Financial Planning Webinar - with Rosemary Gallagher

NICVA facilitated a webinar on 3 July 2020 on Finanical Planning.    Thanks to Rosemary Peters Gallagher OBE (Moore NI LLP) for delivering the session

Rosemary outlined the importance that both Trustees and senior management all need to understand how their charity obtains its income and how it spends it.  She outlined how you could practically do this and covered the following key areas for charities to consider:

watch the webinar recording

  • Understand your budget
  • Go through expenditure line by line
  • Lay out your costs appropriately so that you can see what your services actually cost
  • Examine your overheads to ensure that project/programme expenditure there any have been properly assigned to the relevant project/programme
  • Understand how your fundraising environment is working – if you cut costs here are you then cutting off an income stream?
  • What can you stop spending and what do you need to spend? Hold back on unnecessary expenditure but make sure that it is unnecessary.
  • When carrying out cashflow projections, treat, Contracts, Donations and Grants differently and review these regularly
  • Carry out scenario planning so that you can recognise trigger points  – think about different scenarios including the projected income drop, and know what your bottom line is eg if income drops by 50% is that the point of no return for your charity?
  • Develop a recovery plan
  • Manage your income streams more effectively
  • Is the information you are receiving good enough to enable you to make a decision?
  • Implications for the annual report

Please watch the following recording of this webinar which is 26 mins long, there then follows a Q&A.



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