TREASURER’S REPORT
We are pleased to report that 2010 was another successful year for the Travel Foundation, with an increase in both funds raised and charitable expenditure. The Foundation maintains a significant surplus, which has contributed to a strong balance sheet. Our aim is once again to increase expenditure on charitable activities in 2011, including our destination-based projects and our work in the UK to engage the industry in sustainability.
INCOME In 2010 the Foundation achieved its highest income to date of £1.416m, an increase of 13.4% on 2009, a considerable achievement during a difficult year for the travel industry.
EXPENDITURE Total expenditure was £1.333m, an increase of 17.2% on 2009 and expenditure in pursuit of our charitable objectives grew by 19%. This strong growth has enabled us to invest in the future by strengthening our small, dedicated team and continuing our vital programmes in tourism destinations. We continue to keep a tight rein on overheads. Our ‘governance costs’ are down
from 0.6% of income in 2009 to 0.4% in 2010 and our charitable administrative costs have increased by only 3% against 2009, to £146,669. The Foundation’s unique relationship with the travel industry enables it to keep fundraising costs low, at just 4.6% of total expenditure.
OUTLOOK Based on our current expectations, the Foundation is forecasting a similar level of income in 2011 and an increase of just over 15% in expenditure, made possible by drawing on its prudent reserves. This will enable the organisation to strengthen once again its existing programmes, take forward new opportunities and commence new projects. However, we are able to flex our expenditure up and down to match our income expectations. In addition, we will continue to ensure that the Foundation has sufficient funds in hand to comply with the reserves and cashflow policy, ensuring that the distribution of funds does not impact solvency.
Ian Ailles Treasurer
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