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FINANCE — WHAT’S IT ALL ABOUT?

When I volunteered for this role of Treasurer in July last year, I saw myself very much as an enabler for the
organisation going forward and in the last 7 months there has been plenty to get myself involved in, so I thought I’d
share some of that with you.

No small issue was the decision to change BPW UK’s banking after many years with HSBC. This was forced upon
us when HSBC decided to introduce business banking charges for what was originally a Community Account, so free of
charge except for our International payments. Looking at how the account operated historically, that meant the charg-
es would be in the region of £175 per annum. So, after researching all the major banking providers my recommenda-
tion was to move the account to Lloyds. However even that was not straightforward as Lloyds had decided to sus-
pend their ‘switching’ service which meant I had to handle the move across myself. Luckily, I have many years banking
experience so this was not a problem. We will be closing the HSBC account later this year once the January renew-
als have been completed.
I worked with the Membership Working Group devising a new renewal and application form and January’s renew-
als all went out on a streamlined form with the new bank account details for those who pay direct. Those of you who
pay by cheque can continue to do so as before.
I also made a proposal to the Membership Working Group and, with their support, approached the FEC with
the suggestion that we keep the 2022 renewal fee at £60 for a further year. New members will still pay £75 but as
a thank you for continuing to support the organisation renewals would receive a discount. I was delighted when they
all agreed.
Another ongoing initiative, involving both the Membership and Media & Marketing Working Groups, is de-
vising a New Member Welcome Pack. We are looking at design and prices for printed materials giving information
about the history of our organisation and outlining the benefits available, plus sending a small gift such as a BPW pen
or window sticker. Watch this space!

The biggest learning curve for me personally has been drawing up the Year End Financial Reports and compiling
the 2022 Budget for the organisation. A banker I might be but being an accountant is a whole different world! I really
could not have managed without the support and advice from Judith Leggatt, our previous Treasurer, especially
with the banking changes, and now preparing the documentation for Studholme Bell, our account auditors. She
has been invaluable and a real joy to work with, albeit only via Zoom. She has become a close and personal friend, so
between us we have formed a Finance Working Group!

Sue Holtom

BPW UK Treasurer

BPW-UK