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  1. #1
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    Opening a new bank account for fundraising

    Hello

    Quick question for you all - I'm new to Scouting and am interested to learn any suggestions any of you have with regard to a new bank account for fundraising. Does anyone have any suggestions as to type of account at whichever bank ?

    Would prefer a mainstream UK bank where the account is 'set up' to receive Gift Aid donations. Not sure on signatories yet. Once underway the account will be receiving regular income circa 500 - 800 per month

    Thanks in advance

  2. #2
    a quiver full of barbs merryweather's Avatar
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    Quote Originally Posted by bigfoot0968 View Post
    Hello

    Quick question for you all - I'm new to Scouting and am interested to learn any suggestions any of you have with regard to a new bank account for fundraising. Does anyone have any suggestions as to type of account at whichever bank ?

    Would prefer a mainstream UK bank where the account is 'set up' to receive Gift Aid donations. Not sure on signatories yet. Once underway the account will be receiving regular income circa 500 - 800 per month

    Thanks in advance
    are you the group treasurer? if not, then this really should be best left to them.

    most groups will tend use treasurer type accounts for their funds. if this is going to be receiving that sum of money each month and little or nothing is coming out then it's probably to best look at some deposit type accounts, but again best left to your treasurer.

    regards, TM

  3. #3
    Assistant ESL shiftypete's Avatar
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    Any bank account held in the name of a Scouting body (Section, Group, Unit, District County etc) must be set up and be able to be run in line with the rules on such things as contained in the relevant parts of POR.

    This means for the account to be opened in the first place needs the approval of the relevant executive committee, the account must require transactions to be authorised/approved by at least two signatures from a list of approved signatories (as agree by the Exec, one of the approved signatories must be the relevant Treasurer). The account must be overseen by the relevant Treasurer (this does not necessarily mean they have to sign every cheque it means they have to have an overview of the account's transactions and as an approved signatory be able to exert control over the account if needed e.g. being able to communicate with the bank about the account)

    I'd imagine that most Groups use their main bank account for all fundraising to be paid into and do not have a separate bank account just for fundraising as it would be an unnecessary complication. The situation with an ESU might be a little more complex but I suspect most ESUs (as ours does) have their own bank account overseen by the District Treasurer into which they would pay any money raised by the Unit from fundraising.

    Peter Andrews AESL of Headingley Friday ESU & ABSL and Webmaster of Falkoner Scout Group
    www.falkonerscouts.co.uk

    Bookings Secretary - Wike, North Leeds District Campsite - www.wikecampsite.org.uk
    www.leeds-solar.co.uk
    Please note all views expressed are my own and not those of any organisation I'm associated with

  4. #4
    Senior Member recneps's Avatar
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    I can see why you might want a separate account... for example raising money for a new hall.

    I would go for a standard treasurers account at somewhere like Lloyds.
    Dan Spencer

    Group Scout Leader and CSL 66th Bath
    Nights Away Adviser, Bath District
    Member of Avon County Appointments Advisory Committee
    Event organiser "Be Prepared" Resilience Events

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    It's funny - we have a separate bank account to the District one for our Explorers - our accounts and bank balances are brought into the District accounts every quarter. It's seen as been easier to manage.

    However where I work we have one account (forgetting the investment one) which sees a turnover of 220 million pass through it each year, paying for a variety of projects managed by more than a variety of people!

    I wonder why we feel the need to retain separate accounts in Scouting.

    Barney

  6. #6
    No mountain too high PeterSheppard's Avatar
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    Quote Originally Posted by Barney255 View Post
    I wonder why we feel the need to retain separate accounts in Scouting.
    Because we don't spend money on accounting software, use cost codes, cross charging etc, and have a whole administrative department to look after it?
    Area Scout Network Commissioner/AAC Explorers - Gwent

    "Don't judge each day by the harvest you reap... but by the seeds you plant"

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  8. #7
    Senior Member recneps's Avatar
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    Quote Originally Posted by PeterSheppard View Post
    Because we don't spend money on accounting software, use cost codes, cross charging etc, and have a whole administrative department to look after it?
    What he said!

    At work, our national annual turnover is over 200 million. Lots of us draw down on that money, there are hundreds if not thousands of department cost codes, hundreds of project codes, and a system of expense/income codes.

    The whole system is managed by a business analyst in each area of the country, and an entire data processing team is employed to update it. We use software called Agresso to run it all. Essentially the system almost operates a bit like its own bank. Money is paid in, paid out, etc and can be allocated to cost centres, ring fenced, budgetted etc.

