Mexborough & Swinton Astronomical Society
- Parent Category: Annual Reports
Financial Management and Reserves Policies
The Society has a Financial Management Policy which meets the requirements of the Charities Act 2006, the Charity Commission guidelines "Internal Financial Controls for Charities" and "Accounting and Reporting by Charities: Statement of Recommended Practice (Revised 2005)".
The Society is currently operating with two funds. The General Fund is unrestricted and is used for the day-to-day operation of the Society. The New Horizons fund is a restricted fund opened in 2006 to support the New Horizons project. When making public appeals for the New Horizons project the trustees have made provision that any surplus may be transferred to the General Fund to further the objects at the discretion of the trustees.
The Society operates with an unrestricted reserve at a level set by the trustees; currently this is £4,500. The reserve is held to allow the Society to offset fluctuations in income receipts and to provide for contingencies. Reserves are held without any exposure to the stock market. At March 31st 2010 the General Fund had a balance £4,349.
Financial performance in the year to March 31st 2010 has been broadly consistent the trustee's forecasts and expectations.
Income and Expenditure Review
Income and Expenditure Reviews for the year to March 31st 2010 can be found here:
Gifts and Support in Kind
In assessing the finances and assets of the society it must be noted that many members and trustees give a great deal of support in kind. Many purchases are made and the payment never claimed back; for example printing and postage costs, stall fees at events, and web hosting have all been paid for by members but the cost not claimed despite such a claim being perfectly legitimate.
Members also give generously of their time; without the many hours given to preparing and delivering talks, running community access and outreach events, and managing the society its growth and success could not be achieved.
The trustees wish to place on records their recognition of and gratitude for all these contributions
Funds Materially in Deficit
As at March 31st 2010 the Society had no funds in material deficit.
The Trustees have not identified any major risks to which the Society is exposed.
Approved and adopted by a meeting of the Executive Committee on June 9th 2010 and signed on their behalf.
Leslie H. Marsden FRAS