Monthly Update: Finance

This months update is from Nic who looks after Verity’s accounts.

As Verity’s accountant, I am responsible for producing all financial reports to the Trustees. This involves a lot of time with my head buried in spreadsheets. Every Paypal payment, whether it be for new memberships, renewals, purchases or donations; arrives in my inbox and needs to be crosschecked with the monthly sales reports, before being entered into Verity’s bookkeeping records. I also need to check all expenses claims against bank statements before approving and entering them.

Just Giving provides an easy way for members and other to fundraise for Verity. We have a monthly donations report that is collated from Just Giving and cross checked with Verity’s bank statements. Online donations on Just Giving means the money comes directly to us without the hassle of fundraisers paying into a bank.

A trickier task is maintaining Gift Aid records, and claiming the refunds for HMRC. The specific software for that isn’t very user friendly, but the refund on membership subscriptions and donations is very welcome and worth the time and effort.

March is when I chase Trustees and volunteers for any expenses they haven’t yet claimed, make sure that the spreadsheets add up, and match the bank balances. Then we start preparing the Statement of Financial Activities, checking individual items with the Board, and drafting the reports needed for HMRC and the Charities Commission. Charity accounts are quite a specialised field, so we need lots of double checking that everything has been included.

Once the draft accounts have been approved by the Board in June, I prepare a simplified version for the Annual Report – the accounts run to 14 or 15 pages, and I’m only allocated two pages in total in the Annual Report. This needs to be ready well in advance of September’s mailing to members calling the AGM and is a bit of a task in itself.

The full draft accounts are made available to members for approval at the AGM, then filed with HMRC and the Charities Commission by December. Then the process starts again for the current year…

Despite not being the most exciting aspect of Verity’s activities it is one of the most vital jobs to keep the charity running as it allows the Trustees to work out their plans every year eg Verity Conference, Membership Packs, InTouch.

If you’d like to become a member you can do so here and if you’d like to donate to Verity you can do so here. If you click through to amazon for one of the links on this page Verity will receive some commission for it even if it’s not related to PCOS.