Jun 4, 2014
THE RACE IS ON TO APPLY FOR €125,000 IN GRANTS PROMOTING PHYSICAL ACTIVITY
Wednesday, June 4th 2014: Minister of State for Tourism and Sport, Michael Ring TD, today issued a final call for voluntary and not—for-profit organisations to apply for five grants totalling €125,000 up for grabs this year from the Coca-Cola Thank You Fund (the Fund) for innovative sport and activity based programmes aimed at getting people moving. The deadline for applications at www.coca-cola.ie/thankyou is June 16th 2014 at 6pm.
“The race is on for voluntary and non-profit organisations to apply for the Coca-Cola Thank You Fund, which is distributing five €25,000 grants to innovative projects promoting active lifestyles this year. The focus is on getting people moving and introducing physical activity into all our lives. This is a fantastic initiative from Coca-Cola and I would urge organisations to apply now as the deadline for applications, June 16th, is fast approaching,” said Minister Ring.
Representatives of organisations which submit applications with the most engaging approaches to promoting activity will be included in a shortlist of twelve and will be invited to go before a judging panel consisting of Lorraine Ho, Managing Director of Bootcamp Ireland, Tina Murphy, founder of Run with Tina, Denis Toomey, President, Cycling Ireland and Deirdre Garvey, CEO at The Wheel. Representatives from both of the Fund’s partner organisations The Federation of Irish Sport, and the Northern Ireland Sports Forum are also included in the panel along with Erica Roseingrave of Coca-Cola Hellenic Ireland. Each of the shortlisted organisations will have to present a 10-minute pitch to the judges about their project and why they think they should receive the funding, followed by a further 10-minute Q&A session with the panel. The five winning ideas will be announced in October 2014.
“The Fund presents a fantastic opportunity for voluntary and not-for–profit organisations in Ireland and Northern Ireland to bring plans to life that will have a measurable, positive impact on people’s lives. The focus is on creativity and ingenuity, on generating new and ever more engaging ways for people to get active. If you have an inspired idea for a project that your organisation could execute with our support, we would urge you to apply now at www.coca-cola.ie/thankyou and to join the conversation on Twitter at #MovementIsHappiness,” said Erica Roseingrave, Public Affairs and Communications Manager, Coca-Cola HBC Ireland.
“The impact of the Coca-Cola Thank You Fund is felt in local communities through sports and activity programmes that entice and enable members of the public to get active. In 2014, five organisations will each receive individual grants of €25,000, facilitating the rollout of truly ambitious projects. We are delighted to serve as a partner with the Fund and would urge voluntary and not—for-profit organisations with activity based projects in mind to apply now,” said Sarah O’Connor, Chief Executive, The Federation of Irish Sport.
The Coca-Cola Thank You Fund was launched in 2011 and has so far distributed €375,000 in grants. This year’s funding total of €125,000 will bring the amount donated through the Fund to half a million Euro. More information about the Fund is available at www.coca-cola.ie/thankyou
Jun 4, 2014
As the preferred Audit and Accounting partner of the Federation of Irish Sport, OSK have this month compiled some useful information and some points to consider when thinking of your finances. Whether you are an NGB, LSP or a club, we recommend meeting with OSK to discuss all your financial needs. And remember, all Federation of Irish Sports members get a 20% discount when using OSK.
Cash flow forecasting for Sports Governing Bodies
Cash flow forecasts provide an organisation with a clear picture of cash inflows and outflows over a specific period, usually a year.
What are the benefits of preparing a cash flow forecast?
- Identifies cash deficits and cash surpluses in advance
- Shows what you need to borrow, how much, when, and how the loan/overdraft will be repaid
- Highlights the impact of getting and receiving credit from suppliers and customers
- Provides you with time to take action e.g. defer planned expenditure, bring forward a cash receipt
How to preparing a cash flow forecast?
- Link it to your financial budget
- Look at your budgeted income for the year
- Breakdown income down into month of receipt
- Allocate expenditure into the months it will be paid
- Add in your opening reconciled bank balance
A cash flow forecast can be broken down as follows:
- Cash inflows
- Cash outflows
- Net cash surplus/(deficit)
- Opening bank balance
- Closing bank balance
Your forecast should take this into account and provide a complete picture of where cash will come from and how it will be used for the period being forecast.
- While a cash flow forecast should be consistent with other financial reports, it must also reflect how cash actually flows
- The timing of cash receipts and payments and how they are forecast will depend on the business activity
- In some cases there may be a relatively even flow of cash in and out during the period being forecast.
- Or cash receipts and payment may be concentrated on certain dates within the year
- The nature of the business, your past experience and any expected future developments should be taken into account in forecasting
- A cash flow forecast is generally done by periods, e.g. by month
- This may be further broken down into weeks, to define cash flows more precisely during the month, allowing you to identify cash surpluses and deficits within the month, thus allowing more targeted cash management actions
- The more defined you can make you forecast, the more it will help to plan and control your finances, maximising the use of surplus funds available and minimizing the costs associated with borrowing to finance operations
- Only outflows can be totally controlled
- Inflows depend on outsiders behaving in an agreed fashion e.g. a sponsor paying you as agreed per their contract.
