Financial Management Review

The issue

Hackney Playbus approached Cranfield Trust seeking assistance with a financial management review and to address several challenges in their financial processes. 

The charity used accounting software along with separate spreadsheets that weren’t connected, making it challenging to produce timely reports for trustees and funders, create projections for funding applications, or track costs for specific programs. This lack of organisational connectivity led to inefficiencies and made it difficult to provide transparent financial information, slowing down their fundraising efforts.

Claire Kelly, the charity’s Co-Director was seeking support to improve its financial management, aiming to produce more accurate and coherent information with ease, saving time and increasing its confidence in reporting. The charity’s goal was to streamline financial recording without adding to the workload, enabling better tracking of success rates and more targeted fundraising efforts. Ultimately, it aimed to enhance financial management, improve internal and external reporting, and strengthen its ability to secure multi-year funding, ensuring long-term sustainability.

The solution

Cranfield Trust Regional Manager, Nicky Everett, discussed the charity’s requirements fully before pairing them with volunteer consultant Bilikis Oko-osi, who has extensive experience in accounts and performance management, particularly in planning and forecasting. 

Bilikis worked with the charity to address issues with the accounting classifications which had become disorganised from the input of different people over the years. Her support was crucial in streamlining and tidying up the system, making it easier to generate accurate financial reports and simplify the budgeting process.

The project focused on improving the charity's day-to-day financial management. One key task was to automate reports, unify the budgeting and reporting processes, and help resolve issues with QuickBooks categorisation. This process was designed to simplify operations, enhance financial transparency, and increase confidence in financial reporting.

Bilikis helped the charity build confidence in its financial systems, preparing a more accurate and organised annual budget, as well as introducing cash flow forecasting and planning.

The charity created a monthly report to track spending against the budget, which is now stored on a shared drive for easy access. This setup, initiated by Bilikis, enables on-demand cash flow reporting. 

Ultimately, the project focused on organising and simplifying the charity's financial structure, addressing inconsistencies without adding extra workload.

“When a charity's admin runs smoothly, there is more time, energy and focus for delivering the services to support our beneficiaries - which is where the focus, time and energy should be!” Claire Kelly, Co-Director Hackney Playbus. 

The impact

The pro bono consultancy support from Cranfield Trust had a significant impact on Hackney Playbus, streamlining administrative processes and enabling a sharper focus on delivering services to beneficiaries. The charity now operates with more efficient financial systems, including an annual budget that is aligned closely with the start of the financial year and more accurate, accessible cash flow reporting. The support from Bilikis helped improve QuickBooks categorisation, build confidence in financial management, and reduce complexity in reporting. This enabled the charity to manage its finances more effectively, measure its financial performance, and review its budget mid-year with greater confidence.

With the introduction of a monthly spending vs. budget report, trustees now have real-time access to financial data, improving financial oversight. Following the project, the charity’s reserves grew to three months’ worth of income, providing greater financial stability. This has positioned the charity to invest in key priority areas, build its team, and plan for future growth with confidence. The clarity gained from the financial review process has enabled Hackney Playbus to focus more on its mission, empowering it to deliver meaningful services to the families who need them most.

"Both Cranfield Trust and our volunteer were interested and curious to learn about how we operated and how they could best support us throughout the project. Thanks to the consultancy project, we now have more efficient financial systems, and increased confidence in financial reporting.”  Claire Kelly, Co-Director Hackney Playbus.