by xx_husky_xx » Mon Apr 14, 2008 12:08 am
17,370,366 15,664,779
Restricted The charity’s policy for grouping their resources into funds based on their source and limitations on their use Detailed information that the charity has provided in its accounts - this will open a new window
Start of period 693,795 429,479
Income 2,958,507 2,674,588
Expenditure -2,772,748 -2,578,455
Gains/losses & exceptional items 56,410 168,183
End of period 935,964 693,795
Unrestricted The charity’s policy for grouping their resources into funds based on their source and limitations on their use Detailed information that the charity has provided in its accounts - this will open a new window
Start of period -1,001,882 831,318
Income 4,620,692 4,384,897
Expenditure -4,781,676 -4,854,063
Gains/losses & exceptional items 336,372 -887,068
End of period -826,494 -1,001,882
Endowment Detailed information that the charity has provided in its accounts - this will open a new window
Start of period 15,952,866 15,812,290
Income no value 107,449
Gains/losses & exceptional items 1,308,030 33,127
End of period 17,260,896 15,952,866
CORAM FAMILY
Thomas Coram Foundation for Children
Foundling Hospital
Charity number: 312278
Charitable objects Additional information provided by charityOverall objectives and aims
The objects of the charity, as defined by its Charter and as extended by further Acts of Parliament, are:
to purchase or erect a hospital for the support, maintenance and education of exposed and deserted children
the provision of day nurseries, nursery schools, playgrounds, open spaces and other establishments and facilities in connection with the education and welfare of children in need thereof
any object contributory to the welfare of a child or the maintenance of its mother, if the mother has no sufficient means for maintaining herself and her child and no sufficient means of ensuring the welfare of the child.
Our mission statement
To provide, develop and promote best practice in the care of vulnerable children, young people and their families. We develop resilience in children and young people, enabling them to take responsibility for their own lives and achieve their full potential.
Our Aims
Intervention to enable children who have experienced trauma and dislocation in their lives, and who have been separated from their parents, to develop a sense of self-esteem, to find stability and lead fulfilling lives.
Prevention to support vulnerable children and families in order to promote positive outcomes and prevent later difficulties.
Promotion to draw on our experience to influence policy and practice, and to raise public awareness of the needs of children and young people.
Heritage to maintain Coram's heritage assets in order to further our work with children.
The section of this report setting out our activities, achievements and performance during the year has been structured under these four aims, with a fifth section looking at internal organisation, management and support systems.
Trustees (from the Public Register of Charities) (Additional information provided by charity)TED HARTILL
CATHERINE GRAHAM-HARRISON
SIR CHRISTOPHER BENSON
MATHEW THORPE
MS LUCY DE GROOT
MARCIA THOMPSON
ANDREW FANE
GERALDINE MACDONALD
MR GREGOR MICHIE
Structure & governance
The Hospital for the Maintenance and Education of Exposed and Deserted Young Children was incorporated in 1739 by Royal Charter as amended by subsequent Acts of Parliament. The charity was commonly known as The Thomas Coram Foundation. At a meeting of the trustees on 25 March 1999, it was agreed that the charity's working title should be changed to Coram Family.
Governing bodies
The governing bodies consist of the Court of Governors which comprises up to 40 members and meets quarterly, and the General Committee, which comprises up to 11 members elected by and from the Court of Governors. It is the General Committee which has responsibility for the general control and management of the administration of the charity and its members have, therefore, the duties of charity trustees. The Court of Governors, in addition to receiving reports from the General Committee, has certain key powers reserved to it. In particular, these include approval of the setting up or closure of any service or project and also of any disposition of the Foundling Hospital art and artefacts Collection or land.
Following the establishment of two new sub committees, Childcare and Finance, on which the majority of trustees are represented, the number of scheduled meetings of the trustees per annum has been reduced from six to four, although additional meetings are arranged when necessary.
Under Coram's By-Laws the membership of the Court of Governors was expanded in 2004/05 to up to 40 members from which up to eleven Trustees are appointed to sit on the General Committee for a term of three years. These trustees ultimately have the fiduciary responsibility to manage the charity's affairs. A number of sub-committees operate under the General Committee drawing their members from Trustees and Governors as well as co- opted members who have particular relevant skills. The recommendations of the sub- committees are submitted to the General Committee.
Periodically the skills and experience of all Trustees and Governors are reviewed and areas which require individuals with additional skills and experience are noted. New Trustees and Governors are then recruited through suitable contacts referred from existing Trustees and Governors and from any other individual closely associated with the affairs of the charity. The Chairman interviews prospective candidates to ensure that they have particular skills or experience that will directly benefit the working of the charity including the availability to serve on one or more of its sub committees.
All new Trustees and Governors undergo an induction program which incorporates a history of the charity, review of its work including the current challenges faced by the charity, its governance structure, and their individual roles and responsibilities.
Decisions on the day to day running of the charity are made by the Chief Executive Officer (CEO) in collaboration with other members of the Senior Management Team consisting of the Directors of Finance, Services and Fundraising. Where relevant, the views of the Heads of Childcare Services are also taken into consideration in arriving at decisions. All strategic decisions relating to the running of the charity, its finances and services are evaluated first by the various sub-committees and their recommendations are then submitted for ratification by the General Committee.
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Policies
Statement of risk assessment
The Trustees together with the management of the charity, have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity, its investments and finances. The Trustees believe that, by monitoring reserves levels, by ensuring that controls exist over key financial systems, and by examining the operational and business risks faced by the charity, they have established effective systems to mitigate those risks where possible.
Reserves policy
Funding and reserves
As explained in the overview above, Coram Family benefits from the financial stability afforded by its historic endowment. The endowment is expendable for the purpose of furthering the direct objects of the charity, which has enabled Coram to underwrite significant operating deficits in recent years, including the deficit for the year under review of £184,984 within the General Funds. The deficit for 2006/07 is projected to be approximately £550,000 with the charity actively seeking to reduce deficits arising from operations.
The general expendable endowment fund increased in the year by £2.1 million and the Development expendable endowment fund increased by £239,992. This has meant that Coram's total funds including pension liability have increased from £15.6 million in March 2005 to £17.4 million in March 2006 after allowing cumulative pension liability of £2.0 million in 2005/06 (£1.8 million 2004/05)
The trustees note that the full implementation of Accounting Standard FRS17 (Retirement Benefits) in 2005/06 has had a significant negative impact upon reserves.
Having considered Coram Family's financial plans over the medium term, the trustees are of the view that the current level of reserves is appropriate to support the present operations of the charity.
Free reserves, as measured in accordance with Charity Commission guidelines, which would exclude the endowment, remain unchanged at £577,473 (2004/05 - £577,473).