1. UNIT 1D A LOT TO LEARN RECEIPTS AND PAYMENTS ACCOUNT

2. UNIT 1D – RECEIPTS AND PAYMENTS ACCOUNT A LOT TO LEARN Jean is a member of a camera club Clubs need to keep records of all cash received and paid out because the club has to be accountable to members All clubs provide activities for members A person called a TREASURER looks after the finances In return members are asked to pay money called SUBSCRIPTIONS The treasurer prepares a Receipts and Payments Account This is a club’s version of a cash budget

3. A LOT TO LEARN UNIT 1D – RECEIPTS AND PAYMENTS ACCOUNT Clubs find that subscriptions alone are not enough to pay for all the equipment it needs for members Fund-raising events are often organised to supplement the subscriptions These could be -rafflesquiz nights discos the sale of food and drink donations jumble sales sponsorship race nights

4. A LOT TO LEARN UNIT 1D – RECEIPTS AND PAYMENTS ACCOUNT For a club to provide facilities and activities it must spend money on things like equipment insurance heating and lighting premises prizes food and drink advertising

5. A LOT TO LEARN UNIT 1D – RECEIPTS AND PAYMENTS ACCOUNT The Receipts and Payments Account Opening Balance + - all cash received during the year - - all cash paid during the year = Closing Balance - the cash the club has at the start Receipts Payments - the cash the club has at the end

6. A LOT TO LEARN UNIT 1D – RECEIPTS AND PAYMENTS ACCOUNT Key Words Open your key words jotter and copy the following: treasurer- the person in charge of a club’s finances subscriptions- the annual fee paid by members receipts and payments account- a club’s cash budget honorarium- payment to a volunteer for work done donation - a gift