A budget is a financial plan relating to a period of time that involves setting objectives and coordinating resources to achieve those objectives. Budgets are used to plan, implement objectives, estimate income/expenditure, coordinate activities, communicate plans, motivate staff, and monitor/evaluate performance. Managers and finance staff are responsible for budgets, which involve planning by setting objectives/estimates, monitoring by comparing actuals to plans, and reviewing to evaluate achievement and plan for the future. Budgeting requires good interpersonal skills to listen and negotiate during planning and monitoring.
Budgetary Controlling Techniques Budgeting is the formulation of plans for a given future period in numerical terms. Organizations may establish budgets for units, departments, divisions, or the whole organization.
Budgetary Control Techniques
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Presentation on Budget, budgeting and budgetary control..
Contents-
1) Budgeting [characteristics]
2) Budgetary control
3) Difference in budget, budgeting, budgetary control
4) Essentials in budgetary control
5) Requisites for budgetary control system
6) Merits & limitations
7) Zero-based budgeting
8) Difference in Traditional & Zero based budgeting.
BUDGET AND BUDGETARY CONTROL PRACTICES OF SOME SELECTED CREDIT UNIONS WITHIN ...Michael Owusu Ackom
According to Elliott (1986), Credit Unions essentially reverse the normal corporate financial objective of maximizing profit since they are expected to pay so much on savings and charge so little on loans. Therefore for Credit Unions to achieve a high level of organizational performance there should be effective and efficient use of resources. Budget and budgetary controls has been emphasized as a viable tool for ensuring effective and efficient use of organizational resource. The problem that normally arises is whether the budget and budgetary control practices of the Credit Unions comply with the best practices of budgeting.This study is a multiple case study, exploratory and descriptive research. The instrument used in gathering the data for this study is an interview guide. After data collection, analysis and processing was done by the use of computer programmes such as Microsoft Word and Excel. The research reveals that, the 60% of the Credit Unions have strategic plans which makes them more proactive than reactive in dealing with issues, ensures effective allocation of resources and inspires the budget. Also, annual budget was common to all the Unions and the bottom-up approach to budgeting was mostly used. Incremental budgeting was mostly prepared by the selected Unions, and budget committees as well as budget manuals were almost non-existent. Comparing budget figures with actual, and conducting variance analysis were the two most carried out monitoring and control activities. The selected Credit Unions comply fairly with the best standards in budget and budgetary control. The major challenges faced by the Unions were poor forecasting, time consuming, inability to achieve targets, difficulty in determining the cause of variance and identifying who to reward and who to punish. The Credit Unions should do more in motivating their management to produce budgets that are credible and challenging, educating the staff on the purpose of budgets, engaging dedicated budget specialist as well as tying people to specific budget target.
This webinar will provide a basic introduction to budgeting in a nonprofit setting. Attendees will learn how to prepare and strategically use budgets for their organization.
Budget control and budget making techniques in a hospitalmeghadevgan3
budget control and budget making techniques in a hospital:
1.definition of budget
2.DIFFERENCE BETWEEN BUDGET, BUDGETING AND BUDGET CONTROL
3.THREE THINGS BUDGET NEEDS TO DO
4.PRINCIPLES OF GOOD BUDGETARY CONTROL
5.TYPES OF BUDGETS
6.BUDGET CONTROL
7.BUDGET COMMITTEE
8.STEPS IN THE BUDGETORY PROCESS
9.ROLE OF ADMINISTRATOR IN BUDGETING
10.BUDGETING TECHNIQUES
11.WHY BUDGETING IN HEALTH IS COMPLICATED?
Budgetary Controlling Techniques Budgeting is the formulation of plans for a given future period in numerical terms. Organizations may establish budgets for units, departments, divisions, or the whole organization.
Budgetary Control Techniques
budgetary control methods
controlling techniques in management
planning tools for budgetary control
risk controlling techniques
control methods in management
control as a function of management pdf
controlling management process
organizational control methods
control methods in business
types of managerial control
examples of controlling in management
what is controlling in management
controlling in management pdf
managerial functions pdf
organizing function of management pdf
four functions of management pdf
management control system definition
introduction to management pdf
managerial function of control
the control function of management
Presentation on Budget, budgeting and budgetary control..
