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Festivals Toolkit: Financial Planning: Budgeting and Accounts
Developing an effective system for reporting on financial activity is fundamental to good governance. There are several sources that can be consulted for advice on how to achieve this.
The key areas for consideration are:
1. General accounting and record-keeping
- Business Link Guide to setting up a basic record-keeping system
- VAN briefing note 92 (pdf format), Computerised accounting
- VAN briefing note 88 (pdf format), Glossary of Accounting and Financial Terms for the Voluntary Arts
2.Board/committee responsibility/competence
- VAN briefing note 78 (pdf format), Creating a Financial Risk Policy
- VAN briefing note 26 (pdf format), Who Me, a Treasurer?
3. Staff competence (if paid staff are employed)
4. Legal requirements (linked to your legal identity and what information is required for example by Companies House if you are a company limited by guarantee)
5. Budgeting
6. Financial reporting
7. Bank reconciliation (every month)
8. Cash Flow budgets
- VAN briefing note 89 (pdf format) Cashflow Forecasting
9. Management accounts
10. End of year accounts and audit trails
- VAN briefing note 107 (pdf format), Annual Reports
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