Finance

You're in one of the main sections of Woodcraft Folk's New Group Journey training module. The most important points to remember are listed first, and following that is a fuller explanation of what you need to do in this area. There are many different ways of doing things in Woodcraft Folk, so we've included only the essential guidance in this module, leaving you to develop your own methods to suit your group.

Links to individual resources are in bold green, and you should read each of these for a full understanding of good practice. Links to other pages of the website are in non-bold green.

Use the Ask for Help link to request help on a particular topic, or request a Twin group with whom you can share ideas and joint activities.

This module works alongside a checklist, timeline and guidance sheets for you to print out and work through. Download the finance guidance sheet


Key things to remember

  • Open a bank account
  • Keep receipts and records of financial transactions
  • Submit your accounts to Woodcraft Folk as required

Accounting

Your group is responsible for any money it receives and spends and for keeping an accurate log of transactions. See our example accounting spreadsheet for groups and districts. This is especially important as we're a registered charity with one charity number in England and Wales, and one charity number in Scotland; everything that's done in Woodcraft Folk’s name across the UK in every group and district is part of us, with our trustees ultimately responsible for the things that you do. Thus we need systems and procedures in place so that everyone is clear about what is happening and why.

At the end of each calendar year, a financial return must be sent to Folk Office for inclusion into our UK accounts, along with the year-end bank statement. Woodcraft Folk will send the form out in December and your group or district Treasurer should oversee completing and submitting it by February 15th.


Support for Treasurers

We aim to support all volunteers who undertake the role of a District or Group Treasurer. Firstly there is the Treasurers handbook which is available for all to download on our website. It is a step by step guide to advise you on Woodcraft Finance policies, treasurers responsibilities ans what to expect whilst your in a role.

There is a great Treasurers FAQs page on our website that will answer your questions and direct you to the correct form or guidance you require.  

We also send out a termly Treaurers newsletter by email signposting members to training, updating on policy, changes to procedures and financial return reminders. 


Bank account

It is essential for the group or the district to have a bank account through which all transactions run and receive grant income. Setting up a bank account can take several months and can require a local constitution in the name of the group or district. As an organisation we tend to bank with The Co-operative Bank. You should set up your group or district bank account with safeguards in place, such as having two (unrelated) people to sign a cheque or approve a transaction. In the meantime, the group may wish to set up a petty cash system to record group night subs income and expenditure such as venue hire, and programme materials such as arts and crafts equipment.

Apply for a Co-operative bank account using our online guidance.


Fundraising

You will also need a bank account if you're thinking of applying for any funding. If you do want to apply for funding, take a look at our fundraising opportunities page, which gives information on sources of funding and advice, and our funding bids policy. You must comply with the reporting requirements for anyone who gives you a grant.

As a charity, we can also claim Gift Aid on donations made to your group or district.

Also look out for the weekly Fundraising newsletter which goes out by email to all group & district officeholders. 


Expenses

You may also find our expenses form useful. All expenses incurred must have receipts / tickets provided for them except in the case of mileage claims.


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