Reviewing your group finances

You know how important it is that your Coordinating Team meet regularly, to discuss and review your group’s finances.

Are we raising enough money to sustain the services and activities we currently provide?
Are we getting the best value for our money?
Are we using our funds in the best way to meet the needs of people affected by MS in our area?
Are there excess funds in our account (more than 1 year of expenditure)? How can we use these in a timely manner?

Receipts and Payments Report - Finance Volunteers are responsible for presenting these. All transactions within Online Accounting need to be analysed before this is produced. The report should be circulated even if the Finance Volunteer produces their own report.
Group bank balance –shown at the bottom of the Receipts and Payments Report, this must be monitored to make sure your group can continue group activities. If you’re concerned about not having enough funds, please contact Finance Support and your LNO.
Agree income and outgoings – You’ll need to ensure you have sufficient income to support outgoing monies. Expenditure needs to be agreed between all members of the Coordinating Team.
Review bank mandate – groups signatories need to be members of the Coordinating Team.
Review of financial controls – you’ll need to ensure sufficient controls are in place as per the Internal Financial Controls Checklist – this is based on Charities Commission guidelines.

We’re here to help if you have questions or need support.

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