Financial management
Financial management
Good financial management is key to good governance, transparency and long-term sustainability of your club.
You Treasurer is the central pillar of financial management. If possible, elect someone with the appropriate skills for this job.
SEE MANAGING YOUR FINANCES FOR MORE INFO
Preparing a budget
- A budget is your club’s financial game plan for the coming year.
- The Treasurer prepares the budget, with support and agreement from committee members.
- Once approved, the budget is entered into your cashbook or online software so that it can be compared to your actual income and expenses throughout the year.
- Accounting software makes this process easier.
- A good starting point is to base your budget on last year’s actual total income and expenditure, but if your club is new you will have to base these costs on realistic estimates.
Financial reporting
Incorporated Societies
You must file a copy of your financial statements (your annual return) with the Companies Office every year. These records help to show that your society is still operating and therefore should remain on the register.
Charitable organisations
You will need to prepare and submit financial statements based on your tier. Find out more about your correct tier.
You also need to file a Performance Report that includes information about other things, like your mission and purpose, activities, branches and bank accounts.
Find out more about the reporting standards required for your charity here: Charities Services
For comprehensive guidance on your financial reporting obligations, see: Companies Office – Meeting reporting requirements
SEE MANAGING YOUR FINANCES FOR MORE INFO
