Annual accounts

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St Gregory’s Foundation takes its responsibilities to use your donations properly very seriously.  We take care to reduce our overheads: we rent no office, our one employee works from home, where possible we get free or charity rate flights to travel to Russia to monitor our work and we are assisted by volunteers. Equally important is the way we choose who to work with and what to do.  We only support projects which we can visit to check that the money is being spent well.

Although we do provide in a small way for the urgent needs of people living in great poverty, our preference is for projects which equip people to solve their own problems and support each other.  Who can put a price on supporting families to stay together and preventing children being sent to orphanages, or training a disabled teenager so that they will be able to work rather than live on benefits?

We also have a responsibility for the future of our work.  You will see below that our bank balance looks very healthy.  This is thanks to an extremely generous legacy.  Some of this £40,000 is committed to support our core projects.  However, we have invested much of the legacy to provide us with an annual income which covers a significant part of our running costs. Consequently more of your donation will go direct to our work in Russia or Georgia. Here is a summary of our accounts for the financial year to 31.1.16.

Income and expenditure for 2015-16
What we received Year to 31.1.16 Year to 31.1.15
Donations 102,351

(legacy 4,000)

201,423

(legacy 120,000)

Trading income  216 700
Investment income 16,907 12,063
Total income 119,474 214,186
What we spent Year to 31.1.16 Year to 31.1.15
Direct charitable expenditure 114,878 233,034
Fundraising 12,384 12,366
Cost of governance 17,843 11,930
Cost of goods sold 0 550
Total spent 145,105 257,880
Surplus    
Deficit (25,631)  (43,694)
Fund balances at 1/2/15 518,239 556,280
Fund balances at 31/1/16 456,619 518,239