Meetings

Committee Meetings

The Treasurer should provide a financial update at each committee meeting. This should include:

• current bank balance(s)
• income and expenditure since the previous meeting
• actual income and expenditure compared with the budget. If expenditure is likely to exceed the agreed budget, the committee should discuss and approve it before the money is spent where practical.
• any significant financial issues or decisions that the committee needs to consider

It is also helpful to report on items such as:

• subscriptions received from new members
• lottery or grant income received
• payments received for trips and events
• any outstanding payments or debts

Take the latest bank statement to each committee meeting. If you use the NFWI Accounts Book spreadsheet, the Year-to-Date Totals sheet provides an excellent summary for reporting. An example committee finance report is available here.

At the first committee meeting  after the annual meeting  you should review the bank signatories, especially if committee roles have changed.

Any financial decisions made by the committee should be clearly recorded in the committee meeting minutes.

Members' Meetings

Members should be kept informed about the WI's financial position. As good practice, provide a financial update at least every three months, either during a members' meeting or by email.

The update does not need to be detailed but should give members confidence that the committee is managing the WI's finances responsibly. It might include:

• current bank balance
• income and expenditure to date
• progress against the budget
• any significant fundraising income or planned expenditure

The Treasurer should take the latest bank statement to every members' meeting in case members wish to inspect it.

Annual Meeting

The independently examined and signed Annual Financial Statement should be presented to members at the Annual Meeting.

It is helpful to circulate the Financial Statement in advance so that members have time to read it and submit any questions before the meeting.

Rather than reading through the Financial Statement line by line, prepare a short report highlighting the key figures and explaining any significant changes from the previous year.

Once members' questions have been answered, the President should ask the meeting to adopt the Annual Financial Statement. A proposer and seconder should be obtained, followed by a vote by a show of hands.

The meeting should then be asked to approve the appointment of an Independent Financial Examiner for the following financial year, with members voting by a show of hands.