Full accounts are included in the Trustees Annual Report and Financial Statements for 2016/17, which have been filed with the Charity Commission.
In summary, our total income for the year was £438,685, which was a 14% increase on 2015/16. However, this included grant income to fund the appointment of our new CEO and so the comparable figure with 2015/16 shows a 3% decrease in income year-on-year. Our expenditure was £378,848, a 4% decrease on last year.
Our income is derived partly from the supply of product solutions, and partly from voluntary donations and grants, indeed we work on the basis that our income from trading activities will only ever cover a proportion of our costs. The surplus on Fledglings' trading activities covers about 24% of expenses. Whilst we operate on social enterprise principles, with all the surplus generated by our trading going to support the charity's costs, our focus is on meeting needs rather than maximising income from product sales. Accordingly, we remain heavily reliant on grant funding, donations and other community fundraising.
We were once again very grateful to receive awards from many charitable trusts and foundations, including:
Esmee Fairbairn Foundation
John Ellerman Foundation
Chalk Cliff Trust
True Colours Trust
David Brooke Charity
Valentine Charitable Trust
Bailey Thomas Charitable Trust
Diana Tinson Trust
Donald Forester Trust
George Oliver Foundation
We are immensely grateful to all those who have supported our work in this way.
The board has establoshed a reserves policy for holding the equivalent of 2.5 to 3.5 months of budget expenditure in net current assets, excluding stock, to allow time to develop new sources of income or to cut back on related expenditure. At 31 March 2017, this amounted to £49,797 equivalent to 3 months of projected expenditure.
Click here to view the full Annual Review 2016/17