It is important for clubs to manage its finances competently by having a financial plan or business plan both short and long term. Short term, it is important to evaluate income and costs for the coming year, allowing the club to stay focused on their everyday finances. Identifying the club’s income and costs over a longer period will help when planning for the future, and in particular any significant projects they wish to undertake (such as funding for facilities or equipment).
A financial plan is a decision making tool:
> it sets out what actions you will use to implement your strategy and achieve your clubs’ objectives and vision.
> It spells out what needs to be done, by whom and by when.
> Lastly, it focuses on how you are going to achieve rather than just what you are going to achieve. Understanding the realistic likely sustainable income, the club can generate is a vital part of good financial management.
To ensure the clubs income is sustainable, it is important for it to be generated from a variety of sources (e.g. membership fees, sponsorship & fundraising, grant funding etc). It is also important to manage the cash flow of the club by recording all money in and out of the club using a reliable method such as cash sheets or cashbook, a spreadsheet or budgeting tool.
The following tool on the Club Matters website can support you to develop a financial plan: https://www.sportenglandclubmatters.com/club-finances/
Potential Income Streams
Some potential income streams for your club are listed below:
> Weekly subscriptions
> Match fees
> Event fees
> Kit and off pitch wear
> Fund raising weekly activity
> Bar revenue
> Social events
> Sponsored events and activities
> Internal club events or festivals
> Sponsored kit and equipment
> Grant funding applications
The first thing to look at may be how to budget, some questions you will need to ask are:
> How does that meet the club’s agenda?
> What are the expenditure items?
> What income is there?
> What are the risks?
> How will the budget be profiled/phased/cash flowed?
For more information on how to budget correctly, click here
How do we set up a bank account for our club/group?
Its really easy to set up a bank account for your club/group. for more information click here
What are the best practice processes for collecting subs, payments etc?
The Club Matters finance workshop is a good place to start, it provides some practical solutions which will enable to help your club start to manage its money more effectively. Go to https://www.sportenglandclubmatters.com/club-matters-workshops/ to find out more.
How do I go about recruiting a treasurer for my club?
Recruiting to your committee is an opportunity to develop or bring in new skills, experiences and perspectives to your governance. It’s a good idea to regularly undertake a skills audit to identify any gaps.
Be diverse – Your committee should reflect the diverse nature of your members. Are any of the committee roles occupied by a diverse range of people? If you have a club with a growing youth section, you might want to think about involving a youth representative, for example. Just remember that no one under 18 can be a committee member for an unincorporated association.
Be businesslike – If you are looking for a particular skill, target the right audiences. If you need a new treasurer, target accountancy firms. If you need someone to look after sponsorship, target businesspeople that are used to negotiating. If you need a press officer, are any of your members journalists or journalism students?
Be transparent – If you’re looking for new committee members, spread the word and be clear about the role you are recruiting for. Draw up a role description and be honest about the responsibilities and time commitment involved.
Be professional -Refer to your constitution as there should be rules in place around the recruitment of officers. Make sure you know whether nominations for new committee members have to be taken in advance or can you take them at the meeting? (Most Annual General Meetings (AGMs) require a proposer and a seconder for each nomination)
Comply with safeguarding guidance and seek any necessary DBS checks. You can find out more in our Disclosure and Barring Service section.
For more information visit – http://www.clubsolutions.wales/recruiting-officers/
What is a club treasurer responsible for?
Typically, a club treasurer is responsible for:
> Managing the club’s income and expenditure in accordance with club rules
> Producing an end of year financial report
> Identifying a suitable individual to independently review the annual accounts
> Regularly reporting back to the club committee on all financial matters
> Efficient payment of invoices and bills
> Proposing amendments to annual and weekly subscriptions as appropriate
> Depositing cash and cheques that the club receives
> Keeping up to date financial records
> Arranging handover or succession planning for the position
> Taking responsibility for personal conflicts of interests and declaring, recording and managing these appropriately
For more information about comittee members roles and responsibilities, please see our Club Manangement section
I’m the treasurer of a new club. Whose name should I put on the bank account?
Open a bank account in the name of your club, as making a formal bank account rather than an individual’s personal account promotes independence and a clear separation between the club and individual. If possible, set up the account so that at least two signatories are required when making payments, as this reduces the risk of mistakes or fraudulent activity occurring.
How do I prepare the annual accounts?
Preparing your accounts is particularly important if your club is set-up as a limited company or charity, as they have legal requirements:
> To check your annual account requirements as a limited company, visit Companies House
> To check your annual account requirements as a charity, visit the gov.uk website
The following guide gives extensive information on how to manage your clubs finances – click here to view (please be aware that this guide is australian and not all aspects may be relevant to your club)
Once you have prepared the accounts, you should ask someone independent (i.e. not the person who prepared them) with the suitable financial knowledge and experience to review the accounts
If your club is membership based, you should publish your annual accounts (or a summary) for your members to access – you could share this using your club website, newsletter, by e-mail or another method that works for you and your club
If you haven’t found the answer to your question above, please complete the below form and we will get back to you shortly.