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STRATEGIC OBJECTIVE 2: ENSURE THE ORGANISATION IS FINANCIALLY SUSTAINABLE
Meet budget annually. Plan and execute an annual budget that performs to the planned budget making no further surplus or deficit.
Ensure each overarching expenditure budget area (department) does not exceed 1% of their allocation during 2023
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Plan and execute an annual budget that performs to the planned budget making no further surplus or deficit.
Ensure each overarching expenditure budget area (department) does not exceed 1% of their allocation during 2024.
Plan and execute an annual budget that performs to the planned budget making no further surplus or deficit.
Ensure that conference is planned well and established as a breakeven, high quality membership benefit.
Reduce the deficit from the 2022 conference to below £5,000, aiming to breakeven.
2024 Conference details launched at the 2023 Conference to include the dates, venue, theme and cost.
2024 Conference to breakeven.
2025 Conference details launched at the 2024 Conference to include the dates, venue, theme and cost.
2025 Conference to make a small surplus that goes back into the organisation for members.
Plug the gap in income from the current subscription-model journals by introducing a third journal in a pay-topublish model.
Establish a Third Journal Working Group with members acting as the interim Board.
Plan for a 2024 launch of the Third Journal with an editorial board appointed and supported.
Third Journal publishes first two editions. Third Journal publishes three editions with an income of at least £5,000 after stipends and expenses.
Accurately assess VAT liabilities after becoming VAT registered.
Receive external support to ensure that BELMAS continues to be compliant and accurate in its VAT returns.
Begin to accurately process and budget for VAT implications in-house without support.
Continue to accurately process and budget for VAT implications independently.
Create Job Board postings for additional income generation.
Work with new website provider to discuss how a Job Board would look on the BELMAS website, gaining visuals.
Write a business plan for Job Boards for consideration at the Trustee Board to include cost and process.
Job Board live on the BELMAS Website and across Social Media.
Job Board live on the BELMAS Website and across Social Media with minimum £2,000 income.
Invite sponsorship from commercial organisations with transparency of how much is donated published on website.
Contact other Learned Societies and Charitable Organisations for support in obtaining commercial sponsorship.
Establish and Launch the Sponsorship guidelines based on research from other Learned Societies and Charitable Organisations.
Gain additional income from commercial partnerships using the Sponsorship Guidelines
Reduce expenditure across all departments by seeking efficiencies and value for money in ways that do not detract the quality of key resources or the removal of essential/necessary services and resources.
Review banking arrangements to reduce cashflow risk and operational burden to BELMAS.
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Reduce expenditure by 1% across the five departments in the management accounts for 2024.
Further reduce expenditure where possible by another 1% across the five departments in the management accounts for 2025.
Review the annual timelines of Financial Reporting, AGM and Elections to ensure smooth process for compliance.
Gain access to HSBC legacy account and split BELMAS resource across the two current providers.
Review both banking providers and present a report for the Board of Trustees to consider new providers where appropriate.
Review use of a debit card and change t a company credit card for additional protection.
Two bank accounts in operation with BELMAS funds split across them.
Complete the Annual Audit (Report and Accounts) by the Easter break 2023 and upload them to the Charity Commission and Companies House in advance of any deadlines.
Consider the timing of the AGM to approve the annual report and accounts whilst remaining conscious of the CIO work.
Following the introduction of a new CIO, set the annual operational plan timelines for 2024 in line with the considerations of the Annual Report and Accounts delivery from 2023.
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