Executive Committee Guidance on the Operation of Bank Accounts and the Main Responsibilities of Guild and District Treasurers

This paper sets out detailed guidance from the Executive Committee on the practical implementation of the Rules of the Guild for the time being. In the event of any perceived conflict, the Rules take precedence over this guidance.

1. Guild General Fund – The Fund’s assets shall be held at a bank or building society in current and reserve accounts in the name of the Guild. Payments from the Fund shall be authorised by any two out of three authorised signatories appointed by the Executive Committee (who shall normally be the Guild Master, Secretary and Treasurer). The Treasurer shall be responsible for paying receipts into the accounts, for transferring money between accounts as necessary and for managing the accounts. He/she shall prepare for the first meeting of the Executive Committee in each calendar year financial accounts for the preceding year and a forecast of income and expenditure for the current year. He/she shall present the accounts to the Guild Annual General Meeting and shall provide copies of the accounts and other financial information for inclusion in the annual report. During the year he/she shall draw the Committee’s attention to any unusual items of income or expenditure.
2. Bell Restoration Fund – As a registered charity, the Fund shall be managed in accordance with the Charities Act 2006 and the Statement of Recommended Practice issued by the Charity Commission. Such assets of the Fund as are required for current purposes shall be held at a bank or building society in current and reserve accounts in the name of the Guild. Other assets may be invested by the Trustees of the Fund (who shall normally be the Guild Master, Secretary and Treasurer) in accounts that seek to maximise returns without risk to the sums invested. Assets may also be held in the form of maintenance materials. Payments from the Fund shall be authorised by any two of the Trustees. The Treasurer shall be responsible for paying receipts into the accounts, for transferring money between accounts as necessary, for managing the accounts and for submitting annual returns to the Charity Commission. He/she shall prepare for the first meeting of the Executive Committee in each calendar year financial accounts for the preceding year and a forecast of income and expenditure for the current year. He/she shall present the accounts to the Guild Annual General Meeting and shall provide copies of the accounts and other financial information for inclusion in the annual report.
3. Other Guild Funds – Other funds may be set up for specific purposes as determined by the Executive Committee. They shall be managed in the same way as the Guild General Fund. On winding up a fund any remaining assets shall be transferred to the General Fund.
4. District Funds – Each District shall have a District General Fund. In each District the assets of the Fund shall be held at a bank or building society in an account in the name of the Guild or of the District concerned. Payments from the Fund shall be authorised by any two out of three authorised signatories appointed by the District. The District Treasurer shall be responsible for paying receipts into the account and for managing it. At the end of each quarter the District Treasurer shall arrange for the transfer to the Guild General Fund and the Bell Restoration Fund, in a form advised by the Guild Treasurer, of such proportion of subscriptions received as may be determined by the Executive Committee and of any other monies received for the Bell Restoration Fund or properly due to the Guild General Fund. The District Treasurer shall prepare for the Annual District Meeting each year financial accounts for the preceding year, which when approved shall be forwarded to the Guild Treasurer. Districts shall from time to time transfer to the Guild General Fund or the Bell Restoration Fund (as directed by the Guild Treasurer) any monies held in District Funds that are unlikely to be required for district purposes over the next three years. For the avoidance of doubt, all monies held in District Funds ultimately belong to the Guild.

Approved by the Executive Committee on 22 October 2009.