Financial

30 June 2017

There are three pillars (outcomes) of financial management in self assurance.

Click on the plus sign for the building blocks (supporting outcomes) of financial management, then find some Things to Think About to help you develop your Governance, Finance and Control framework.

A comprehensive financial planning process is in place

Self-assurance supporting outcomes Things To Think About         
5.1 A rolling long term financial forecast, based on the strategic plan objectives, is in place and approved by the Board. arrow
5.2 An annual income and expenditure budget, based on the operational/business plan objectives, is in place and approved by the Board. arrow
5.3 A budget development and approval process has been recorded. arrow
5.4 A comprehensive income and expenditure budget was prepared prior to each major event undertaken. arrow

A comprehensive financial reporting process is in place

Self-assurance supporting outcomes Things To Think About         

6.1 The following management reports were prepared, approved by the Chief Executive and presented and discussed at each Board meeting:

  • Income and expenditure budget v actual with variance explanations
  • Balance Sheet
  • Cash flow forecast
  • Debtor and creditor reports
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6.2 Annual financial statements were prepared, audited, published in the Annual Report and where required submitted to Companies House. The audit report is unqualified arrow
6.3 A comprehensive report against budget was completed following each major event undertaken. arrow

Comprehensive and effective financial policies, procedures, systems and controls are in place

Self-assurance supporting outcomes Things To Think About       

7.1 The following financial policies and procedures (see key policies and procedures) are in place and attached. Each policy/procedure has been reviewed and updated if required in the last two years.

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7.2 Accounting policies are compliant with legislation and accounting standards. They have been and reviewed in the last year and approved by the Board arrow
7.3 Policies and procedures have been communicated to, are understood by and are followed by relevant staff and volunteers. arrow