The Treasurer is a Council Member and Trustee of the Royal Astronomical Society and is required under Bye-law XXX to “have general responsibility for supervising the financial affairs of the Society and for advising Council and its Committees on financial matters”.

The Treasurer leads the Trustees in the oversight of the Society’s strategic financial management. While all the Trustees are collectively responsible for the management of the Society’s resources, the Treasurer is the lead Trustee on this topic, and works with staff to ensure that all Trustees are able to understand the Royal Astronomical Society’s financial arrangements and to contribute to financial discussion and decisions.

The Treasurer will be supported by the Finance Team, and needs to work in partnership with the Finance Director.

PLEASE NOTE

The Bye-laws do not yet say “have general responsibility for supervising the financial affairs of the Society and for advising Council and its Committees on financial matters”, but this is the kind of thing they might say in the future.

I have used the term "Finance Director" for this document - I appreciate that if the Treasurer ends up doing less, the staff role will need to increase, and this title might change to something else

Enabling the Trustees to promote the Society’s charitable purpose

1. maintain oversight of the Society’s resources;

2. advise Council of its financial duties and responsibilities, as set out in law and by the regulator(s)

3. advise and guide Council so that all strategic decisions and material expenditures, including investment decisions, are in line with the Society’s charitable purpose;

4. advise Council of the likely financial consequences of each iteration of the strategic plan as it is being developed, and of consequent proposed changes to the plan

Compliance and Reporting (which contribute to the promotion of the charitable purpose)

1. present the Society’s annual accounts at the Annual General Meeting, drawing members’ attention to important points and answering questions

2. chair the Finance Committee and report back to Council;

3. working with the Finance Director, prepare and present financial reports to Council

4. lead on audit matters, working with the Finance Director to manage the relationship with the Society’s auditors

5. liaise with the Finance Director to ensure that the Society’s annual accounts are compliant with the current Charities Statement of Recommended Practice (SORP);

6. work with staff to ensure that proper accounts and records are kept, and that financial resources are managed in line with good governance, legal and regulatory requirements;

7. Oversee the annual budget process on behalf of Council, providing constructive challenge and supporting staff

8. develop (working with staff) and lead the monitoring of the implementation of financial, reserves and investment policies;

9. approve financial transactions, contracts and project approvals outside agreed variance limits, and where necessary take these to Council for decisions

Management of people and business (which also contributes to the charitable purpose)

1. [Chair any other bodies, eg Remuneration?]

2. [anything on publishing?]

3. [lead work remaining on the lease?]

4. Ensure that financial risks facing the Society are documented in the risk register, with appropriate mitigations in place, and that Council discusses major financial risk

5. provide leadership and support to the Finance Director

6. [line manage anyone?]

PLEASE NOTE - THERE IS A LOT TO DISCUSS IN THE LAST SUB-SECTION HERE - I AM NOT SURE WHAT YOU MIGHT WANT

The following characteristics, knowledge and experience, in addition to those required by all Trustees, are essential for the role of Treasurer:

1. understanding of and interest in the Royal Astronomical Society’s business

2. experience of finance in a commercial, charity, or academic setting;

3. well-developed communications skills, able to:

a. convey information on complex financial matters to key stakeholders with clarity and confidence;

b. advocate and explain proposals which may be unpopular

4. understanding (or willingness to learn through training provided by the Society) of

a. financial management and accounting, particularly charity finance;

b. financial investments, and related matters such as pension funds;

c. long-term financial planning models and risk analysis

PLEASE NOTE

As this role is hard to fill, I suggest that the person could be trained up if there is no-one available with these specific skills, and also to encourage people to apply

This role requires significant time and commitment.

As a minimum the Treasurer needs to commit to XX days of meeting attendance each year, as well as regular conference calls and staff meetings. The meetings that the Treasurer is expected to attend are:

Meeting No each year When Where Duration Role

Council 4 ? ? ? Member

Finance Committee ? ? ? ? Chair

Annual General Meeting 1 ? ? ? Trustee

Any other body?

Note: in addition to attending the above meetings, substantial preparation time is required, including regular informal discussions with the Finance Director.

Additionally, the Treasurer may be asked to:

• represent the Society at meetings with influential stakeholders, eg Ministers, policymakers, business leaders and key partners;

• attend functions as a senior representative of the Society, eg award ceremonies, launch functions, other organisations’ celebrations;

• go to Member events to mix with members and gain insights and feedback (eg the Annual Meeting, scientific meetings, regional meetings, Highlights meetings)

The tenure of the Treasurer is [XXX] years, usually starting from the close of the Annual General Meeting, which is normally in May each year. Individuals are eligible to stand for a second term, also of [XXX] years, and in exceptional cases Council may extend this term further.

PLEASE NOTE - this is under discussion