Financial Terms and Operations in Non-Profit Organizations
Explore the nuances of financial terminology like income/expenditure, the role of BID levies, and project expenditure management in non-profit organizations. Gain insights into cash basis operations and voucher scheme impacts on finances.
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PRIVATE AND CONFIDENTIAL BedfordBID: April 2022 - March 2023 Andrew Dennison Presented at AGM 16 October 2023
As a company limited by guarantee, there are no shareholders and cannot pay dividends. Status reminder Commonly used by not-for-profit organisations. NB: The members are not the same as the levy-payers. 2 CLIENT NAME
Despite profit/loss terminology used, per company legislation, it s really income and expenditure with a surplus/deficit for year. Terminology 3 CLIENT NAME
The majority of income is the BID levy which is recognised upon collection by Bedford Borough Council. Income Collections rates were slow in 2022 (reflecting deferred levies under COVID measures) resulting in unusually low income recognised in 2022 and a subsequent catch up during 2023. 4 CLIENT NAME
Despite variations in the timing of income, project expenditure is carefully managed to provide a consistent delivery. Project expenditure Costs overall are therefore very similar year on year. 5 CLIENT NAME
The voucher scheme continues to operate and, as per previous years, vouchers costs tend to be higher in years with a River Festival due to promotional issues. Vouchers Closing creditor 3,935 (2022: 3,500) 6 CLIENT NAME
Cash basis Day-to-day operations on cash basis. Timing of levy receipts at the end of the year determine the level of cash held at the year end. 7 CLIENT NAME
