2014 Activity Plan/Finance

Lead member of staff

Richard Symonds

Indicative budget amount

£15,000

Description and overall rationale

Our finance budget is allocated to ensuring first rate financial management of our resources including matching expenditure to all aspects of our programme. This will happen principally through three means:

1. Strict internal financial controls and protocols
2. The use of external accountancy expertise on a regular basis to support the staff and trustees in creating accurate and timely financial reports.
3. External auditors to offer guarantees that our financial systems and accounting reflect the best practice of the UK Charity commission and Company Law.

In 2014-15 this budget will include a management accountant on a part-time basis to ensure the timeliness and reliability of our new Quarterly Financial Management Reporting system.

Timelines - i.e. what happens quarter by quarter

Success criteria and Metrics - overall and quarter by quarter breakdown if relevant

Goals

• We spend to within 5% of our budget targets
• No budget line ends the year in a variance of more than 15%
• All quarter reports are available within three weeks of quarter end
• Financial reporting to the FDC is always on time
• The audit of the financial year 2013-14 consists simply of auditing with all bookkeeping and accountancy functions having been handled in-house unlike previous years
• The Annual financial report is completed and signed off by the board in time for our Annual General Meeting in August 2014
• All papers are filed to the Charity Commission and Companies House ahead of deadlines

Risks