The charity’s treasurer is a vital officer role, combining financial oversight, strategic advice, and governance responsibilities. They ensure the charity remains financially healthy, compliant with regulations, and able to achieve its mission effectively.
The treasurer must ensure compliance with charity law, maintain accurate records, and act in the charity’s best interests. The treasurer maintains an overview of the charity’s financial affairs, ensuring solvency and financial viability. They monitor income, expenditure, and cash flow, and report on the charity’s financial health at trustee meetings. The treasurer advises trustees on their financial responsibilities, helping them to understand the financial data available in order to enable the committee to make informed decisions. Therefore, the treasurer should have an understanding of financial management and the ability to interpret and communicate financial data clearly. It should be noted however that, while the treasurer may have specific delegated responsibilities, all trustees share joint responsibility for the charity’s finances.
The treasurer will liaise with external auditors and/or independent examiners, or other professional advisors to ensure accurate financial reporting and compliance as required by the Charity Commission.
As the Barbican Art Society is a small charity, the Treasurer will be required to perform some hands-on tasks:
- They will need to be a signatory for the BAS bank accounts - to set up or authorise payments as per BAS’s financial policies.
- They must keep records of the income and expenditure and reconcile these against the bank accounts on a regular basis.
- They must liaise with the Enrolment Secretary and SumUp administrator to ensure that income covers expenditure and advise the board of any subsequent requirement to change fees etc.
- They will need to prepare the annual accounts & financial review for submission at the AGM and, subsequently to the Charity Commission, after verification by an auditor or independent examiner.