Managing your finances

At Community Waltham Forest 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..

Community Waltham Forest  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.

Finance Quiz: Take our quick finance quiz to find out more about the state of your organisations finances and what you can 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. Financial 'Jargon Buster': a summary of some key terms and definitions.

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

  6. Managing Petty Cash: what is it and what systems can you use to manage it

  7. 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 controls: A 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.