Contents-
1) Budgeting [characteristics]
2) Budgetary control
3) Difference in budget, budgeting, budgetary control
4) Essentials in budgetary control
5) Requisites for budgetary control system
6) Merits & limitations
7) Zero-based budgeting
8) Difference in Traditional & Zero based budgeting.
BUDGET AND BUDGETARY CONTROL PRACTICES OF SOME SELECTED CREDIT UNIONS WITHIN ...Michael Owusu Ackom
According to Elliott (1986), Credit Unions essentially reverse the normal corporate financial objective of maximizing profit since they are expected to pay so much on savings and charge so little on loans. Therefore for Credit Unions to achieve a high level of organizational performance there should be effective and efficient use of resources. Budget and budgetary controls has been emphasized as a viable tool for ensuring effective and efficient use of organizational resource. The problem that normally arises is whether the budget and budgetary control practices of the Credit Unions comply with the best practices of budgeting.This study is a multiple case study, exploratory and descriptive research. The instrument used in gathering the data for this study is an interview guide. After data collection, analysis and processing was done by the use of computer programmes such as Microsoft Word and Excel. The research reveals that, the 60% of the Credit Unions have strategic plans which makes them more proactive than reactive in dealing with issues, ensures effective allocation of resources and inspires the budget. Also, annual budget was common to all the Unions and the bottom-up approach to budgeting was mostly used. Incremental budgeting was mostly prepared by the selected Unions, and budget committees as well as budget manuals were almost non-existent. Comparing budget figures with actual, and conducting variance analysis were the two most carried out monitoring and control activities. The selected Credit Unions comply fairly with the best standards in budget and budgetary control. The major challenges faced by the Unions were poor forecasting, time consuming, inability to achieve targets, difficulty in determining the cause of variance and identifying who to reward and who to punish. The Credit Unions should do more in motivating their management to produce budgets that are credible and challenging, educating the staff on the purpose of budgets, engaging dedicated budget specialist as well as tying people to specific budget target.
This webinar will provide a basic introduction to budgeting in a nonprofit setting. Attendees will learn how to prepare and strategically use budgets for their organization.
Budget control and budget making techniques in a hospitalmeghadevgan3
budget control and budget making techniques in a hospital:
1.definition of budget
2.DIFFERENCE BETWEEN BUDGET, BUDGETING AND BUDGET CONTROL
3.THREE THINGS BUDGET NEEDS TO DO
4.PRINCIPLES OF GOOD BUDGETARY CONTROL
5.TYPES OF BUDGETS
6.BUDGET CONTROL
7.BUDGET COMMITTEE
8.STEPS IN THE BUDGETORY PROCESS
9.ROLE OF ADMINISTRATOR IN BUDGETING
10.BUDGETING TECHNIQUES
11.WHY BUDGETING IN HEALTH IS COMPLICATED?
Budgeting is an operational plan, for a definite period usually a year. Expressed in financial terms and based on the expected income and expenditure.
Or
Budgeting is a concrete precise picture of the total operation of an enterprise in monetary terms
This presentation will give a good overview of the ROPMS concepts and logical framework, however the POP & AWP used do not reflect the final format based on the comments received during the training sessions.
a Presentation by Department of Trade and Industry (DTI) at the BSP Regional Financial Literacy Campaign for OFWs in Davao City, Philippines on July 27, 2006
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Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
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Kyiv PMDay 2024 Summer
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"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
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Auditing study material for b.com final year students
Project Budget And Accounting (BOND)
1. Project Budgeting and Accounting
Guidance Notes No.4.1
WHAT IS A BUDGET?
A budget can be defined as a financial plan of an entity relating to a period of time. It involves
setting objectives to be achieved and the co-ordination of people and their organisational
aspirations. The financial budget is a way of quantifying the resources needed to achieve these
objectives.
WHAT ARE THE ADVANTAGES OF USING A BUDGET?
