The foundation published the details of its working report and accounts during the financial year ended 15th March 2020 with details of £ 101,066.06 overall working fund available during this period. A total fund of £ 96,031.00 were given to beneficiaries/spent towards fees & charges and an amount of £ 5035.06 available in general fund for emergency purposes.
While UK government’s gift aid of £14,786.63 enhanced the receipt through virginmoney giving’s donation of £ 78,621.78, there was a deduction of £ 3,379.84 as commission from this amount. In other words a total of £ 90,028.57 received by the charity foundation through virginmoney including gift aid during this period. However, an amount of£ 2,400.38 were used from charity’s general fund during its 7 appeals/projects in this year to make out the round figures of each appeals and also to increase the number of supporting nursing students. Also, an amount of £ 1,895.21 received directly into the bank account. Apart from the above, the trustees and advisory committee members contributed an overwhelming fund of £ 1480.00 through direct debit/standing orders. A credit balance of 3014.46 was carry forwarded from last year along with £ 5035.06 in general fund now available for any emergency support. A positive variation of £ 2247.06 reflected on this year’s account as a result of the payment of 2% virgin money fee paid by the donors and the donations received even after the appeal closing period.
Along with the total receipt of £ 98818.62, the positive variation of £ 2247.06 constitutes the total funds to £ 101,066.06.
On the spending side, while an amount of £ 89690.00 was directly given to beneficiaries, an amount of 6,341.00 spent towards skydiving,audit fee,hall rent and cheque cancellation expenses totalling to £ 96,031.00.
In short, when the foundation received an actual total fund of just £ 80,151.61 through virginmoney and bank account during the financial year, an amount of £ 96,031.00 were given/spent with enhanced amount of gift aid, general fund, trustees contribution. Also, a total fund of £ 5,035.06 available now in general fund for emergency use.
The report and the accounts were published in the wake of inconvenience expressed by members to participate in the scheduled AGM at Leicester on 15th March 2020 due to the outbreak of coronavirus but a tele conference was arranged to finalize the same. It was also decided to continue the board of trustees and office bearers up until a special AGM, which has now scheduled to be held at Norwich on 6th June 2020.
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