) Accounts book (a copy of the spreadsheet or the actual paper Accounts Book) Subscription Receipt book ALL receipts and receipt books Used cheque book stubs Paying-in books Petty cash book if using (the balance should be countersigned stating the amount has been agreed by the President) Bank account statements for the current year (including those for any savings account) Supporting papers A copy of the previous year's committees annual report If claiming Gift Aid: the print out from the on-line application supporting documentation Page 8 of 10 OFWI Treasurers Handbook v1

9 APPENDIX C Checklist for Auditors & OFWI Independent Financial Examiners Name of WI Year end Charity No. Date of Annual Meeting Checklist for Auditors and OFWI IFEs I have checked: (If using an IFE from OFWI Tackley) that Letter of Engagement received If registered Charity, if income more than 5,000 Confirm year end date consistent Confirm brought forward figures correct Confirm Treasurer (and President) have signed Financial Statement Copy of previous year's Committee's Annual report is consistent with the Aims & Objectives of the WI Constitution Accounting Records - check Bank reconciliation for all bank accounts held (Note: Savings A/c for subscriptions etc. Is not part of WI Finance) Bank statements to Accounts Book Cheque book stubs completed and agree to Accounts Book Paying in record completed and agrees to Accounts Book If receipts were paid into bank promptly All entries in Accounts Book with receipts book and invoices If social events paid for by members in advance (without using charity funds) Arithmetical accuracy of Financial Statement and Accounts Book If WI owns any assets not stated on Financial Statement If applicable: Gift aid claim form against members forms Grant monies spent in accordance with Grant Terms Petty cash and confirm all entries to receipts/vouchers. Has President signed that she agrees petty cash money Delete if not applicable: A Qualified Report was completed due to: Inappropriate use of funds (e.g. subsidising subscriptions/non-charitable events; donations to Charities who do not share objectives of WI movement.) Insufficient supporting documentation Other (please state) Were there any matters Requiring discussion with WI Treasurer? Requiring reporting to Federation Treasurer and/or WI Adviser? Any other comments:. Signed Independent Financial Examiner Date. To be completed for every Examination carried out and a copy returned to Scheme Administrator, Federation Secretary at OFWI Tackley Office & Finance/IFE 2017 checklist JAP Page 9 of 10 OFWI Treasurers Handbook v1

10 APPENDIX D SAMPLE BUDGET FORM Receipts ( ) Payments ( ) Receipts at meetings Subscriptions (WI Share) Gift Aid Publications Activities & Events WI Fundraising Bank account interest Grants & Donations Other income WI-owned hall total receipts Meeting expenses Committee Members Expenses Pooling of fares/expenses Publications Activities & Events WI Fundraising Insurance Donations (including ACWW & bursaries) Other payments WI-owned hall total payments Balance from previous year Total Receipts Total Payments Balance (Total Receipts Total Payments) Page 10 of 10 OFWI Treasurers Handbook v1