Treasurer

This is a vital role to ensure financial sustainability, transparency and compliance overseeing the financial affairs of the Friends.

Key Responsibilities

• General Financial Oversight: Monitor the financial health of the Friends, including income, expenditure, and assets.
• Banking and Cash Handling: Manage the bank account, including paying in money promptly (ideally within one week of receipt), managing online banking, and overseeing floats for events.
• Book-keeping and Records: Maintain accurate, up-to-date records of all transactions, keeping receipts, invoices, and bank statements for at least 6 years.
• Financial Reporting: Present financial reports to the committee at regular meetings and prepare the annual report for the Annual General Meeting (AGM).
• Budgeting and Planning: Collaborate with the committee to create an annual budget and assist with fundraising strategies.
• Regulatory Compliance: Arrange independent examination/audit of accounts.
• Asset Management: Ensure proper records of assets and adequate insurance coverage.

Skills & Experience

• Good numerical and literacy skills.
• Experience with bookkeeping and financial spreadsheets (i.e. Excel).
• Understanding of financial management and budgeting.

Attributes

• Trustworthy, honest, and reliable, with a high level of integrity.
• Organised and methodical with strong attention to detail.
• Confident in presenting financial data to a non-financial audience.
• A collaborative spirit to work closely with the committee.

Commitment

• Time: Approximately 2‑4 hours per week. Attendance at regular committee meetings.
• Ad Hoc: Availability for ad hoc tasks such as paying invoices or counting cash after events.

Role Specifics

• Includes acting as an officer, depending on the constitution.
• Requires close collaboration with other committee members.

Best Practice

• Dual Authorisation: Ensure at least two unrelated signatories are required for bank transfers or cheque payments.
• Cash Handling: Do not keep large amounts of cash at home; bank it promptly, ideally within one week.
• Independence: Have the accounts independently examined each year by someone not involved in the day‑to‑day finances.

Key Relationships

• Chair: Close working relationship to provide support and acting as deputy in their absence.
• Secretary: Working closely to ensure proper administration.
• Committee: Supporting fellow committee members.

Terms of Office

• Typically, the role is for a fixed term (3 years), often with the option for re-election to ensure continuity while encouraging fresh input.

The Friends of Watford Museum was set up in 1998 and their aims are:

• Being a vibrant, diverse community for people particularly interested in Watford’s history, and the associated themes covered by the Museum’s collection, to socialise and feel part of a group and the Museum.
• Advocates for the Museum within the community.
• Fundraising for the Museum to assist with the acquisitions, events, paid work experience placements etc.
• Hosting talks on topics related to the collections’ areas of the Museum.

The Friends of Watford Museum is run independently by a committee elected at an annual meeting. The cost of running the Friends is met by subscriptions and donations.

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