Hull Geological Society
Financial –
·
Role
of Trustees
The Trustees shall be the Officers of the Society - Treasurer, General
Secretary, President and Vice-President and sometimes the Past President (if
she/he is willing to continue to be a Trustee for at least until such time as
the bank, Charity Commission &c. have been informed of the election of a new
Trustee). They shall be the signatories on any bank accounts held by the
Society. Two signatures are required on all bank cheques and or withdrawal
requests.
Trustees must declare any conflict of interest when dealing with the Society’s
funds. They should not benefit from the Society’s investments for example the
Society should not invest in companies or enterprises run by a Trustee or member
of the Society.
Trustees must not have ever been declared bankrupt nor have committed any
financial fraud in the past nor be ineligible in any other way as described by
the Charity Commission. If an Officer of the Society is not eligible to be a
Trustee another member of the Society who is eligible shall be elected as a
replacement Trustee.
·
Gift Aid
Members may choose to declare that their annual subscriptions and donations to
the Society as Gift Aid by completing and signing the appropriate form. The must
have paid an equal amount as income tax in the UK in that financial year. If
they have no longer continue to pay tax they should inform the Treasurer asking
her/him to cancel their gift aid donation
The Treasurer shall periodically reclaim the income tax at the basic rate from
HMRC and pay that into the Society’s Current Account.
·
Donations
Members may donate or bequeath money, books, maps or specimens &c. to the Society.
The Society will respect the wishes of the donor and will reach agreement on any
conditions concerning the donation or bequest.
As the Society does not normally hold assets, donations of specimens may be
passed on to a more appropriate museum or institution if they are of scientific
significance or useful for teaching. Books and maps may be kept in the Society’s
Library. Archive material (e.g. field notebooks, drafts of publications,
photographs) may be donated to an institution that is better able to care for
the material and allow public access (such as a museum of history centre).
Duplicate books and specimens may be sold at a nominal price to members to raise
some funds for the Society, or given to younger or new members to encourage
their interest in geology.
·
Property
The Society does not invest in buildings and land. Normally the Society invests
in
“low risk” savings accounts of banks or building societies, bonds, unit trusts
or shares that will return an annual interest or dividend.
Any assets that the Society possesses should be kept safely by the Officers and
should not be included as an asset in the Annual Accounts. These assets are –
Society Archives, stock of publications for sale, medals to be awarded in the
future, the books and maps in the Society’s library and other items donated or
bequeathed by members.
The Society may choose to donate these assets to other organisations where they
might be better cared for or used – for example parts of the archives have been
donated to Hull Museum and the Local History Centre; geological specimens have
been donated to the Museum. Terms and conditions for the donation will be
agreed.
The Society may choose to recompense Officers for any increased home insurance
or heating costs incurred due to the care of the assets of the Society.
·
Investment policy
The Trustees will keep sufficient funds in the current account to enable the
Society to run in the current year. They may decide to invest any excess in low
risk bonds and savings accounts that produce an income. The Trustees must abide
by the current laws for Charities.
·
Conservation Fund
A separate set of Rules cover the use of the Conservation Fund.
The Conservation Fund is not held in a separate account; it is a sum within the
general funds that is “ring-fenced” for use for the purposes outlined in the
rules. The value of the fund is increased annually by the Treasurer in the same
proportion as the total interest received on the whole of the Society’s funds.
·
Dissolution
of the Society
If the Society ceases to exist the funds and assets will be donated to other
charities and organisations with similar aims. The Trustees and members will not
benefit from the distribution of the funds and assets.
Copyright - Hull Geological Society 2016
Registered Educational Charity No. 229147