Company Sports and Social Club - Advice Wanted
Discussion
The SME I work for is planning on setting up a sports and social club. The primary aims are to take the organisational burden off admin staff and to delegate decisions to the staff (e.g. what sports to run and to some degree how they should be funded). Currently we subsidise and organise badminton, squash, book club, boardgames club, summer and end-of-year socials and random ad-hoc events requested by staff.
Sports and social clubs at other companies appear to be separate entities and have a nominal subcription fee (e.g. £5 per year) - I suspect there is a financial reason behind this? I presume there is also a committee which is responsible for budgeting, reporting and general operations.
So far, nobody we've spoken to (including accountants) know why you would charge a subscription, what the BIK implications and pitfalls are, or generally how such things are run. A question on reddit unearthed a whole load of responses about why reddit users wouldn't like to join such a club but very little in the way of useful info.
I suggested that the gurus on PH may be able to offer some pointers - any information on where to start would be welcome!
Sports and social clubs at other companies appear to be separate entities and have a nominal subcription fee (e.g. £5 per year) - I suspect there is a financial reason behind this? I presume there is also a committee which is responsible for budgeting, reporting and general operations.
So far, nobody we've spoken to (including accountants) know why you would charge a subscription, what the BIK implications and pitfalls are, or generally how such things are run. A question on reddit unearthed a whole load of responses about why reddit users wouldn't like to join such a club but very little in the way of useful info.
I suggested that the gurus on PH may be able to offer some pointers - any information on where to start would be welcome!
Hi
I've done this in previous organisations. The reason why there's a separate account is
- i didn't want SASC transactions going through the company books
- the company's finance system was usually P2P which was massive overkill for what the SASC needed
In our case it was a cricket club. there were 3 "officers" (Chair, secretary, Treasurer). they had a current account with passbook (it was a long time ago!) All 3 were signatories on the bank account (2 sigs needed for any withdrawals or cheques). They had to have an AGM and accounts had to be presented.
If you have any questions ask away. You'll need at least one person who knows they're way around an excel spreadsheet.
I've done this in previous organisations. The reason why there's a separate account is
- i didn't want SASC transactions going through the company books
- the company's finance system was usually P2P which was massive overkill for what the SASC needed
In our case it was a cricket club. there were 3 "officers" (Chair, secretary, Treasurer). they had a current account with passbook (it was a long time ago!) All 3 were signatories on the bank account (2 sigs needed for any withdrawals or cheques). They had to have an AGM and accounts had to be presented.
If you have any questions ask away. You'll need at least one person who knows they're way around an excel spreadsheet.
Countdown said:
Hi
I've done this in previous organisations. The reason why there's a separate account is
- i didn't want SASC transactions going through the company books
- the company's finance system was usually P2P which was massive overkill for what the SASC needed
In our case it was a cricket club. there were 3 "officers" (Chair, secretary, Treasurer). they had a current account with passbook (it was a long time ago!) All 3 were signatories on the bank account (2 sigs needed for any withdrawals or cheques). They had to have an AGM and accounts had to be presented.
If you have any questions ask away. You'll need at least one person who knows they're way around an excel spreadsheet.
Very useful thanks!I've done this in previous organisations. The reason why there's a separate account is
- i didn't want SASC transactions going through the company books
- the company's finance system was usually P2P which was massive overkill for what the SASC needed
In our case it was a cricket club. there were 3 "officers" (Chair, secretary, Treasurer). they had a current account with passbook (it was a long time ago!) All 3 were signatories on the bank account (2 sigs needed for any withdrawals or cheques). They had to have an AGM and accounts had to be presented.
If you have any questions ask away. You'll need at least one person who knows they're way around an excel spreadsheet.
Was there a contribution from the organisation and if so, were there any BIK considerations?
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