Budgets for an organisation or project are used to:
• Plan and implement objectives.
BUDGETING
• Calculate the estimated income and expenditure.
PLANNING
v
v
• Co-ordinate activities.
• Communicate plans.
REVIEWING MONITORING
• Motivate staff by setting clear targets.
v
• Monitor and evaluate actual performance.
WHO IS RESPONSIBLE FOR A BUDGET?
Managers and any other staff who are responsible for the activity concerned prepare budgets.
Finance staff is a technical resource and ensure that the budgeting process is completed
professionally. Budgeting requires those responsible to have good interpersonal skills. It is important
to be able to listen carefully and negotiate both when planning and monitoring a budget.
WHAT IS INVOLVED IN BUDGETING?
Budgets are usually managed in three stages:
• PLANNING - setting the objectives and deciding what this will mean in terms of income and
expenditure, within the overall limitations of the project or organisation.
• MONITORING - measuring how well the actual income and expenditure compares to the planned
amounts. Regular statements identify the differences between budgeted and 'actual' figures. Any
corrective action is taken on the basis of these statements.
• REVIEWING - evaluating through a general review how closely objectives have been achieved
and identifying a new framework, if necessary, for the forthcoming period. This takes place towards
the end of the budget cycle and may be the start of the following year's planning. It is an
opportunity to see if the process of planning and monitoring the budget could be improved.
2. WHAT DOES THE JARGON MEAN?
The following is a list of technical terms used in budgeting:
TERM MEANING EXAMPLE
Accruals Adjustments made to the actual Rent is in the budget for 6 months,
income and expenditure for items but is compared with actual rent
referring to the budget period but paid for 4 months only. An
not yet received or paid. The ‘accrual’ adjustment is made to add
adjustment helps to give a ‘like with the extra 2 months expenditure
like’ comparison with the budget. (which has not yet been paid),
to the actual figure for comparison
purposes.
Budget and actual Produced regularly (usually monthly A statement is produced after 6
statement (or budget or quarterly) to compare the budget months to compare the budget with
report, variance from the beginning of the year to 6 months’ actual income and
report,management date, with actual income and expenditure.
accounts) expenditure.
Capital budget A forecast for long term items, such Three new vehicles are to be
as buildings, vehicles, machinery purchased next year and are
and the organisation’s income to included in a capital budget. Also
fund it. Sometimes prepared included is a grant to fund them
separately from the revenue or provided by a donor.
recurring budget.
Cash flow forecast An additional budget showing when The cash flow forecast for March
(or cash budget) the money will come in and go out indicates that at the end of the
and the anticipated bank/cash balance month the bank account will be
at the end of each month. overdrawn.
Limiting factor(s) The reason(s) why all the objectives Lack of skilled staff to implement a
cannot be fulfilled. programme.
Revenue budget (or Budget for ongoing income and The budget for an organisation’s
recurring budget) expenditure, covering items such as ongoing income and expenditure
fees and charges, grants, rent, items.
salaries and travel. Sometimes this
will include longer-term (capital)
items as well.
Seasonalising (or Placing the budgeted income or Rent paid twelve months in advance
phasing, profiling, expenditure item in the month when in January. The whole year’s
weighting.) it will be received or spent rather than amount is placed in January in the
dividing the total by, for example, 12 budget.
months and putting that amount in
each month.
Variance The difference between budgeted If budgeted expenditure for travel is
and actual income and expenditure. £1,000.00 and actual £850.00, then
the variance is £150.00.
Virement Transferring (with permission) an £5,000.00 not needed for salaries in
amount from one budget item to the current year’s budget is
another. transferred (or ‘vired’) to training.
BOND Guidance Notes Series 2
3. STAGES IN PLANNING A BUDGET
There are 6 simple stages to follow in order to construct an accurate budget:
1. IDENTIFY ORGANISATIONAL OR PROJECT and show the status of any possible amounts as a
OBJECTIVES note to the budget, eg unconfirmed funding.
5. DETERMINE THE AMOUNTS TO BE SPENT
Involve a range of staff in this process.
