To monitor the financial administration of the charity and report to the board of trustees at regular intervals on its state of financial health, in line with best practice, and in compliance with the governing document and legal requirements to provide the board with the confidence and knowledge to make sound strategic decisions.
Mermaids’ Board recognises that all trustees, not just the treasurer, are responsible for the charity’s finances and should be able to understand, consider and comment on financial information.
Duties of Treasurer:
- Overseeing budgets, internal management accounts and annual financial statements, and providing additional expertise regarding them to the board of trustees. The preparation of these documents is delegated to the employees of the organisation.
- Leading in the board’s duty to ensure that proper accounting records are kept, financial resources are properly controlled, invested and economically spent, in line with good governance, legal and regulatory requirements.
- Leading in the development and implementation of financial reserves, cost management and investment policies.
- Liaising with the appropriate members of staff responsible for the financial activities of the organisation.
- Chairing the Finance, Audit and Risk Subcommittee in line with its terms of reference and reporting back to the board of trustees.
- Monitoring and advising on the financial viability of the charity.
- Overseeing the implementation of and monitoring specific financial controls and
adherence to systems.
- Advising on the financial implications of the charity’s strategic plan.
- Overseeing the charity’s financial risk management process.
- Acting as a mandate signatory and counter signatory on charity’s bank accounts, cheques and important applications to funders.
- Board-level liaison with the independent examiner or external auditors on specific issues such as the Auditors’ Management Letter and the related board representations.