what exactly are books and how do I keep them?

(6 Posts)
nitsparty Fri 27-Jul-12 12:32:24

In a weak moment I agreed to help my friend run a charity she’s set up. So far all we’ve done is to buy some outdoor furniture with an initial gift and lent it out to one or two community groups at minimal cost. We’re in profit and have a bank account.
The problem is, what kind of accounts should we keep and how should we be keeping them? Where can I learn what to do?

OP’s posts: |
TheSilverPussycat Fri 27-Jul-12 19:14:01

There should be a local volunteer support centre near you (cuts may have affected them though) who I think may be able to point you in the right direction. Or the Charities Commission, who must have a web-site.

Do tell a bit more about the charity - sounds good.

cozietoesie Sun 29-Jul-12 11:34:17

Have a look here.

www.charitycommission.gov.uk/publications/cc16.aspx

And good luck with the charity!

CogitoErgOlympics Mon 30-Jul-12 11:23:35

If you were a small business you'd keep a record of all money coming in and going out.... receipts, bank statements, cash, transfers, invoices. You'd also keep a record of any substantial assets like vehicles, property, equipment. Might be worth consulting a professional accountant in the first instance and hiring a book-keeper for a few hours each month to make sure everything balances.

moogdroog Wed 01-Aug-12 23:33:11

You need to follow the charity commission's SORP guidelines here
I would definitely get in touch with your local county voluntary council who will have info sheets and maybe training on this. Where abouts are you?

moogdroog Wed 01-Aug-12 23:44:06

Oh yeah - you probably realise but this makes you a Treasurer. If you've not already I'd gen up on what it means to be a trustee and one of the officers in particular. Not sure of the constitution of the organisation but there are liabilities you have to take on and they're not to be taken lightly. I would get yourself down your local CVC (rather than vol centre, though they may be one and the same)) as you'll get some excellent advice and guidance.

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