2. DECIDE WHAT IS THE ‘LIMITING FACTOR’ Breakdown the items into types by following any
existing budget headings. If the programme is to be
funded by an external donor, it is essential to ensure
The 'limiting factor' is what restricts the budget. It
that the internal financial system will allow information
could be a lack of money, human or other resources
to be recorded and presented in the same format as
and time required to implement a programme.
their budget headings. If a budget has been prepared
Remember this factor throughout the planning stage.
in the previous year, this and the actual costs
recorded against it, will be a guide to this year's
3. GATHER THE DATA
required amount. However, check that the amounts
also reflect the current year's objectives, inflationary
Ensure all the information is available including:
increases and amounts for programme growth. Again,
be as realistic as possible with the estimation.
• The previous year's information (if a continuing
programme).
6. CONSTRUCT THE BUDGET
• Level of inflation.
• Amount of salary increases and increments.
List the budget item by item, ensuring that the totals of
• Estimates from suppliers - for example for materials,
both income and expenditure are the same, and
training or rent.
include notes of all calculations. As soon as the
• Level of income or grant support.
budget has been completed, inform everyone who
• External factors influencing income and expenditure
needs to know the budgeted income and expenditure
(eg exchange rate).
figures. It is also useful to produce a monthly cash
flow forecast (or cash budget) for the next year or
4. DETERMINE THE AMOUNT TO BE
project period. This indicates when money will come
RECEIVED
in to and goes out of the project or organisation and
identifies any months where there may be a shortfall
How much is confirmed and what is merely wishful of funds.
thinking? Be as realistic as possible in the estimation
STAGES IN MONITORING A BUDGET
After the budget period has started, it is essential to monitor regularly how close the actual income and
expenditure is to that predicted in the budget. This allows managers, members of governing bodies or others
responsible to assess the organisation's up to date financial situation. Any differences, or 'variances', must be
examined and are a basis for corrective action.
The stages are as follows:
1. PREPARE OR RECEIVE THE INFORMATION 2. MONITOR THE INCOME AND
COMPARING THE BUDGET WITH ‘ACTUAL’ EXPENDITURE REGULARLY
A comparison of the budget to 'actual' income and Those responsible should identify any difference
expenditure is normally prepared monthly or quarterly. between each budget and actual income and
It is sometimes called a budget and actual statement expenditure items - the variance - and be able to
(see Figure 1). explain the reason(s) for this. It is helpful to add notes
to the figures to explain the variances.
Other names include 'budget report', 'management
accounts' or 'variance report'. The information is There could be many reasons for a difference
usually prepared by finance staff and passed on to between budget and actual, for example:
those responsible for the budget, as soon as possible
after the end of the period. • An invoice has not been processed for an item
BOND Guidance Notes Series 3
4. already received.
• Take action to ensure that an income or expenditure
• Timing differences where the actual shows an item reverts to what was expected in the original
activity has happened in one month only, but where budget. It might be necessary, for example, to reduce
the budget shows the total amount divided over costs, to cut back on a planned programme, to
twelve months. increase fees and charges or to follow-up on an
expected grant that has not been received.
• A payment in advance has been included,
although the goods or service have not yet been • Consider obtaining permission to 'vire' for
received. under/over budget items. This means that an under
spending on one budget item, for example travel, is
• The budget was incorrectly prepared. transferred to an overspending on another budget
item, for example salaries, at some point during the
3. TAKE ACTION year. If virement occurs it will simply 'tidy up' the
budget and actual statement. Permission to do this is
usually needed from a senior manager and/or donor.
Based on the monitored information, action may be
Virement will usually happen no more than once or
needed. These are the following possibilities:
twice a year.
• Take no action if the actual income or expenditure is
• Inform people what action is needed in order to
temporarily incorrect, but will right itself in the next
keep within the budget.
period. Ensure that it does.
• Continue to monitor the budget and ensure that any
• Predict what will happen if the current trend
action has been effective.
continues for the rest of the budget period.
TOP TIPS FOR BUDGETING
• Involve a range of staff in budget planning.
