The treasurer shall keep or cause to be kept a proper account of the receipts and payments of the Institute and of the matters in respect of which such receipts and payments take place and the property, assets and liabilities of the Institute, in the form agreed by the Council, and shall submit a statement of accounts to the Council for adoption at each AGM as part of the Local Institute’s annual returns.
The accounts of the institute made up to the end of the financial year, which unless the Council otherwise determines, shall end on 31 December. For institutes with incomes above £250k, these accounts should be audited by a professional auditor.
For all other institutes, the accounts should be independently examined by an individual who is a member of one of the UK’s accountancy bodies, with the exception of Institutes with an income of less than £7k who may appoint an examiner who is not a member of one of the accountancy bodies but who must demonstrate sufficient financial awareness, numeracy skills and relevant experience to carry out the work and make the judgements required.