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MANAGING YOUR PTA – Money


Fundraising events are all about making money, but if your committee isn’t used to handling large sums of money then it can be daunting. Here’s what you need to know…


Get ready for your


SUMMER FAIR


FAQs Money, money, money


When should we order our fl oats? You’ll need to have a fl oat for every stall,


and £10-£15 will usually be enough. Consider the price per go on each stall, and be sure to have the right sort of change


available. Keep some spare change in a central location.


Book fl oats with the bank around a


month in advance and use information from previous years for guidance on how much you need. Remember to take a wheelie suitcase when you collect it as it will be heavy! Keep a record of how much has been withdrawn and keep it separate from your petty cash.


How do we keep track of money during the event? At the start of your event all fl oats should be counted and signed for


by the people responsible for them. Everyone who’s handling cash during the event needs to keep a record so they know how much they had at the start, how much has been removed during the event and how much is left at the end. Visit pta.co.uk to download a sheet for recording cash in and cash out.


How can we ensure money is kept safe during the event? Keep change in tubs with lids, and keep them within sight of the


stallholders at all times. It’s also a good idea to use bumbags for storing notes. Visit stalls at regular intervals to remove excess cash. Collected money should be kept in a secure place, such as the school safe. If you have pupil-run stalls, make sure there’s an adult nearby to offer help. Unfortunately, school fairs can be


targeted with counterfeit banknotes. As a precaution, read the Bank of England’s free advice on how to check banknotes and avoid fakes (bankofengland.co.uk/ banknotes/counterfeit-


banknotes).


What should we do with all the money after the event? At the end of the event, all fl oats and money records should be


collected by the treasurer. The cash should then be counted and recorded separately by two people. Coin counters are a great investment as they reduce human error and time spent counting. If you’d rather not buy one, could you borrow one from a local Lions or Rotary Club? All cash should be paid into the bank as soon as possible. For weekend events, store all money in the school safe until the Monday morning.


We’d like visitors to be able to pay by card. What fees are involved? Card readers such as iZettle make paying at fairs easier for everyone,


and are ideal for using on high-value stalls such as bars and barbecues. You’re not limited by how much change people have in their pockets, supporters can spend freely and there’s less pressure on volunteers to handle money. There’s a fi xed fee of 1.75% per payment, but this is minimal considering the benefi ts. Find out more at pta.co.uk/boost-profi ts.


How would a PTA go about setting up a bank account? All charities need a deposit or current account to hold cash


for the day-to-day running of the


organisation. This may be a charity or business bank account, depending on whether you have proof of being a charity. Banks may also offer charity rates, so ask around different banks to see what works best for your organisation. Some banks offer free banking for smaller charities, however some may charge for running the account and additional services. Once set up, regularly review your banking arrangements to ensure you’re getting the best deal for your PTA.


What security measures should we have in place? Money should be banked regularly and promptly. There should be a


clear policy in place for the use of payment cards and the criteria for their issue, spending limits and security. Dual authorisation arrangements should be put in place if making BACS and other payments. Only specifi cally authorised individuals should be able to set up arrangements to make payments by standing order, Direct Debit or BACS. This authority should be limited to a small number of people. For online banking, passwords should be changed regularly and all PCs kept up to date with anti-virus, spyware and fi rewall software. Visit the Charity Finance Group (cfg.org.uk) for more information.


PTA+ online


Visit pta.co.uk for more information on all things fi nancial, including a Charity Banking FAQs with the Charity Finance Group: pta.co.uk/ running-a-pta/managing-your-pta/ faqs-charity-banking


pta.co.uk SUMMER 2019 23


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