Berkshire Federation
My WI
Search Berkshire
  1. Home
  2. For Treasurers
  3. End of Year Accounts
In this section

End of Year Accounts

At the end of the financial year (31 December), the Treasurer is responsible for closing the accounts and preparing the Annual Financial Statement.

Comprehensive guidance on completing the Financial Statement is available on My WI and can be downloaded here.

If you use the NFWI Accounts Spreadsheet and keep your accounts up to date throughout the year, much of the information required for the Financial Statement will be completed automatically.

Independent Financial Examination

Under Rule 67 of the WI Constitution:

"A statement of the accounts for the last financial year must be independently examined or (if so required by law) audited. The accounts (independently examined or audited as appropriate) must be made available by the Committee to the Annual Meeting and be available to all WI members."

Before the accounts can be independently examined, the Financial Statement must be signed by both the President and the Treasurer.

Berkshire Federation Independent Financial Examination (IFE) Scheme

Berkshire Federation operates an Independent Financial Examination Scheme. WIs may request that a trained Independent Financial Examiner (IFE) is appointed to examine their accounts.

Each year, WIs are contacted by the BFWI IFE Scheme Administrator during October / November with details of how to request an examiner.

The current fee for an Independent Financial Examination is £30, plus any mileage or postage costs incurred. Where significant additional work is required, an additional charge of £10 may be made. These fees are reviewed periodically and may change.

Documentation Required

To help you prepare for the examination, you can download an End of Year Checklist here.

The Independent Financial Examiner will normally require:

  • completed year-end bank reconciliation
  • current year's Financial Statement, signed by the President and Treasurer
  • previous year's Financial Statement
  • current year's budget
  • minutes of the previous Annual Meeting confirming the appointment of the Independent Financial Examiner
  • the Account Book
  • receipts and invoices supporting all payments made during the year
  • receipt books
  • cheque stubs (where applicable)
  • paying-in book (where applicable)
  • petty cash book, with the year-end balance countersigned by the President
  • bank statements for all accounts, covering 1 January to 31 December
  • Trustee Report presented at the previous Annual Meeting
  • Gift Aid documentation (where applicable)
  • details of any restricted funds, such as bursaries or designated funds

Providing the documents in a logical order will help the examination proceed as efficiently as possible.

The Examination Process

The Independent Financial Examiner will review the accounts and supporting documentation and may ask the Treasurer to provide further information or clarification.

Responding promptly to any queries will help ensure that the examination is completed in good time and that the signed accounts are returned before the Annual Meeting.

Once the examination has been completed, the signed Financial Statement should be presented to the Annual Meeting and made available to all WI members in accordance with the WI Constitution.