WDCVS

Finance

The financial management of a voluntary organisation or charity is the responsibility of the management committee, Board or Trustees.  Accounts may be maintained by a paid employee or a volunteer Treasurer (depending upon the size of an organisation) but ultimately responsibility and accountability lie with the committees. Every organisation should have a financial policy outlining how it manages its finance, its procedures and internal controls.

FAQ

What support do you offer new groups starting up?

Getting your financial procedures right from the beginning is key so we are happy to support new organisations to think through what they need to do and how they need to do it. We will also help you to make sure that the systems you have are suitable for the size of your organisation and the level of money you handle. This support is free and will be provided as part of your start-up package.

Can you help us to prepare a budget for a funding application?

Yes, this will usually be done through our weekly surgeries. Please get in touch as soon as you start to think about funding.

Do we have to have our accounts independently examined every year?

We would advise that you do. This will show that the organisation is well managed and will give the committee/trustees piece of mind that your finances are in order. Also, if you intend to apply for funding, funders will insist that your accounts have been independently examined and will ask to see a copy.

Who can independently examine accounts?

Any ACIE qualified person or an accountant can carry out this service for you. WDCVS can help signpost you to local providers.

Can you offer support to our Treasurer?

Yes, we can. We provide training for Treasurers and can also give support through our telephone helpline service. We can also supply recording and report templates and forms which could be helpful.

Can you help us review our financial procedures?

Yes, we can. We can ‘healthcheck’ your organisation’s practices and procedures – this check covers the key areas of financial management. At the end of the process, we will give you a report and identify any areas needing attention.

We are a growing organisation, can you support us in developing cash flow forecasts and allocating costs?

Yes, we can. We understand that managing different funding streams can be challenging and that maintaining a solid cash flow is key. Our support team can provide training and support in this area for both the Treasurer and the Committee.

We are looking at a joint venture, can you help with due diligence assessments?

Yes, we can. We can provide an independent diligence review report to help in partnership developments. There is a charge for this service.

Can you provide guidance on expenses and remuneration rates?

Yes, we can. We can provide you with the most up to date guidance from HMRC and OSCR.

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