BCS Membership Board Treasurers’ day 10 th February 2016
Ian Sunley INTRODUCTION AND AGENDA Presentation to insert name here 2
Agenda Morning 10:30 – 13:00 • Introduction objectives of the day.(IS) • Report on Changes we are looking at and why. • Discussion on proposed changes. • The current financial position of both the Institute and Membership Board(IS) • Accounting requirements and Financial rules (HA) • The budget process for FY 2015-2016 • Questions and Answers Afternoon 14:00 to 16:30 How to get Funding Sponsorship. (KF) New Strategy Presentation (IT) Q&A on Strategy Unconscious Bias Training Presentation to insert name here 3
Objectives for the day To make it easier for Treasurers and MB 1. “ Finance Committee to work together To explain the budget process for the 2. Financial Year 2016-2017 To keep you up to date with financial 3. processes and guidelines. To get your input into the processes we 4. use. To keep you up to date with the changes 5. in the Institute Treasurers Convention 2016 4
Governance and MB Finance Committee Presentation to insert name here 5
MB Finance Committee Terms of Reference • Purpose • Responsible to Membership Board for financial rules, processes and procedures for Member groups • Establish administer and allocate the budget for all membership functions • Optimise the use and take up of funds through review and reallocation • Responsibilities • Consult over changes • Define and agree levels of authority • Define and agree internal auditing controls to monitor compliance with internal policies • Ensure the budget process is handled smoothly in a timely fashion Presentation to insert name here 6
Finance Committee & Current position Presentation to insert name here 7
Members of Finance Committee at 21st January 2016 Ian Sunley – Chair Terence Freedman Ian Speller Dan Hayton Andy Cox Melanie Calver Judith Taylor (Head of Member Groups Team) We need 1 new member if anyone is interested With support from Josephine Jones Helen Axam (Financial Accountant) Karen Myatt. Presentation to insert name here 8
New Names • Ian And Melanie joined us after the last Treasurers Day and bring new eyes to the committee. • Josephine (Joe) has taken over a lot of the day to day work from Helen who is now also involved in other areas of the institute. • We will be looking for another member of the finance committee in the next few months so anyone interested please contact me over lunch or via E Mail. Treasurers Convention 2016 9
New Management at HQ • BCS HQ has had major changes in the last 12 months and a new structure. • Group Chief Executive – Paul Fletcher • Group Finance Director – Rob Deri. Just in Post. • Director, BCS Academy of Computing – Bill Mitchell • Director, IT and operations – Carl Harris • Director, Policy and Community – David Evans • Director, External Affairs – Adam Tilthorpe • Director, Group Marketing – Helen Fisher • Director, Standards – Jeremy Barlow • CEO, Learning & Development Ltd – Jon Buttriss • Deputy CEO, Learning & Development Ltd – Lucy Ireland. Treasurers Convention 2016 10
Proposals for changes for 2015/16 • There is a new accounting system being installed in Swindon so we are asking for the following changes: – Each member group can look at their accounts via the web. – The budget will be submitted via the web. – SFRs will be also submitted via the web. • There is a new SFR document proposed – you should all have a copy. Changes include – Now only 3 point strategy but its critical you meet some criteria. – Need to know what rollover funding you have left. – There is a column to allow us to link SFRs across 2 financial years • Last year two of the conferences made a substantial loss (totalling > £15K). As a result we have experimented with a couple of conferences by asking them to have review points where they could cancel or change something if it looks like making a large loss. This seems to have worked. I propose that ALL conferences set review points to report to Finance Committee so we can assess potential failures. Treasurers Convention 2016 11
More changes • We have had a small number of cases where a group has asked for funds AFTER and event even though they knew in advance that event was occurring. We need a system to stop this as it appears to be blackmail. One suggestion is that if it happens once in a 3 year period you are warned, next time 25% IS DEDUCTED, 3 rd time 50% etc. We are open to suggestions • How do we handle Capital Expenditure? A proposed form has been circulated. • Finally an appeal to you. When we allocate your budget we sometimes give reduced money(sometimes because we have queried something and not had a valid response). We ALWAYS say why this has occurred. To those who complain they have a reduced budget and do not know why. READ ALL THE EMAIL PLEASE when you receive it NOT 4 months later. Treasurers Convention 2016 12
