What is budgeting?

Budgeting is a technique for estimating the amount of income and expenditure is needed for an event, project or product. It can be used to forecast expenditure and see if something is financially viable. 

Examples of income and expenditure (in a society context):

Income can include: Membership sales | Ticket sales | Sponsorship 

Expenditure can include: Venue hire | Decorations | Staff | Food 

Annual Budgeting:

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Annual budgeting aids with:

• Planning for the year and setting society membership. 
• Determining what you have the capacity to offer your members. 
• Spotting if you need to seek further income sources such as sponsorships. 

Annual budgets do not need to be submitted to the Activities Team, but you can arrange a meeting with a member of the team here if you'd like to discuss making annual budgets.   

When writing annual budgets consider:

• Sources of income
• Previous event budgets
• What new events the society would like to introduce during the year
• Annual/regular events the society runs
• Past annual budgets
• Marketing and recruitment costs
• Equipment or supplies the society might need

Event Budgeting:

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Event budgeting is a useful tool to aid with event planning and helps ensure a society can afford to run an event/activity. 

It is also compulsory to create an event budget for large scale performance events, trips abroad, and any event which costs over £500. You don't need to submit these, but we may ask to see them if any issues arise, so it is still recommended that you complete them. You may also want to complete budgets for other events if you so choose.

When writing event budgets consider:

• What do you need to purchase? Consider getting multiple quotes before making a decision.
• Include a contingency - this provides a financial cushion in case there are any unplanned costs. 
• Consider income - tickets sales and the number of tickets you can sell. 
• Consider VAT 
• Consider if your society will cover some of the cost from your existing funds. 
• What financial outcome does the society want from the event - to breakeven or make profit

Stash Budgeting:

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Stash budgeting helps to ensure your society can afford the cost of stash. Again, we don't ask you to submit these, but we may ask to see them if any issues arise.

Stash budgets:

• Only need to show the sale of one of each item. 
• Should confirm if VAT is included in the quote or not.