Financials Your hard work and the hard work of Help for Heroes is at risk if you do not keep correct financial records of the income and expenses of your event.
What can I claim as an ‘expense’?
'Fundraising Expenses' are any costs incurred in setting up and publicising an event. You should keep a record of all costs claimed against the event, with receipts whenever possible. Personal costs incurred in setting up the event, such as insurance, transport or telephone costs, can be claimed against the event, but no remuneration/costs over and above those should be claimed. In other words, you should not pay yourself a 'fee' for organising the event out of funds raised. If you have any doubts about what expenses you can claim, please err on the side of caution.
You should be aware that, in the event that the costs of your fundraising activity exceed the amount of money you raise, you will have to pay for the deficit out of your own resources. Help for Heroes will not be able to contribute to any deficit.
If you and your co-fundraisers wish to deduct a fee for your efforts from the funds raised, you will be treated in law as a professional fundraiser (even if you do not normally make a living from fundraising for us or any other charity). Charity law places strict conditions on arrangements between charities and professional fundraisers . As a professional fundraiser you would also be legally required to tell the public at the event how much your fee will be - for example, whether it is a specific amount or a proportion of the takings at the event.
Managing donations and income
If you are running a stall it is a good idea to make sure you have enough change for every eventuality. You may find some customers will pay for small items with £20 notes, so you will need to have enough spare change available.
Make sure that someone is responsible for collecting and banking the money. Lockable cash-boxes are useful, even at very small events. At larger functions, handling the money is a full-time job for one of the organising team. It is good practice for two people to be present whenever cash is handled and, wherever possible, the money should be counted/verified by both people. Everybody should be conscious of security and the possibility of theft of cash.
At a fete, for example, it can be very useful to have ‘runners’ going from stall to stall, relieving the stallholders of paper money and cheques and taking it to where it’s being counted.
Have a receipt book for your own records and to give receipts to people who require them (for a donation, for example). Receipt books can be bought at most stationery shops.
Make sure you have got lots of plastic coin bags. Try to bank all the money on the same day that you receive it.
