Account project is funded by London Councils and supports Richmond, Kingston & Hounslow. Julie Woodhouse is the Community Accountant for Kingston & Richmond, and supports charities to build financial skills in order to promote, sustain and grow. Julie is in the KVA office usually on Tuesday & Wednesdays by emailing juliew@kva.org.uk or calling her on Tel: 020 8255 8685, and Richmond office Monday, Thursday & Friday contact on tel: 020 8255 8509. Julie is happy to receive calls from both Richmond and Kingston groups at either office. Please visit www.e-voice.org.uk/account Click on the links below for more information about how Community Accountancy can help your organisation and for additional information.
What Community Accountancy Services can we provide at KVA? Training Courses:
Current Training 'Seeing the Bigger Picture- How Finance Fits in to your organisation' Thursday 21 June at Richmond CVS 1 Princes Street Richmond. 9.45am- 4pm Cost £30. To book on please contact Julie on the above contact details. This training will aid project workers to see how their work fits into the bigger picture. To create a cohesive understanding of finance grants for all. To gain the knowledge to ai financial sustainability. Also please contact us if you would like advice or support on courses, which are not mentioned here, as we may be able to provide them or signpost to you to someone who can.
Software Selection
Many voluntary organisations use Excel, Quick books or Sage. We can help you think about whether that is the right choice for you. Trustee Training Could your organisation benefit from Financial Trustee Training?
Financial Health Checks Could your organisation benefit from a MOT? We can offer you a financial health check
One to One Support We can provide one to one support both here at KVA or at your offices. Help can be provided in: Setting up bank & cash books Setting budgets & chart of accounts Assisting in bank reconciliations & petty cash Monitoring projects Advice We can provide you with advice on:
Our Advice can be: Face to Face By telephone By E-mail
If we cannot help you then we will sign post you to an organisation that can.
Signposting We work with a range of different organisations’, so we will refer you From time to time to their websites & support.
Accruals- A provision for a liability which has occurred but not been paid for example at the end of the year you hire a venue in December close off your accounts in December, but the supplier does not issue the bill until January, this is known as an accrued expense. In accounting terms it follows the, ’matching concept.’ Income & Expenditure also Receipt & Payments This is a simplified set of accounts and applies to small charities who are unincorporated and have an income below £100,000.Its disadvantage is that it does not always reflect a ‘true & fair view’ Cash book A record of income & expenditure produced on a daily basis and closed off each month. You need to ensure that the closing balance of the previous month is your opening balance of the next month. Petty Cash= Small cash held deposits used for example postage, refreshments, stationery. A cash book still needs to be used and the opening & closing balances still apply. Receipt refernces need to be kept for all receipts and an authorisation procedure put into place
Bank Reconciliation- A monthly exercise whereby you match your bank cash book with your bank statements, this involves ticking from the bank statement to the cashbook. Differences can be cheques which have been issued but not cashed, income paid into the bank but awaiting clearance,direct debits or bank charges/interest not entered onto the cash book. Prepayments- Services paid for in advance, e.g insurance, council tax water, this requires an adjustment in the accounts, follows the matching concept. Restricted Funds- These funds are “ring-fenced” and can only be spent as specified by the funder, and by the agreed budget. If you want to spend funds differently you need to get the express permission of the funder. It is important when receiving a grant to read all the terms & conditions. Unrestricted Funds= These are for the general purposes of the charity, but still must comply to the objects of the charity. Examples could be donations. SORP 2005- Standard of accounting practice imposed by the Charity Commission. It applies in full to charities whose income Exceeds £250,000
Charity Commission- the governing body of charities, holds very good publication material and also offers an advice line. Fund /Project Accounting- When you have more than one grant or funder it is important to be able to analyse your funds accordingly. Financial Controls Policy- You will need to build up a set of procedures and follow recommended good practice. Bank Mandate- The signatories able to write cheques and open close and transfer funds and the amount of financial authority which they have. Budget- An approved plan agreed at the beginning of the financial year agreedby the trustees base on known income & often using previous years as a guide. Variance- Difference between actual & budget. An adverse variance is negative and a favourable variance is positive. Cash flow- A prediction over forthcoming months of income & expenditure expected and an activity plan to match it. It ensures that you do not go overdrawn & indicates when your funding may run out. Forecast- Similar to a cashflow but a prediction of future activity.
Financial Management and Accountancy Factsheets Latest Community Accountancy Newletter Follow this link to NCVO to download the mini guide 'Introducing Funding & Finance for Voluntary & Community Groups' produced by the finance HUB. This series provides you with direct links to two web sites that provide an excellent Factsheets on how to manage and account for charity finances. The two web sites are provided by CASH [Community Accounting Self Help] and by NCVO [National Council for Voluntary Organisations].
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