The Foundation’s financial resources are separated into two categories –
1. General Funds
2. Reserved Funds
Our General Funds are used to pay our office rental, staff salaries and administrative costs. The Foundation currently has three employees one of whom is employed under the UK government sponsored apprenticeship scheme. We have a small one room office in Watford, Hertfordshire UK giving easy access by train to London from Watford Junction station just 200 yards from the office. Our annual office and salary costs currently run at approximately £70,000, but a variable proportion of this is met from “reserved funds” in accordance with approved project budgets.
Our Reserved Funds are raised for specific projects for which budgets approved by the Directors have been drawn up and submitted to funders. Each project has its own budget. Reserved funds are not available for office, salary and administrative expenses otherwise than as specified in the approved budget.
The Foundation is, in English law, a company limited by guarantee with charitable objects and as such is required to file accounts with the Companies Registry for England and Wales. No external audit of these accounts is required, but the Foundation is also required to file its accounts with the Charity Commission for England and Wales and these must be externally examined before filing. The Foundation’s external examiner is a UK Chartered Accountant.
The Foundation’s financial year runs from 1 January to 31 December. The accounts must be filed with the Charity Commission by 30 September in the year following the end of the previous accounting period.