Discussion time • You have heard the suggestions now its your turn to ask questions and put forward ideas. Treasurers Convention 2016 13
The Current Financial position of both the Institute and Membership Board Treasurers Convention 2016 14
Year end results for Institute 14/15 Income 2015 2014 (£000) (£000 ) Investment Income 83 113 Membership and other Professional Programmes 10345 8684 Qualifications and Examination Programmes 23853 17727 Publications 808 708 Other income 378 152 35467 27384 Less: Income from joint venture included in above (302) (247) --------- --------- Total Income 35165 27137 Expenditure Membership and Other Professional Programmes 9851 7412 Qualifications and Examination Programmes Publications 21776 17322 Governance costs 448 453 Less: costs of joint venture (included above) (3) (4) Total expenditure 32400 25621 Net income before goodwill (Income – Expenditure) 2765 1516 Goodwill amortised (193) (193) Net income after goodwill 2572 1323 Net share of results of joint venture 299 243 Net income for year 2871 1566 The data above is from the Trustees Board report for the AGM 2014/15 available on the BCS web site Treasurers Convention 2016 15
Membership Groups Accounts 2014/15 Treasurers Convention 2016 16
Current results 14/15 Treasurers Convention 2016 17
Helen Axam HOW SWINDON AND THE TREASURERS WORK TOGETHER Presentation to insert name here 18
Interactive Session The aim of today’s session is to • Cover the salient points of the Guidelines For Treasurers • Cover the daily / weekly / monthly / annual tasks • How Swindon finance supports the treasurers • How you can help Swindon and yourselves • Cover the completion of various forms • VAT – income and expenditure • Monthly financial statement Presentation to insert name here 19
Treasurers’ Guidelines EXPENDITURE • What do you class as “Expenditure”? Presentation to insert name here 20
Treasurers’ Guidelines EXPENDITURE • What do you class as “Expenditure”? • A purchase invoice. Presentation to insert name here 21
Treasurers’ Guidelines EXPENDITURE • What do you class as “Expenditure”? • A purchase invoice. • An expense claim. Presentation to insert name here 22
Treasurers’ Guidelines EXPENDITURE • What do you class as “Expenditure”? • A purchase invoice. • An expense claim. • A cheque raised at Swindon for e.g. a Student Prize Presentation to insert name here 23
Treasurers’ Guidelines EXPENDITURE • What do you class as “Expenditure”? • A purchase invoice. • An expense claim. • A cheque raised at Swindon for e.g. a Student Prize • Bank charges associated with paying an invoice or claim overseas Presentation to insert name here 24
Treasurers’ Guidelines INCOME • What do you class as Income? Presentation to insert name here 25
Treasurers’ Guidelines INCOME • What do you class as Income? • Event Income net of VAT (before VAT is added on) – All chargeable events must go through the BCS Event Booking System. To assist with this a completed budget proforma will be required by the Member Groups Team (MGT). – This will ensure that the income (net of VAT) will correctly be posted to your monthly accounts – Please note – I examine the income earned each month and hold it in a balance sheet account called Income in Advance, until the actual month the event happens Presentation to insert name here 26
Treasurers’ Guidelines INCOME • What do you class as Income? • Event Income net of VAT (before VAT is added on) • Sponsorship Income net of VAT, by external parties – If you are successful in securing Sponsorship, please contact me so that I can help you with the details required to raise an invoice from Swindon to your Sponsor. We need to get the invoicing details correct at the start to avoid non-payment of invoices. – This will ensure that the Income is posted to your accounts correctly – Not to be confused with Donations. Presentation to insert name here 27
Treasurers’ Guidelines INCOME • What do you class as Income? • Event Income net of VAT (before VAT is added on) • Sponsorship Income net of VAT, by external parties • Donations (exempt of VAT) – Definition of a Donation – “Donations are given without return consideration”. Presentation to insert name here 28
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