Financial Systems and Managing Funds
The company has a very high quality financial system in place. As an example, during the company's Jan 2004 – Dec 2004 accounting year, we were lucky enough to receive awards from 22 different funding streams including a high-maintenance award from Europe. Although our accounting year runs from January – December, each funder has a different grant year depending on the time of an award; some paying quarterly in arrears, some paying 100% grant over two or three of the company's financial years, some paying quarterly in advance, some paying annually and every single funder requiring detailed financial and progress reports at varying intervals. Managing this amount of funders as well as monitoring earned income, ensuring deadlines are met for the Governments financial year in relation to Inland Revenue Returns and ensuring we meet the requirements of Companies House and the Charity Commission is a complex task which the company has achieved with maximum efficiency during each year of its incorporation. All systems and records are very-well maintained and easily accessed. Trustees, staff and volunteers receive regular financial reports and accounts are available for scrutiny upon request.