The Morris Federation is not qualified to advise on financial matters, but here are some general comments.
See:
- Banking – main page
- Banking – setting up a team bank account (this page)
- Banking – HMRC’s Trust Registration Service (TRS)
Choosing a bank account
Many banks introduced a number of charges from November 2021 which generally make them untenable for morris teams or have implemented charges for ‘club’ or ‘society treasurer’ or ‘community’ accounts.
Several banks make opening ‘club’/’society treasurer’/’community’ accounts difficult – they are not high on their priority list. They all have differing irritations in the way they operate. It’s just a case of finding one that suits you.
It can be easier to open a team account with a bank where you already have personal banking. It also means that you will know the way that their online banking system works. But of course, your team’s treasurer may change over time.
Several banks have the facility for needing 2 signatures for transactions, which may be desirable for your team. Most teams now find it useful to do online banking.
If you are likely to pay in cash collections, it is worth asking the bank’s policy on this. See also: overview on contactless collection devices.
See some helpful guidance on Bank Accounts for Voluntary organisations:
- Voluntary Organisation Banking Guide: https://www.ukfinance.org.uk/our-expertise/commercial-finance/voluntary-organisation-banking-guide
- Account finder: https://www.ukfinance.org.uk/our-expertise/commercial-finance/voluntary-organisation-banking-guide/3-account-finder
Opening a ‘club’ bank account
When opening an account, you will generally need to provide your team’s Constitution which states what will happen to the money if the team folds. Here are some hints and tips for writing a constitution.
You may also need a copy of the minutes of the meeting where you decided to open an account with the bank.
You may be asked to provide evidence of the address of your team. The MF Treasurer is happy to provide a receipt for membership showing your team correspondence address for this purpose if needed: Contact us.
Last updated: May 2023
