The WYCAS Abacus Project: Empowering Charities and Individuals
The WYCAS Abacus Project: Empowering Charities and Individuals
Since its launch in July 2024, the WYCAS Abacus Project has made remarkable progress in connecting skilled individuals with local charities in need of financial management support.
We’re thrilled to report seven successful matches so far, with four placements ready to be matched with a host charity and another five potential placements in the current cohort set to undergo training from next week. This marks a strong and growing impact, benefiting both charities and participants.
The project has already demonstrated its potential to transform lives. Participants, often with finance backgrounds but no exposure to charity finance, have gained hands-on supported experience to develop their skills.
With tailored training and ongoing support from the project lead Claire Welling, they’ve started placements with West Yorkshire charities, contributing to better financial support while gaining experience and knowledge toward a future career.
One participant shared:
“I applied for the Abacus project as I was seeking a way to embed the learning from my AAT studies. The initial training allowed me to understand the context of charity reporting and also gain a basic understanding of two of the recording systems used.
My placement means that I am working closely with a charity and using their system to keep up-to-date and relieve the pressure on the front-line staff.
I am learning with every volunteering session and look forward to developing this for the duration of my placement.”
Meanwhile, host charities have highlighted the value of the initiative:
“The Abacus placement has provided a focus on the finances, which I did not have the capacity to manage alone. Additionally, we have access to expert support through Claire, which has been useful. As a host organisation, I am also growing in financial confidence through the Abacus project.
We have addressed the backlog and are now building confidence in our reports. It is a joy to host a placement who enjoys bank reconciliations!”
What Charities Gain
Host charities benefit from placements in a number of ways:
- Improved Financial Management: Participants assist with tasks such as entering transactions, categorising entries, performing bank reconciliations, and preparing financial reports, helping charities keep accurate and up-to-date financial records.
- Streamlined Processes: With support in preparing information for trustees and managers, this leads to better-informed financial decisions. The records are more complete in readiness for the year-end accounts process.
- Immediate Impact with Lasting Benefits: While placements last for four months, the work carried out by participants provides immediate support to charities, helping to address current needs and laying the groundwork for better financial management in the future.
One of our participants reflected on their progress:
“I have been working on bank reconciliations, matching transactions and checking the differences between the bank statement and the cashbook. Day by day, I feel more confident in my work.”
Participant Achievements
Participants are building a diverse skill set in charity finance, including:
- Updating and Reconciling Financial Records: Ensuring transactions are correctly categorised and matched with bank statements.
- Recording Salaries and Payroll: Gaining experience in splitting figures from payroll reports to record costs of employment in the accounting system and understanding deductions and allowances.
- Reviewing Financial Reports: Analysing Profit and Loss by class and Balance Sheet reports and preparing financial summaries for decision-makers.
- Addressing Financial Challenges: Handling large transaction volumes, clearing unreconciled transactions, and adjusting entries to improve system accuracy.
A participant reflected on their learning:
“I have been recording transactions in the cashbook and figuring out how to correctly categorise them. After reviewing notes and seeking guidance, I now feel more confident in working with the system.”
Next Steps
As the Abacus Project grows, we’re actively seeking more host charities and participants to join us.
- Charities: If you’re in need of financial management support, the Abacus Project can provide the assistance you need to build a more sustainable future.
- Participants: If you have a finance background and want to gain practical experience in charity finance, this is a valuable opportunity to develop your skills.
📩 Contact us at sarah.mclellan@wycas.org.uk
🌐 Learn more at www.wycas.org.uk/abacus
Together, we’re building stronger charities, skilled professionals, and resilient communities. Watch this space for further updates and feedback from our participants and host organisations!
Through this initiative, WYCAS is proud to empower individuals and charities alike, creating positive change across West Yorkshire.