• Use objectives as the base for the budget - rather than just using 'last year plus
a bit'.
• Use all available sources of information to compile the budget.
• Add notes to explain calculations.
• Ensure the information needed from the accounting system will be available in
the same format as the budget - if not, can the accounting system produce it?
• Be as realistic as possible.
• Prepare the budget in plenty of time.
• Communicate the budget details to everyone who needs to know.
• Ensure budget and actual statements are produced quickly.
• Add notes to the budget and actual statement to explain variances.
• Monitor the budget compared with actual figures regularly.
• Take action when necessary and ensure it has the desired effect.
• Let people know what is needed to keep within the budget.
• Compare the annual budget with the income and expenditure account (or its
equivalent) after the end of the year.
BOND Guidance Notes Series 4
5. Figure 1: Example of a budget and actual statement with notes for the
first three months of the year
Training for Development Budget and Actual Statement
Annual Budget Actual %
Budget (Jan - Mar) (Jan - Mar) Variance Variance
12 months 3 months 3 months 3 months 3 months Notes
INCOME
Grants 300,000 150,000 150,000 - - -
Fees and Charges 376,000 94,000 89,304 (4,696) 5% 1
Donations 50,000 12,836 5,289 (7,547) (59%) 2
Interest 2,050 - - - - 3
Total Income 728,050 256,836 244,593 (12,243) (5%)
EXPENDITURE
Training programme
Trainers’ fees 224,000 85,600 47,251 38,349 45% 4
Materials/printing 55,690 15,350 20,387 (5,037) (33%) 5
Hire of premises 107,860 42,750 41,299 1,451 3% -
Travel/accommodation 116,510 31,120 35,109 (3,989) (13%) 6
Other expenses 34,080 8,520 3,201 5,319 62% 7
Overheads
Office salaries 11,230 2,807 2,833 (26) (1%) -
Rent 82,000 20,500 20,500 - - -
Electricity 38,970 9,743 9,265 478 5% -
Travelling expenses 16,020 4,005 3,206 799 20% 8
Hire of premises 107,860 42,750 41,299 1,451 3% -
Office costs 34,390 8,598 9,109 (511) (6%) 9
Audit fees 7,300 - - - - -
Total expenditure 728,050 228,993 192,160 36,833 16%
Notes to help explain the budget and actual statement:
1. Training activities have been 5 per cent less than the predicted level in the first 3 months.
2. A large proportion of the donations will be received in the May and November appeals.
3. Interest will be added in June and December.
4. 32,370.00 of trainers' fees for this period is due to are paid in April. With this included the actual
expenses are 7.5 per cent under budget, largely caused by the reduced training activities in the
period.
5. Materials and printing have been purchased for a significant part of the year. It is estimated that
the actual expenditure will be slightly under budget at the year-end.
6. Due to the lack of training activities some of the staff and volunteers have been travelling to
promote the project's activities. This has resulted in additional travel and accommodation costs.
7. The estimate for 'other expenses' was significantly over budgeted. It is now predicted that total
expenditure for this item will be 20,000.00.
8. It is expected that there will be additional travel expenses in the next three-month period.
9. Stationery for the whole year has been bought in this three-month period.
BOND Guidance Notes Series 5
6. ASKING QUESTIONS
The notes with the budget and actual statement • Which trainers
(Figure 1) provide an explanation for some of the have been travelling
differences. The statement and notes can often be to promote the
read in conjunction with a narrative report of the activities? What
project or organisation's activities. The statement is fees were they paid
useful information on which staff, governing bodies for this? Where
and donors can base their questions. were the volunteers
recruited and how
It is important for those reviewing this statement to many were there?
raise queries and obtain clarification. The notes will What training did
already answer some of these questions. they receive for their
task?
In this example, however there are still some areas of
concern and questions that could be raised. • What do 'other expenses' cover?
• Why are the training activities 5 per cent lower than • Why will there be additional travel expenses in the
predicted? Will this be the same/better/worse during next three-month period?
the rest of the year?
• Have any adjustments been made in the actual
• What is the reason for the under spending on figures for items still outstanding or those paid in
trainers' fees, apart from the reduction in activities? advance?
