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Does anyone know whatthe maximum amount a preschool can have in the bank account

(8 Posts)
eandh Wed 15-Jul-09 08:22:59


Wondering if anyone can help I am chair of preschool and been going through the books with treasurer (helps that she is a friend so we tend to catch up often!!) and we have had a very successful year and have alot of money in the current account (we also hold a deposit account where we keep a set amount of money should we have to close/make redundancies but thats unlikely) anyway I have been searching and searching as I am sure there is a limit to what we can keep in the current account as we are a charity, does anyone have any idea what this amount is though??

bumpybecky Wed 15-Jul-09 13:49:44

I'm also a treasurer and I've never heard that there was a maximum.

coppertop Wed 15-Jul-09 14:14:36

I've never heard of a limit. From the looks of this current account for charities if there's a limit it must be a large one.

coppertop Wed 15-Jul-09 14:22:04

The Charity Commission site seems to be saying that whether or not you decide to put money into a deposit account is a question of reasonableness rather than about a set limit at which you must invest.

eandh Wed 15-Jul-09 15:02:55

Thankyou for all your help - seems to have clarified what I was concerned about smile

cktwo Thu 16-Jul-09 20:38:30

If you are a charity then the funds you hold really should be put back into fullfilling your charitable aims.
Of course you muct put sufficient funds aside to cover emergencies and asset purchases/renewals but if you have loads of money, why not spend it?

eg we've been very profitable this year so we've taken on an extra member of staff, paid for a summer trip and sent the staff on some really good training.

katiestar Thu 16-Jul-09 21:10:32

we have been told by the charity commission we can have up to a years running costs .our playgroup has that - about £30k which i think is a ridiculous amount of money

cktwo Thu 16-Jul-09 21:32:30

£30K shock ABsolutely.
I'm looking to have a term's worth of running costs set aside with maybe another pot for projects/improvements.

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