Every management committee meeting should be presented with a finance report. It should be clear, easy to understand and show the true financial situation of the organisation.
Trustees on the management committee are legally responsible for the organisation, so it’s vital that they are kept up-to-date with the financial situation.
Your regular finance reports should include:
- A summary of the receipts and payment for the year to date, compared to the budget
- A written explanation of any significant differences between the budget and the actual figures
- A statement of what you have (your assets) and what you owe (liabilities) at the date of the report – this might be something complex like a balance sheet, or simply a list
- A cash flow forecast for the next 12 months, if you have one
- A written comment on what the past tells you and what the future may bring, so that the management committee can look beyond the numbers.
This page is a summary of information contained in the full online toolkit.
