Slides used by Wendy Griggs, Age UK Boston and South Holland (LTO) and Bill Badham, Big Local rep at the ‘Locally trusted organisations and Big Local partnerships’ learning and networking event. The event took place on Wednesday 7 December 2016.

1. Money matters
Communicating financial information
1.20 – 2.10
Wendy and Bill

2. Communicating financial information
Our aim
To share good practice on reporting financial
information to the partnership which is timely,
user-friendly and accurate

3. The triangle of accountability
Big Local partnerships
Local Trusted
Organisation
Local Trust
(including Big
Local Rep)

4. What we have to do
• Local Trusted Organisation is under legal
contract with Local Trust to manage the money
– Signed terms and conditions
– Offer letter
– Linked to Big Local plan
• Who needs to know and understand what’s in
these and what the implications are?

5. LTO accountabilities
• Relationship with Big Local partnership
• Reporting to the Big Local partnership and
Local Trust: timely, accurate, relevant
• Wider governance: fraud, whistleblowing,
insurance
• Robust internal controls:
– segregation of duties,
– authorisation of expenditure,
– record keeping

6. Money Matters in Boston
• How do you report financial information to the
partnership and how frequently?
• What financial information do you (as locally
trusted organisation) provide to the partnership?
• What do you do that works well for both parties?
Do you have any top tips?
• What have you done which hasn’t worked well?

7. Money Matters in Boston
• Monthly reports to the partnership
• Governance summary on 1 side of A4
• Bank balance and bank statement as proof
• Cost coded Income and expenditure for month
• Updated budget spreadsheet
• Comments and questions for the partnership

8. Bank Balance at 10th November 2016
£80,183.83 (Includes 2nd Budget payment to BBL)
Monthly Expenditure
September 2016
October 2016
November
Total spend to date against budget
£11,665.42
£5,446.60
£121.20 (to date)
£41,613.40 (with 2015/16 underspend & LTO 5% taken off)
Excel Spread Sheet
Includes expenditure up to 10th November 2016
Figures are based on the full financial year’s budget
Overspend
N/A
Underspend
1.3.3
1.4.2
1.4.3
4.3.1
Young people’s development fund
Older residents support croquet
Older residents fitness & wellbeing
Promote small business start-up
£1,000
£2,750
£917
£3,000
same as last month
same as last month
same as last month
same as last month
Potential underspend of £7,667
Overall Budget Areas to Date
10th October 2016 minutes, page 2, item 4 – October Underspend waiting confirmation for
re-allocation of funds for Croquet Club from underspend
Other Comments/Questions
Boston Mayflower for Dementia Care at Mayfields, £1447.00 waiting approval of report
before paying the outstanding invoice for April – September 2016
Monthly report