On 26 June 2011 13:17, Richard Farmbrough <richard(a)farmbrough.co.uk> wrote:
As the organisation needs to budget a year ahead, and
has no guarantee of
income it is not, perhaps, unreasonable - and certainly sustainable - to
budget expenditure based on the predicted cash balance at the beginning of
the year. To do otherwise risks making financial commitments with no
certainty of being able to fund them.
We chose our financial year to start on 1 February so that we would
know the results of the fundraiser (which is where we get 99% of our
revenue) before the budget was finalised. The budget the previous
board came up with was based on the actual amount of money we had
available to spend.