Home News Workshop: making sense of company accounts

Workshop: making sense of company accounts

Studying accounts

Do you need to be able to read and understand company accounts? Do you understand the meaning and common usage of the main financial statements?

Are you able to discuss published accounts, the company annual report or the directors’ report?

Join Cumbria Business Growth Hub for a one-day workshop that will help you gain a better understanding of company accounts.

The session will cover:

The Financial Model

  • Understanding the basic business model.
  • What do we mean by capital? How is it invested in the business?
  • What every businessman wants to know: how am I doing? Have I got the cash to afford it?
  • How the financial statements provide the answers.
  • Key fundamental concepts that accountants adhere to.

Profit and Loss Account

  • The structure of the profit and loss account; the information it contains.
  • Understand what we can learn from the profit and loss account.
  • Understanding the impact of depreciation.
  • Case study example and real world formats.

Balance Sheet

  • The anatomy of the balance sheet.
  • Getting to grips with the terminology.
  • Historic cost and going concern principles.
  • Recognising categories of fixed and current assets.
  • How liabilities are categorised.
  • Understand the types of capital employed in the business and how they are used to finance assets.
  • Understanding what the balance sheet can tell us.
  • Case study example and real world formats.

Cash Flow Statements 

  • A brief introduction to the cash flow statement.
  • The importance of cash to a business.
  • The distinction between cash and profit.
  • Case study: preparing a cash flow statement.
  • Understanding working capital.

Participants will learn how to:

  • Understand the technical ‘jargon’ of company accounts.
  • Read and understand a set of company accounts.
  • Assess the effects of business activity on the balance sheet.

This workshop would normally cost £550 but is free to eligible businesses thanks to funding through Cumbria Chamber of Commerce, local authorities and the European Regional Development Fund.

It takes place on Monday October 29th at the Castle Green Hotel, Kendal, from 10am to 4pm.

To confirm your eligibility and book a place, or if you have any other queries, email Catherynn@cumbriachamber.co.uk

This is the latest in a series of free Cumbria Business Growth Hub workshops to promote business growth.

Others have covered time management, sales, management tools, writing to sell, purchasing and procurement, writing website content, market research, negotiation skills, coaching and mentoring, digital marketing, improving profitability, future-proofing your business, protecting your business from cybercrime, tendering for contracts, and SEO.

Here’s what participants had to say:

“Today I’ve been on another great course with Cumbria Business Growth Hub and learned so much. If you are a small business in Cumbria, you too could attend these great courses for free. There’s no catch, I can’t believe I waited so long.” Lakes Escapes, Workington

“Thank you for course. It was very well constructed and I feel it will improve a lot of areas within our purchasing going forward.”  GT Tyres, Carlisle

“The free workshops have been a valuable opportunity to get ‘top tips’ and to develop a deeper understanding of different marketing techniques. The courses also offered me the opportunity to meet different business owners, which has been great for extending my network of contacts.  All the tutors were excellent and very knowledgeable.  Highly recommended.” Solwayconnections, Carlisle

The workshops are part of the wider business support offer provided by the Chamber’s Cumbria Business Growth Hub.

To find out more about how the Growth Hub can help your business, click here or call 0844 257 84 50.

ERDFThe funding that supports the Growth Hub comes from a range of sources including Cumbria Chamber of Commerce, the European Regional Development Fund, Allerdale Borough Council (Sellafield Ltd’s Allerdale SIIF, distributed by Allerdale Borough Council), Barrow Borough Council (FEDF Coastal Communities Fund Supply Chain Initiative, the Coastal Communities Fund is funded by the Government with income from the Crown Estates marine assets; it is delivered by the Big Lottery Fund on behalf of UK Government), Carlisle City Council, Eden District Council, South Lakeland District Council and Cumbria LEP.  The Growth Hub is receiving up to £2,528,767 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020.  The Ministry of Housing, Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information, click here.


© Cumbria Chamber of Commerce


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