Funds
a) All income received by the club must be used only for payment of costs incurred in pursuit of the clubs objectives, except that income which is explicitly advertised as being raised for Charity, which shall then be directed towards the named charity within 30 days.
b) The Treasurer and 2 other current committee member signatories for club cheques will be responsible for ensuring that the club’s funds are used for these purposes only, although no financial liability will be incurred where these members have acted in good faith. The 2 other current committee member signatories for club cheques will be the Chair and the Secretary. If the Club has a second account then the signatories for cheques from this account will be the Treasurer and two Committee members other than the Chair and the Secretary.
c) Prior to the AGM, the Treasurer will ensure that the club’s accounts are checked by an assessor who is a qualified Accountant acceptable to the committee as a whole, and who is not a member of the committee for the year to which those accounts apply. This assessor should only serve in the above role for three years unless the club is unable to identify a suitably qualified assessor to full this role. The agreed club accounts for the year should be signed and dated by the Treasurer, the Chair and the assessor.
d) Any member of the club may see the accounts after giving 30 days notice to the Treasurer.
e) Should the club be dissolved at any time, any remaining funds and assets will be frozen for 6 months & then donated to a registered charity in accordance with the wishes of the majority present at an AGM or EGM called to effect such a dissolution.
f) The Clubs Financial Year will run from 1st January & End on 31st December.
g) An inventory of Club Property shall be maintained.
h) In the event of the club purchasing any capital items the Committee will agree with the assessor of the club’s accounts in the year of the purchase of the equipment a procedure to measure any depreciation in the value of the above asset. Before any club asset is written off the Committee will have agreed with the assessor of the club’s accounts that the asset requires to be written off and the procedure for the disposal of this written off asset.
i) A committee member, or a LIN member acting on behalf of the Committee, should not purchase any new capital items, new materials or new services for LIN which cost over £100 until the above Committee member or LIN member has:
(i) Obtained three quotes for the above capital items, materials or services;
(ii) Referred the above quotes to LIN's Committee;
(iii) Received authorisation from LIN's Committee, after examining the quotes, to purchase the relevant capital item, materials or services.
j) LIN should not purchase capital items, materials or services from an existing LIN Member or from a former LIN member until this member/former member has ceased to be a member of the club for a full year, or, in the case of a former Committee member of LIN, three years. This restriction also applied to companies representing a LIN member or companies which a LIN member is a director of.
k) A Committee member or a LIN member acting on behalf of the Committee, should not purchase capital items, materials or services for LIN from someone who is either a family member, relative, partner in a relationship, business partner, their employer or their employee. This restriction also applies to companies representing the above categories of people or companies these categories of people are directors of.
l) There is a cap of £6,000.00 (pounds six thousand only) on annual expenditure on any one individual item.