    As a Scout group, we use a similar system - it is called a bank. We don't use cost centres. Our group funds all go into the group account (including all sections) because our treasurer is happy to manage that. But many treasurers or groups find it easier to use a different account for each "cost centre" to keep it very clear what money belongs where. Particularly people who aren't happy managing complex spreadsheets may find this easier. The statements for each account should then match each "cost centres" accounts, and can then be summarised into group accounts. Simples.
    Dan Spencer

    Group Scout Leader and CSL 66th Bath
    Nights Away Adviser, Bath District
    Member of Avon County Appointments Advisory Committee
    Event organiser "Be Prepared" Resilience Events

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    Only asking as I'm looking at raising money 'specifically' for Explorers. When I get all my permits ratified & accepted I want to be able to take them out doing fun exciting things, all of which cost money, both for the activity as well as the transport. Times are tight for many families and an extra 10 here and 15 there soon adds up, so I'd like to take that burden away or minimise it with a healthy subsidy. Also want to start a 'kit bank' so when we are going hiking or walking there are always walking boots & rucksacks available for whoever needs them, or money available to go buy whatever is needed to add to the kit bank

  10. #9
    Senior Member Bushfella's Avatar
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    Can I ask a silly question. You say that you want gift aid donations to go into this acount and that you expect 500-800 per month.

    Can I ask where this money is coming from on a monthly basis? Is this simply your subs and what you are looking for is an account for your Explorer Unit, as opposed to a project fund?

    Why has your District Treasurer not arranged an account for the Unit Funds?
    Ewan Scott

    It seems that there are a lot of Nawyecka Comanch around....





    Nawyecka Comanch'": "Means roundabout--man says he's going one way, means to go t'other" Ethan Edwards - The Searchers

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    Quote Originally Posted by Bushfella View Post
    Can I ask a silly question. You say that you want gift aid donations to go into this acount and that you expect 500-800 per month.

    Can I ask where this money is coming from on a monthly basis? Is this simply your subs and what you are looking for is an account for your Explorer Unit, as opposed to a project fund?

    Why has your District Treasurer not arranged an account for the Unit Funds?

    Hello Ewan

    As you have probably guessed I have perhaps jumped the gun slightly as in truth I have no idea who, or even if, we have a Treasurer. I am eager to make a difference and give something back to my local community and have a wealth of business & social contacts who have offered me help with regular ongoing sponsorship. These people in turn, many of whom have been in the Scouts as children with happy memories have offered to put me in touch with their friends & business contacts.

    Aside from a few who have offered to promise regular larger amounts (tax write offs, charity giving, etc..) I'm working to a plan of securing regular small amounts from about 130 other smaller companies / individuals. I am confident that this will generate marginally over 8000 per annum after the inclusion of gift aid.

    I will endeavour to find out who my District Treasurer is
    Last edited by bigfoot0968; 28-10-2013 at 10:14 AM.

  12. #11
    Senior Member Bushfella's Avatar
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    Quote Originally Posted by bigfoot0968 View Post
    Hello Ewan

    As you have probably guessed I have perhaps jumped the gun slightly as in truth I have no idea who, or even if, we have a Treasurer. I am eager to make a difference and give something back to my local community and have a wealth of business & social contacts who have offered me help with regular ongoing sponsorship. These people in turn, many of whom have been in the Scouts as children with happy memories have offered to put me in touch with their friends & business contacts.

    Aside from a few who have offered to promise regular larger amounts (tax write offs, charity giving, etc..) I'm working to a plan of securing regular small amounts from about 130 other smaller companies / individuals. I am confident that this will generate marginally over 8000 per annum after the inclusion of gift aid.

    I will endeavour to find out who my District Treasurer is
    I'll risk an infraction.... Holy ****! We struggle to get a box of chocolates donated for a raffle from local businesses! Good luck with that.

    Slightly concerned that you have not been given the appropriate information locally. But then again, not surprised!
    Ewan Scott

    It seems that there are a lot of Nawyecka Comanch around....





    Nawyecka Comanch'": "Means roundabout--man says he's going one way, means to go t'other" Ethan Edwards - The Searchers

    www.claytonwestscouts.org.uk
    www.whitleybeaumont.co.uk

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    Hi Ewan

    Just tried to send you a PM, but it doesn't appear to have 'sent'

    Will happily share my plan & literature with you if you want to give it a go in your area - I work on the basis of asking for a very small almost insignificant amount but on a regular basis

    If you can get messaging to work send me your email address & I'll get in touch

    Didn't realise you were so local Just over the hill, relatively. Is that preserved railway still operational near you ? Happy memories

    Get in touch if you wish

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    Actually after writing my post on different accounts I realised that our county has one account and maintains all the different restricted funds through it without the need for separate accounts.

    It doesn't matter really - as long as everything is accounted for properly

    Barney

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    Hmmm,

    Just remember that you can't claim gift aid on money donated from a company. That's because they give you money out of pre-tax funds, so no tax has been paid on it for you to reclaim.

    You'll loose the will to live if a partnership donates money, gift is recoverable there but you should have a mandate from each partner. Good luck.

    A.

  16. #15
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    Quite so AGL ..... good old HMRC. Already aware of this but thanks for pointing it out to others who may not be, hence a very valid post.

    Thankfully GA can be claimed on donations from individuals (subject to the usual conditions) sole traders & partnerships (as stated); and a company or corporation may offset donations against Corporation tax

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