Voluntary Organisation Banking Guide launched

As UK Finance launches a banking guide for the sector, we walk you through some of the challenges it hopes to address.

KEEPING TRACK OF FINANCES

Opening a bank account for a voluntary sector organisation is an essential process; your voluntary group will need a bank account to process its income and expenditure. Unfortunately, we are aware that currently this can be very difficult to achieve.

Having a bank account for your organisation is an important part of good governance. It allows you to keep track of what is the group’s money and ensure it’s separate from any money that belongs to individuals running the group. UK Finance hopes that the Voluntary Organisation Banking Guide will help you to achieve success.

UK Finance is a banking trade association representing 300 firms within the financial services industry. They have produced the Voluntary Sector Banking Guide to help you find the bank account you need. It helps you work out your banking needs, gives a range of accounts that may work for you and suggests documentation you will need to open and maintain your account.

ADDRESSING THE SECTOR’S NEEDS

We have found many charities have experienced difficulties in accessing banking services. WCVA is part of the Charity Banking Forum, with our sister voluntary councils from around the UK, where we meet with banks and advise them of the difficulties you are facing.

This is all in the hope of prompting a change to process and practice.  The Charity Commission 2024 annual trustees survey showed that 42% of trustees who participated in the survey experienced poor service from their bank within the last 12 months.

The Charity Commission’s Internal Financial Controls for Charities document has guidance on what you need in order to set up an appropriate account for your organisation.

MORE HELP

Further support can also be found on the TSSW Knowledge Hub. This information lets you know what responsibility you have as a trustee for your organisations money and why you need a bank account for your charity.

If you need anymore assistance on this topic, please don’t hesitate to contact Eleanor Jones, Governance Manager at WCVA governance@wcva.cymru or you can speak to your local CVC. We are here to help.