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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

2.Board/committee responsibility/competence

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

9. Management accounts

10. End of year accounts and audit trails

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