Membership group financial information

Funds that are held by and/or generated by IBMS regions, branches or discussion groups are held and spent on behalf of the IBMS.

The IBMS is ultimately accountable (via the local treasurer) to its members and the Charity Commission for the safe custody and appropriate use of the funds. It is also accountable to HMRC for any VAT and tax liability that may arise.

In exceptional circumstances, the Institute reserves the right to direct how the funds may be utilised to ensure compliance with current regulations. All funds must be managed using the Institute’s bankers.
 

The Bank

The IBMS Finance Department will discuss the IBMS’s banking arrangements with the Treasurer of a region/branch/discussion group.
 

Expenses/Expenditure

Reasonable expenses incurred by regional, branch or discussion group committee members, to attend committee meetings, may be reimbursed from local funds at the current rates approved by IBMS Council.

Expenditure should be agreed in advance with the local committee and evidenced by a VAT invoice where possible.

All expenses and expenditure over £50 should be authorised by the Treasurer and either the Chair or Secretary of the group. Amounts under £50 may be authorised by the Treasurer only.
 

Group Allocations

The IBMS’s financial year is 1 January to 31 December.

Allocations to regions and branches are usually paid in two instalments in January and July. Allocations will not be paid unless the quarterly returns are up-to-date or if the branch has ceased to be active or if there have been no financial transactions in the previous two quarters.

The amount of the allocations is made up of: a per capita allocation paid to the respective region/branch for each member registered with it on 1 January in each year; and a meeting allocation.

Allocations to discussion groups are usually paid annually in January. Allocation will not be paid unless the quarterly returns are up-to-date and there has been financial activity in the year.

As a general rule the IBMS does not offer regular financial support to non-UK branches or groups. However, it may consider support as an exception on a case by case basis where it is in the interests of the profession or in the public interest to do so.

Bank Statements

Each Treasurer has access to their group bank statement via NatWest Bankline.

The bank statement entries should be checked against the cash/accounts book entries. The balance on the bank statement may not agree with the balance in the cash book for the same date because uncashed cheques sent in settlement of invoices or cheques paid and received and paid into your bank account may not have been cleared.

Where no voucher exists, e.g. for bank charges or interest, one should be prepared and filed in the same order as the entries in the cash/accounts book.