Purpose: The purpose of this policy for Sport MK, is to ensure the stability of the organisation. It is a framework for the Treasurer to work with.
Affiliations – Affiliations are open to all ‘not for profit’ organisations within the Milton Keynes Boundary.
In September, the Treasurer will send an affiliation form to all clubs/organisations, then periodically remind those that have not joined.
Fees are paid annually in October, however BACS can arrive throughout the year. These receipts are logged by the Treasurer, who will liaise with the Membership Co-ordinator. A spreadsheet will be produced and updated on a regular basis, then circulated to all Directors.
When a BACS has shown on the bank statement, it is checked that an affiliation form has been received. If not, the contact for the stakeholder is chased. Cheques are deposited into the Sport MK bank account.
Grants (received) – Sport Milton Keynes CIC receives a grant from Milton Keynes City Council who have guidelines as to how the money is spent. This fund can only be used for Bursaries, Monthly Achievers and Coaching Course Bursaries. If the grant received from Milton Keynes City Council is not spent, it must be returned.
Donations – Sport Milton Keynes CIC may receive donations throughout the year. They may be for a specific activity, for example Sport Achiever of the Year event. Unless the organisation stipulates where the money should be used, it will go into the current account and be used for any shortfalls. The National Hockey Foundation gave Sport Milton Keynes CIC a donation and stipulated this must be used for capital equipment that will increase participation for a club.
Grants/Bursaries (awarded to a club/organisation) – All grants that have been agreed, are paid via BACS into the club’s bank account. This is followed up with an email, to the contact person on the grant form, informing them the value of the grant and where the funding is from. An ‘End of Grant’ form is attached on the email, which should be completed and returned to the Treasurer.
Bursaries are also paid to the club, who will pass on to the individual.
The Treasurer will keep a spreadsheet showing SMK number, club name, reason for grant and amount agreed. When an ‘End of Grant’ form is received it is noted on the spreadsheet. The Treasurer will chase any not returned.
Sport Achiever of the Month – payments are made by cheque to the individual. These are sent with a letter by the Achiever Panel.
Monthly Summaries – After each Committee meeting the Treasurer will update the overall grant summary sheet, this has separate tabs for various breakdowns (NHF,MKC,First Aid and Monthly Achievers).This will then be circulated to the Grants Panel.
Treasurers Report – At each Committee meeting the Treasurer will do a report for the Directors ensuring they have up to date information regarding the finances of Sport Milton Keynes CIC. A Finance report will be circulated to all Directors once the Bank Reconciliation has been done.
Bank Reconciliation – Sport Milton Keynes CIC has monthly bank statements sent to the Treasurer. All receipts and payments are checked off the statement and logged. This data will be converted into a spreadsheet which is circulated to all Directors.
Year End – Once the bank statement is received for up to 30th September, the year-end process starts. This data is circulated to all Directors with a brief explanation of the years finance.
It is the responsibility of the Treasurer to ensure all annual reports are completed for the following:
- Company House/ Corporation Tax
- Milton Keynes City Council
- Audit
- Directors
Date of Issue October 2025 Review due October 2027