Financial Summary
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Cord continues to make good progress towards meeting its strategic objectives, and in 2007 spent just under £2 million helping people and communities in developing countries to build peace. The Total Income in 2007 was £2.01 million (2006 £2.66 million). Private Income was £0.72 million (2006 £0.56 million), an increase of 30%, whilst Grant Income was £1.25 million (2006 £2.07 million). Grant income was lower in 2007 than in the previous year because of the successful completion of the programme in Zambia, where Angolan refugees had been repatriated or resettled, and because of the transfer of the health programme in Chad to a specialist health agency. Direct Project Expenditure in 2007 was £1.75 million, a decrease of 33% from 2006 because of the Chad health and Zambia factors referred to above. The amount of money spent on fundraising was just 8.3% of our total expenditure. As at 31 December 2007 Cord's free reserves (i.e. unrestricted funds not held in fixed assets or otherwise committed) were £0.23 million. This is equivalent to £0.03 million less than three months' expenditure required to cover for cash flow issues associated with the receipt of grants or to be able to respond quickly to emergencies. |
