Separate bank account

maria955 · 5 November 2019 at 3:09PM

I opened a bank account for my child’s football team- opened as a community account and solely used to hold fundraising money (from bag packs etc). The account is in the name of my child’s football team.
We’ve had this a couple of years now with no problems.
Just been told by the football club that this is no longer allowed as they are a charity and can’t have multiple accounts. The account needs closed and all funds transferred into the club account.
Is this right?

Mistral001 · 5 November 2019 at 4:23PM

It certainly seems a sensible thing to do from the football club's point of view. May I ask why you do not want to do this?

maria955 · 5 November 2019 at 4:26PM

We worry all funds we raise will get swallowed by the overall club. We use it to buy strips and pay for tournaments etc for the team but don’t know how we’ll keep track if it’s all paid into the club account.

00ec25 · 5 November 2019 at 9:11PM

maria955 wrote: »

We worry all funds we raise will get swallowed by the overall club. We use it to buy strips and pay for tournaments etc for the team but don’t know how we’ll keep track if it’s all paid into the club account.

well then talk to the club treasurer they must be experienced in running pots for each team, it kinda comes with the territory of having a club with more than one team!

Also they are perfectly correct that as a charity an account should be in their name or the income in it is potentially taxable on the account holder, even if you say "yours" is not in your personal name

Savvy_Sue · 6 November 2019 at 10:23PM

You'd say the funds you pay over were 'restricted funds', ie "we'd like them to be spent on strip for the x team".

If you look at last year's accounts, you may well find something of that sort there already.

Separate bank account

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