Budget workshopNTU Sport Committee Training

2015/2016

We are here to help

• Zhanna.Shchetkina@ntu.ac.uk – Finance Officer

• Joel.Moore@ntu.ac.uk – Finance Assistant

• Mike.Smith@ntu.ac.uk – Sport Development Officer (Outdoor Activities)

• Dan.Corlett@ntu.ac.uk – Sport Development Officer (Intramural)

• Louisa.Boddy@ntu.ac.uk – Sport Development Officer (Competitive Sport)

• TBC – Sport Development Officer (Participation Sport)

What is a budget and why is it important?

• Itemised summary of likely income and expenses for a given period

• Allows you to determine in advance whether you will have enough funds to do the things you want to do

• Invaluable tool to help you prioritize your spending and manage your money

Club’s budget

• Expenditure, income, grant

• Grant request:contribution to the clubs operating costs for the following academic yearReviewed and approved by the management team

Grant allocation guidelines• Two club categories – different allocation guidelines apply

• Funded (generally 1/3) and non-funded costs

• To be spent on specified areas only

• Cannot be carried forward to next year if unspent!

Expenditure

• Better to over budget

• VAT – clubs pay pre-vat prices. However, VAT cannot be claimed back on zero-vat goods and when using non-vat registered suppliers

• Refer to the funding guidelines

• Trip calculator

Income

• Better to under budget

• VAT – clubs pay 20% on ALL income raised

• It is the Treasurer’s responsibility to:keep track of all transactionsmonitor actual expenditure against the budget

Actual expenditure and income

Budget summary• Shows expenditure and income totals, total grant allocation and balance

• Final balance cannot be zero!

• Will be used for monitoring income and expenditure on clubs’ accounts

Summary• Budgeting is the starting point of planning any activities• Budget requests are used for determining clubs’ grant allocation• Actual income and expenditure need to be tracked and regularly monitored against the

budget