At World of Water, we believe in more than just financial reserves; we embrace a tapestry of reserves that enrich our mission.
Our Library carefully curates its reserves to ensure knowledge endures and we cultivate reserves in the digital realm with robust system technology.
Our Conservation of Land reserves helps to safeguard our planet’s diversity.
Our commitment extends beyond the tangible, delving into the preservation of Cultural Reserves and the creative brilliance of Design Reserves in graphic, illustration, and surface design industries.
“These varied Reserves weave a narrative of resilience, ensuring that our charity stands ready to not only weather financial storms but also to preserve and propel our impactful work forward, safeguarding the essence of what makes our mission truly extraordinary.” (Jill Kirby 1986)
Financial Reserves Policy
At WOW (World of Water), we recognize the importance of maintaining financial reserves to ensure the long-term financial sustainability of our charity. Reserves are funds that are freely available to spend on any of the charity’s purposes, providing a buffer against uneven and unpredictable income or spending, and enabling our social impact for years to come.
Reserves Level: We will maintain reserves at a level that is at least equivalent to three years of future needs based on past years, covering opportunities, contingencies, or risks.
Transparency: We will disclose any changes in our reserves policy in our annual report, explaining the reasons for level changes of reserves and how they are managed.
Review and Improvement: We will regularly review and update our reserves policy to ensure it remains effective and reflects our charity’s needs and circumstances.
Setting Reserves Level: We will assess our charity’s past financial performance and future needs to determine the appropriate level of reserves, taking into account any potential opportunities, contingencies, or risks.
Reserves Management: We will manage our reserves carefully, ensuring that they are invested and used prudently to maintain the required level of reserves.
Trustee Oversight: Our trustees will have oversight of our reserves policy, regularly reviewing our reserves level and the effectiveness of our reserves management.
Communication: We will communicate our reserves policy and updates to all staff, volunteers, and relevant stakeholders, promoting an understanding of the importance of reserves in ensuring our charity’s long-term financial sustainability.
Written with guidance from the Charity Commission and the National Council for Voluntary Organisations (NCVO)