Managing your finances

At Community Southwark we realise that the management of the finances is often left to just one person - sometimes the Treasurer (although all Trustees have a role to play) - and frequently put on the back-burner. Our 'Finance for All' project aims to change that.

Community Southwark will help you to effectively plan and manage your finances, by supporting you to develop the necessary skills, improve your knowledge and design practical tools that will enable you to manage your finances with confidence.

Using a tailored approach that meets the needs of each organisation or individual, Community Southwark can offer a wide range of FREE support, guidance and services.

Whether you are a small community group or a large voluntary organisation; a user-led or a micro social enterprise, ‘Finance for All’ has something for everyone. It will hone your skills in a particular area of finance and provide you with the knowledge to robustly plan your budget for one year and beyond.

Don’t waste time!  To get the support you need, contact Alison@communitysouthwark.org or development@communitysouthwark.org NOW!

Useful Resources

  1. Community Southwark Resources - Commissioning: a page packed full of everything you need to know about commissioning

  2. Community Southwark Resources - Income Generation: fact sheets and resources to help you generate income for the budgets you intend to manage!

  3. Community Southwark Resources - Personalisation: facts sheets and resources to help you understand Personalisation and how it affects your financial management

  4. Finance Quiz: Take our quick finance quiz to find out moe about the state of your organisations finances and what youcan do to strengthen financial management.

Finance Functions:

  1. 10 Top Tips for a Finance StrategyIncludes the key aspects of an effective Finance strategy

  2. An Introduction to BudgetsOutlines how to set a budget and its role in managing finances.

  3. Cash Flow: How to set up a cash flow/cash flow forecasting.

  4. Top Tips for Managing Cash Flow:  How to manage the flow of money 

  5. Financial 'Jargon Buster': a summary of some key terms and definitions.

  6. Full Cost Recovery: What it means and how to calculate it.

  7. Managing Petty Cash: what is it and what systems can you use to mange it

  8. Excel finance templates for Bank reconciliation; Cash Flow; Petty Cash; Income and Expenditure; Unrestricted Funds; Balance Sheet  (*Courtesy of VA Islington)

Financial Reporting:

  1. Annual Accounts format for small Charities (Receipts and Payments)  - Charity Commission pack on Receipts and Payments requirements.

Finance Controls

  1. Financial controlsA model policy that sets out procedures to be followed regarding financial transactions and record keeping

  2. How to set a Reserves Policy: A summary of the Charity Commission's guidance on the factors to take into account when setting a Reserves Policy.

Finance Difficulties

  1. Avoiding Financial Difficulties: Questions to ask and things to put in place to avoid financial difficulties or pre-empt times of financial hardship.

  2. Managing through Financial Difficulties: Steps to take if you are faced with a financial crisis

  3. What you need to know about insurance: key information about the types of insurance that voluntary and community sector organisations need.

  4. Where to look for insolvency support: Outlines who to contact and steps to take if you are faced with insolvency.

  5. Winding up an unincorporated charity: Outlines the steps to take if you need to dissolve an unincorporated charity.

  6. Winding up of a charitable company: Outlines the steps to take if you need to or choose to dissolve a charitablecompany.

External Resources

  1. Communityaccounting.org: Provides useful information and resources on financial management for voluntary and community sector organisations

  2. Charity Finance Group (CFG): Events, training and resources to support good practice in financial management in charities.

  3. Local accountancy Project (LAP): get support for bookkeeping, independent examinations, management accounts and payroll. LAP also offers training and advice on financial management.