# 5.2 BUDGETING; CASH FLOW FORECASTS. Introduction To Budgets And Cash Flow Forecasts. Cash Flow Forecasts. Budget And Cash Flow Exercises

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1 52 FUNDING 5 BUDGETING; CASH FLOW FORECASTS Introduction To Budgets And Cash Flow Forecasts Cash Flow Forecasts Budget And Cash Flow Exercises Cash Flow Exercises P 168

6 Opening Balance This shows how much should be in your business bank account at the start of the month When starting up you should put the figure of available funding or capital into the cash flow as its opening balance Closing Balance Work out the closing balance for the month by adding any opening bank balance to the total receipts and deducting from this the total payments figure The closing bank balance becomes the opening bank balance automatically at the start of the next month The closing balance figure for each month is very important: if it s a minus figure it means you may have to make use of an overdraft facility or plan a sales drive for the months preceding it to avoid going into the black The cumulative figure tells you whether your bank balance gets bigger or smaller over a period of time and highlights the duration of any borrowing requirements Assumptions When preparing a cash flow, you should provide details to explain any figures in the cash flow which are not self explanatory, for instance what calculations are your sales figures and prices based on? Remember that while you may understand all the ins and outs of your business, another reader may not BUDGETING; CASH FLOW FORECASTS 52 P 173

8 BUDGET AND CASH FLOW EXERCISES Exercise 1 : Income And Expenditure Budget Budgeting involves two processes: predicting income and expenditure in a particular period and allocating available finance to meet current and future needs Community-based projects usually do this on an annual basis for the year ahead, but rarely analyse expenditure while it is happening They exercise only limited control of their finances Draw up two budgets for the Wood 'N' Tops project (one for Year 1, the other for Year 2) based on the following information, using the sheet provided Year 1 (Costs Per Year) Staff Costs 2 part-time workers get 3,000 in wages, inclusive of employer s national insurance It makes volunteer payments of 150 to 50 trainees an average of 6 times per month in the 8 months beginning September It pays 3 per day expenses to a volunteer joiner who trains 20 days per month for 6 months beginning in September Office Costs Stationery : 200 Postage : 180 Telephone Rental : 80 Telephone Calls : 240 Printing : 120 Utilities Gas : 160 Electricity : 300 Water Rates : 0 Premises Costs Rent : 1,200 Rates : 80 Repairs : 100 Painting : 200 Insurance : 250 Travel Costs The project runs a van to collect free and other furniture It costs 500 for diesel; 300 insurance and tax; 200 repairs and tyres Equipment Costs New Equipment : 300 Repairs : 50 Advertising And Promotion The project advertises monthly in a local newspaper costing 20 per month It holds an Open Day each year with a budget of 200 Legal And Professional Costs Solicitor : 0 Accountant : 200 Petty Cash Beverages : 100 Postage : 40 Miscellaneous : 100 Income Furniture Sales : 3,000 Grant : 11,000 Donations : 200 Removals : 800 Year 2 (Costs Per Year) All costs rise 10% To balance income and expenditure, how much must the grant be increased to? BUDGETING; CASH FLOW FORECASTS 52 P 175

9 Income And Expenditure Budget Income Furniture sales Grant Donations Removals Year 1 Year 2 BUDGETING; CASH FLOW FORECASTS 52 Total Expenditure Wages and national insurance Volunteer payments Trainer Stationery and printing Postage and telephone Heat and light Rent and rates Repairs and painting Insurance Operating van New equipment and repairs Advertising and promotion Accountant Miscellaneous Total Income/Expenditure Surplus/Deficit Answers can be found in the appendix on page 416 P 176

10 Exercise 2 : Cash Flow Forecast A budget can tell you how much money you should be allocating to a particular kind of expenditure in any period But it cannot tell you when expenditure occurs or income is received This is the job of the cash flow forecast Draw up a cash flow forecast using the information provided for year 1 only 1 : The financial year begins in April 2 : Grant is paid quarterly in arrears BUDGETING; CASH FLOW FORECASTS 52 3 : Workers are paid monthly throughout the year Volunteer payments occur 6 times a month for 8 months beginning in September The joiner trains an average of 20 times a month for 6 months beginning September 4 : Stationery purchases occur twice a year in January and July Postage is 15 per month Telephone rental is paid quarterly in advance beginning in April Telephone bills are an average of 60 per quarter, paid in arrears There is a one-off bill for printing in November 5 : Gas and electricity are paid quarterly in arrears 6 : Rent is paid monthly Rates are 10 per month starting in June Repairs are done in January, painting in July Insurance is paid in May 7 : The project has a diesel account They pay quarterly in arrears Tax and insurance is paid in March Repairs occur in February 8 9 : The project is buying a jig saw for 300 in August It will need to be repaired in December : The project advertises in a local newspaper costing 20 per month The Open Day is in July 10 : The accountant is paid in March 11 : There is an allowance of 20 per month for petty cash 12 : The project earns 300 per month from furniture sales September - May, 100 per month June - August and a donation of 200 in October Answers can be found in the appendix on page 417 P 177

11 CASH FLOW EXERCISES Exercise 1 Draw up a cash flow forecast for the Wood N Tops furniture project for Year 2, using the Year 1 figures from the budgeting exercise but with the following changes for Year 2 : Exercise 2 Wood N Tops has decided it must generate new income for the project It has asked the finance committee (trainees) to draw up a cash flow forecast based on the following assumptions: BUDGETING; CASH FLOW FORECASTS 52 Sales will increase in value by 5% per quarter beginning in April Grant will be cut to 5,000 per year Diesel costs will increase 10% beginning April Utilities costs will increase 10% beginning June Wages costs will increase 7% beginning August Volunteer payments will be made to 50 trainees, 10 days per month for 9 months beginning in September Volunteer joiner will receive 5 per day, 15 days a month for 6 months What is the financial position of Wood 'N' Tops now? New equipment will be bought in April costing 5,000, requiring a bank loan of 5,000 available from April Bank loan will cost 5,766 over 3 years ( 167 per month capital repayments for 30 months, 21 per month interest repayments for 36 months) Capital repayments begin in month 6 while interest repayments begin April New income of 1,700 per month will begin in August Has the financial position of the project improved? Does the project have a positive balance at the bank? When does this occur? Does it have a deficit at the bank? When is the first month this occurs? P 178

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