Forecasting cash outflows
- In forecasting the uses of cash in operating activities it should be kept in mind that cash expenditure will not necessarily be the same as operating expenses for profit and loss account purposes
- By its nature a cash flow forecast is prepared on a cash basis, so while many cash expenditures also represent operating expenses, there will be some timing differences such as prepaid expenses and payment of expenses accrued in prior periods
Factors to consider when forecasting cash outflows
Payroll
From a Profit & Loss perspective, payroll expense is gross wages and salaries, but from a cash flow standpoint you would pay the net salary at a different time to when you pay over the payroll taxes to revenue. There would be two line items of expenditure in the cash flow forecast.
Payments to suppliers
From a Profit & Loss view, the expenditure is recognised once the invoice is received. From a cash flow perspective the expenditure will be recognised and paid based on the terms and conditions of supply e.g. if you receive 60 days credit from your supplier, then in your cash flow forecast you if you plan to purchase materials in month one the cash outflow will be forecasted to happen in month 3 sixty days after the purchase.
Rent
Payments are generally made on the same date each month and this can be forecasted based on the lease agreement in place
Payments for service agreement/maintenance contracts
- These can be forecasted based on the agreements in place.
- Other repairs could be forecasted based on historical experience, and bearing in mind, the age, working condition, usage and the general maintenance requirements of the plant and machinery, equipment and motor vehicles etc
Advertising and promotion expenditure
- May be based on agreements or planned activities and can be forecasted accordingly
- May be forecasted as a function of sales
Payment of utilities
These expenses would generally be paid the same date each month and can be forecast based on historical experience, changes in the level of activities, rate adjustments, season variations and growth of the business (these factors would have been taken account of in your budget for the year which you will be using to formulate you cash flow forecast)
Tax payments
There are set dates for the payment of payroll taxes and VAT which will assist you in preparing your cash forecast
Insurance payments
These expenses are generally made in advance and payment can be based on the renewal date of policies. It might be advisable to enter into an instalment arrangement and spread the outflow over a number of months if there are cash flow difficulties.
Balancing a cash flow forecast
- By entering the known and expected, or anticipated and estimated cash receipts and payments by month for a 12 month period you will be generating a cash flow forecast.
- When you can see how your cash balance rises and falls during the forecast period, you will know when to expect cash surpluses and deficits and you will be in a better position to make decisions regarding cash management
- The idea behind cash management will be to even out cash flows, make the best use of existing resources, minimise financing costs and obtain the best return on cash investments
If you need assistance with the preparation of monthly management accounts, forecasts and budgets please contact Deirdre McDermott, Director – OSK
Tel: 01 439 4360, Email: mcdermottd@osk.ie
For more information on the services that OSK provide, please click here
May 28, 2014
Yesterday, 27th May, 2014, Triathlon Ireland announced Udo’s Choice as official sponsors of the organisations expanding coach education programme.
With membership of Triathlon Ireland having grown 15% in 2013 and this year seeing membership increases of over 1000 on the same time as last year, the need for a world class coach education programme is evident. At elite level Ireland now has more triathletes than ever before vying for qualification for the Olympic Games in Rio, along with, for the first time ever, medal opportunities in paratriathlon at the Paralympic Games. The talent amongst the younger ages is also burgeoning with 17 athletes on the Irish Youth and Junior Squad, up from 6 just a year ago.
With nutrition and recovery being such a key ingredient in triathlon success the partnership is good news for Irish triathletes at all levels as they can now tap into the knowledge and expertise of the rapidly growing Co. Wicklow based brand.
Commenting on the partnership, Triathlon Ireland CEO Chris Kitchen said:
“It is fantastic to partner up with a company such as Udo’s Choice. Their sponsorship of the Triathlon Ireland Coaching Programme will not only enable us to drive this hugely important area forward but also is a great fit for the organisation with products that can be of real benefit to training. Coaching is a foundation to the development of triathlon and we look forward to a close working relationship with Udo’s Choice to help us develop and strengthen Triathlon in Ireland.”
Udo’s Choice is part of a family of brands from Naturalife Health, which also includes Cleanmarine Krill Oil and One Nutrition, all of which will be utilised by Triathlon Ireland as part of the sponsorship.
Announcing the sponsorship Naturalife Health director Darragh Hammond said:
“Triathlon Ireland and Udo’s Choice is an ideal partnership as the interest in endurance sports has quickly grown over the last number of years, particularly with those now keen to take part in triathlons. This is the perfect example of our focus on fuelling athletes and improving performance as triathletes are very aware of the nutritional requirements needed to compete at this level. Being a cyclist myself I know first-hand how closely nutrition is tied to performance”.
Over the course of the year Udo’s Choice will be teaming up with Triathlon Ireland at coach education courses and triathlon events around the country as well as providing a wealth of nutritional advice and tips on the Triathlon Ireland website and monthly newsletter.
