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Sam, Accountant
Category: Tax
Satisfied Customers: 14165
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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We have recently set up a "Friends of ************" and are

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We have recently set up a "Friends of ************ " and are fundraising for specialised equipment etc. This is separate from National Coastwatch Institution ************ Fundraising. We are not a business and not a registered charity. I am the treasurer and keep straightforward simple accounts. We have a committee, a bank account, a cash float of change (in my keeping) and meet every month. In the first quarter we have had various points raised regarding finances that have me concerned. The Chair, Vice Chair and a member without portfolio have experience in charities. My questions are - (1) I donate monthly via my own bank account and transfer funds to the FOMC account but also when we have had a fundraising event I don't always bank the cash I round it up and transfer it from my account. This I understand now could be classed as "money laundering". What would HMRC think. (2) Also we apparently need an audit from an outside source each year is this correct? (3) I would also like to do Banking on line so I can print out a statement every week (at the moment this is a small thing but it would help to confirm my records which are very detailed but manual). We do need 2 signatories for cheques so it wouldn't negate that security. Hope you can clarify these initial problems so we can move ahead without unforseen problems. Thank you Denise *******, Treasurer ************


!) Yes I agree you should have nothing to do with the donations at all and you need to rectify this as a matetr of urgency and open an account linked to ************ which then feeds into the main fund -

2) Yes these must be audited and examined independently annually

3) I am afraid this is a finance/banking issue and we are UK tax experts - you would need to discuss this with the bank but usually the treasurer alone has access to the bank side of matters - but through my experience of having been treasurer of a charitable club, I do know its just cheques when written do need 2 signatories - so therefore just clear this with the main trustees/committee at the next monthly meeting re online banking, printed statements and a secure location to store them.

Let me know if I can assist further



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