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Sport England partners with Grant Thornton, helping sports clubs make sense of managing their finances

Sport England partners with Grant Thornton, helping sports clubs make sense of managing their finances

Posted: Tue, 18 Dec 2018 15:57

Sport England partners with Grant Thornton, helping sports clubs make sense of managing their finances

The Club Matters, website, Sport England's one-stop-shop for sports clubs offering free practical resources, has partnered with leading business and financial adviser, Grant Thornton UK LLP, to create two online workshops to help grassroots clubs across the country manage their finances.

The two online workshops, featuring leading experts from Grant Thornton UK LLP, cover the topics of "Future fitting your finances" and "Tax and PAYE". Each video covers the key information that sports and community club may need to know if they are going to stay abreast of the main aspects of their clubs finances.

The first video, "Future fitting your finances", provides some of the key tips for someone managing their clubs main finance functions – including simple explanations of a Profit and Loss account, a Balance Sheet and Cash Flow – while also explaining how to identify your clubs' Tax status. The second video, titled "Tax and PAYE", offers vital advice for clubs who need to pay staff outside of a volunteer capacity, including how to manage a payroll.

Tom Moon, Head of Sport at Grant Thornton UK LLP comments, "Managing the day-to-day and future finances of your sports club can seem like a daunting task at times, especially if you're a volunteer with little previous experience in the world of finance. However, with a bit of planning, you can make sure your club's finances are kept in shape without it having to take over your life. Tasks such as creating a budget, filing tax returns and even applying for funding are all achievable goals and we hope that these videos will prove to be a valuable tool for those looking to take on such responsibilities."

The latest workshops form part of a new range of free, time-saving digital services available on the Club Matters website, the home of convenient and flexible resources for sports clubs. The site includes advice on a diverse range of issues, including how to attract and retain members, improve their clubs, upskill administrators and secure additional funding. Resources are delivered through a range of channels including website resources, social media, the popular monthly newsletter, podcasts and face-to-face workshops that cover Business Planning; Marketing and Finding the best club structure.

Rosie Benson, Head of Clubs at Sport England, said: "Finances are often a challenge for sports and community clubs, which is why we are delighted to be partnering with Grant Thornton to offer support in this area. Sports clubs who are successful in the long term are built on sustainable finances and we hope the latest videos go some way to de-mystifying some of the key financial processes that clubs often face."

"We also hope these videos add to our growing resource of tools on the Club Matters website, which has helped thousands of clubs so far. We know that running a sports club takes time, energy and dedication which is why our goal is to provide important information and advice to sports clubs in short and easy to digest formats that are free to access."

Club Matters are looking to showcase grassroots sports clubs and show how the resources have translated into practical advice on the ground. For any sports club, National Governing Bodies, County Sports Partnerships or volunteering groups that would like to share their knowledge and experiences please contact the Club Matters team on social media or via the website: www.sportenglandclubmatters.com.

You can view both videos at the links below:

In the first video, Simon Davidson, Director, Consulting at Grant Thornton UK LLP, covers seven simple tips that you can adopt which will make it easier for you or the person whose role it is to manage the financials within your sports club. Key topics include simple explanations of a Profit and Loss account, a Balance Sheet and Cash Flow to how you can identify your clubs' Tax status.

https://www.youtube.com/watch?v=t1ztbfmZZg4

In the second video Lee Stott, Manager, Tax at Grant Thornton UK LLP, and Tom Whittome, Manager, Tax at Grant Thornton UK LLP, provide an overview of issues that you may face when talking about tax and Pay As You Earn (PAYE) as a sports club. Covering important topics such as payroll and how to identify a person's employment status at your club to an overview of the tax issues your club could encounter such as Corporation Tax and VAT, the video offers top tips and hints to make handling your clubs' tax as easy as possible..

https://www.youtube.com/watch?v=p6cJLGnQ6qA

About Grant Thornton

Grant Thornton is one of the world's leading organisations of independent assurance, tax and advisory firms. These firms help dynamic organisations unlock their potential for growth by providing meaningful, forward-thinking advice. Proactive teams, led by approachable partners in these firms, use insights, experience and instinct to understand complex issues for privately owned, publicly listed and public sector clients and help them to find solutions. More than 38,500 Grant Thornton people, across over 120 countries, are focused on making a difference to clients, colleagues and the communities in which we live and work. The UK Grant Thornton member firm provides services to over 40,000 privately held businesses, public interest entities and individuals. It is led by more than 185 partners and employs more than 4,600 of the profession's brightest minds.

About Sport England

Sport England is a public body and invests up to £300 million National Lottery and government money each year in projects and programmes that help people get active and play sport.

It wants everyone in England, regardless of age, background, or level of ability, to feel able to engage in sport and physical activity. That's why a lot of its work is specifically focused on helping people who do no, or very little, physical activity and groups who are typically less active – like women, disabled people and people on lower incomes.

For more information, please contact sportengland@freuds.com

Tags: Club Development, Sport England, Tax