A guide to third sector trading - WCVA

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It’s an idea, but is it business? A guide to third sector trading 1: Getting started 2: First steps 3: Business planning 4: Legal and governance 5: Funding and resourcing 6: Financial controls 7: Managing growth 8: Management and governance 9: Social enterprise 10: Sources of support • Even if you don’t follow the detailed running of the business, the balance sheet should tell you what is actually going on. In the above example − relying on the income and expenditure report for January may mislead a novice into thinking that you are making a fortune • interpret their trading activities and business organisation in terms which are relevant to the social objectives of their organisations, and to minimise business concepts which are alien to these social objectives. − a comparison of the balance sheets over several months (specifically, the monthly change in the ‘net current assets’ figures) will tell you whether your sales are actually generating a profit. Get the format of reports right for you: Directors may have a need and certainly have the right to: • determine the format and content of financial reports to make them more understandable to members • receive training on business and financial issues, and on interpreting financial reports • be supported to learn about the special features of third sector trading which make it different from other types of business activity 164
It’s an idea, but is it business? A guide to third sector trading 1: Getting started 2: First steps 3: Business planning 4: Legal and governance 5: Funding and resourcing 6: Financial controls 7: Managing growth 8: Management and governance 9: Social enterprise 10: Sources of support Table 6.1: An example layout for a monthly income and expenditure account report. The highlights draw attention to the figures for the current month ANYWHERE ENTERPRISES LTD Income and expenditure account and budget report for (month) Forecast for (month) Actual for (month) Forecast year to date Actual year to date Income Sales type 1 Sales type 2 Sales type 3 Grants Membership fees Other income Total 165
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