WHAT HAPPENS AT THE END OF THE YEAR?
Comparing the budget and actual expenditure is an If, for example, only ten months' (rather than twelve
important way of measuring how an organisation or months') rent had been paid during the year, the
project is progressing throughout the year. It is also receipts and payments account would show just ten
valuable to compare the annual budget figure with months. The comparison with the budget would be
financial statements (eg the income and expenditure limited and would not then present a 'like with like'
account) after the end of the year. picture.
2. INCOME AND EXPENDITURE ACCOUNT
The advantage of the budget and actual comparison is
(EQUIVALENT TO A ‘PROFIT AND LOSS
that it can be examined quickly. The comparison of the
ACCOUNT’ IN A PROFIT-MAKING
budget and the financial statement is likely to take
ORGANISATION)
place some time after the year-end.
The financial statement's main advantage is that the An annual statement that is comparable with the
figures will have been adjusted to show a complete budget. It is rather like a version of the budget and
'like with like' comparison. actual statement, adjusted to show a full twelve
months' income and expenditure. It is likely to have
This then provides 12 months' budget and 12 months' been adjusted for items paid in arrears or in advance.
income and expenditure. The figures can also be
compared with the following year's budget and These adjustments will be placed in the year, in which
previous year's accounting statements. The the transaction should have occurred, for the purposes
statements produced by an organisation or a of producing the account. Therefore a 'like with like'
programme at the year-end is as follows: comparison can be made with the budget.
1. RECEIPTS AND PAYMENTS ACCOUNT The income and expenditure account may also have
been adjusted for depreciation. Depreciation is a
A straightforward statement that shows the opening 'bookkeeping' entry charged to expenditure that
cash and bank balance, receipts or money coming in estimates the value lost during the year on a long term
during the year, payments or money going out during item, such as a vehicle or furniture.
the year, and the closing cash and bank balance.
Whenever depreciation is shown in the income and
No adjustments are made to the transactions to expenditure account, it will have also been shown in
achieve a true comparison with the budget. the budget.
BOND Guidance Notes Series 6
7. FIGURE 2: Example of an income and expenditure account
Training for Development Income and Expenditure account for
the year Ended 31 December ...
Budget
Income
Grants 300,000 300,000
Fees and charges 323,192 376,000
Donations 70,298 50,000
Interest 1,409 2,050
Total Income 694,899 728,050
Expenditure
Training programme
Trainers’ fees 232,490 224,000
Materials/printing 53,246 55,690
Hire of premises 101,293 107,860
Travel/accommodation 99,579 116,510
Other expenses 33,487 34,080
Overheads
Office salaries 11,198 11,230
Rent 82,000 82,000
Electricity 37,135 38,970
Travelling expenses 14,213 16,020
Office costs 33,371 34,390
Audit fees 7,300 7,300
Total expenditure 705,312 728,050
Excess of expenditure over income/deficit (10,413)
Areas of concern from the example in Figure 2 include:
• Training for Development is showing a deficit (excess of expenditure over income) for the year
of 10,413.00. It is difficult to see why this is by looking at the income and expenditure account
alone. It is therefore necessary to compare these figures with the annual budget. The budget
amounts, in the right hand column, are the annual budget amounts from Figure 1. If last year's
income and expenditure figures were available, this too would be a useful comparison.
• The income indicates that the shortfall is due to the failure of fees and charges and interest to
meet the budgeted figure. An increase in donations was insufficient to offset this shortfall.
• Apart from trainers' fees the expenditure budget has been tightly controlled. Why are trainers'
fees higher than expected? If more courses than planned were undertaken, why are the other
costs not over budget?
• Why are hire of premises and travel/accommodation so much lower than anticipated in the
budget?
• Will the deficit be continued next year? How might this be avoided? If the budget for the
following year is available, how do the figures compare with this year's budget and income and
expenditure account?
Note:
The budget figures are not usually included on the income and expenditure account. However, if
the figures are available it is important to compare them.
BOND Guidance Notes Series 7