Reserves Policy for the Travers Foundation
The Travers Foundation is a volunteer run Charity that provides financial support to local 13 to 30 year-olds to help them realise their dreams in sport, music, and the arts. We help by nurturing the talent of local teams, groups and individuals in Rutland, Leicestershire, and Northamptonshire.
The Trustees have established the following reserves policy to ensure financial stability and the ability to fulfil our mission effectively.
Current Reserves Position
As of end of November 2024, the Travers Foundation holds a total of £54,000 in reserves. This amount is comprised of:
• Unrestricted funds: £30,000
• Restricted funds: £24,000
Target Reserves Level
The trustees have determined that the charity should maintain a target level of unrestricted reserves of £30,000 equivalent to 9 months of grant awards. This target is set to:
1. Ensure continuity of our grant-making activities in case of unexpected funding shortfalls
2. Provide a buffer for unforeseen expenses or emergencies
3. Allow for potential increase in demand to support more young people in our target areas
Justification for Reserves
The Travers Foundation holds reserves for the following reasons:
1. Financial stability: To maintain our ability to provide consistent support to beneficiaries, even during periods of income fluctuation.
2. Risk management: To mitigate against potential funding gaps or unexpected expenses that could impact our ability to deliver our mission.
3. Future planning: To allow for the development and expansion of our programs, including potential increases in coaching support, musician support, or competition funding.
Use of Reserves
The reserves will be used in the following circumstances:
1. To cover temporary shortfalls in funding, ensuring uninterrupted support for our beneficiaries
2. To fund specific projects or initiatives that align with our mission but fall outside our regular budget
3. To respond to emergencies or unexpected opportunities that benefit our target demographic
Monitoring and Review
The trustees will review this reserves policy annually as part of our financial planning process. We will monitor our reserves levels throughout the year and adjust our strategy if necessary to maintain the target level.
Transparency and Reporting
In line with the Charities Statement of Recommended Practice, we will disclose our reserves policy in our annual report, including:
1. The level of reserves held at the end of the reporting period
2. Why we hold reserves
3. The steps we are taking to establish or maintain reserves at the target level
4. The arrangements for monitoring and reviewing the policy
This reserves policy demonstrates our commitment to responsible financial management and ensures that the Travers Foundation can continue to support young people in sports, music, and the arts for years to come.
January 2025
The Trustees have established the following reserves policy to ensure financial stability and the ability to fulfil our mission effectively.
Current Reserves Position
As of end of November 2024, the Travers Foundation holds a total of £54,000 in reserves. This amount is comprised of:
• Unrestricted funds: £30,000
• Restricted funds: £24,000
Target Reserves Level
The trustees have determined that the charity should maintain a target level of unrestricted reserves of £30,000 equivalent to 9 months of grant awards. This target is set to:
1. Ensure continuity of our grant-making activities in case of unexpected funding shortfalls
2. Provide a buffer for unforeseen expenses or emergencies
3. Allow for potential increase in demand to support more young people in our target areas
Justification for Reserves
The Travers Foundation holds reserves for the following reasons:
1. Financial stability: To maintain our ability to provide consistent support to beneficiaries, even during periods of income fluctuation.
2. Risk management: To mitigate against potential funding gaps or unexpected expenses that could impact our ability to deliver our mission.
3. Future planning: To allow for the development and expansion of our programs, including potential increases in coaching support, musician support, or competition funding.
Use of Reserves
The reserves will be used in the following circumstances:
1. To cover temporary shortfalls in funding, ensuring uninterrupted support for our beneficiaries
2. To fund specific projects or initiatives that align with our mission but fall outside our regular budget
3. To respond to emergencies or unexpected opportunities that benefit our target demographic
Monitoring and Review
The trustees will review this reserves policy annually as part of our financial planning process. We will monitor our reserves levels throughout the year and adjust our strategy if necessary to maintain the target level.
Transparency and Reporting
In line with the Charities Statement of Recommended Practice, we will disclose our reserves policy in our annual report, including:
1. The level of reserves held at the end of the reporting period
2. Why we hold reserves
3. The steps we are taking to establish or maintain reserves at the target level
4. The arrangements for monitoring and reviewing the policy
This reserves policy demonstrates our commitment to responsible financial management and ensures that the Travers Foundation can continue to support young people in sports, music, and the arts for years to come.
January 2025