What is the difference between a Proforma financial statement and master Budget ?

A master budget refers to a summary of company's plans that set targets for production, expenses, sales, financing activities and distribution. It helps a company in setting the spending limits and tracking the expenses.

pro forma financial statement is defined as "a financial statement prepared on the basis of some assumed events and transactions that have not yet occurred." Historical financial statements are used to measure an organization's past financial performance and condition