Understanding Finances

SESSION OVERVIEW

Understanding financial reporting is key to good decision-making and complying with your overarching legal duties as a board member or officer of a not-for-profit.

In this practical session, Kathy Tung from Accounting for Good will break down the ‘accountancy speak’, provide clarity, and empower you to understand your NFP’s financial reports.

The session will cover:
• Directors’ financial responsibilities
• Recent updates to financial reporting and disclosure requirements
• An overview of cash vs accrual accounting
• Top tips for reading financial reports, including profit and loss reports, balance sheets, and cash flow statements
• The importance of internal controls, checks, and balances

PRESENTER

Kathy Tung is Account Manager at Accounting for Good, an accounting firm specialising in not for profit accounting. Kathy is a qualified Chartered Accountant with CFO experience in both the not for profit sector and public practice. She is an experienced and trusted pair of hands – taking care of the technical details so that change makers feel supported to focus on doing the work that drives them. Her focus is on managing risks, stewarding clients through big decisions and streamlining processes to ensure reliable and useful information for clients. She has made an art form of using relatable analogies to demystify financial concepts. 

“I’m just so energised by the exciting things that people are doing out in the world and doing what I can to support them through that journey and empower them with their finances. When a client has that ‘Ah-hah!’ moment and all the pieces suddenly fall into place is so satisfying.”