Not quite, our total budget for 2016 is about £1.2m, about $1.8m (detailed breakdown on page 12 of the prospectus).
The sum of the funding targets is greater than our budget because at the moment many of our organisations have quite small reserves and need to raise more than they plan to spend this year in order to have healthy reserves at the end of the year. That would allow us to only fundraise once per year, which is a much more efficient use of staff time. General advice is for charities to have roughly 6-18 months of reserves at all times.
Not quite, our total budget for 2016 is about £1.2m, about $1.8m (detailed breakdown on page 12 of the prospectus).
The sum of the funding targets is greater than our budget because at the moment many of our organisations have quite small reserves and need to raise more than they plan to spend this year in order to have healthy reserves at the end of the year. That would allow us to only fundraise once per year, which is a much more efficient use of staff time. General advice is for charities to have roughly 6-18 months of reserves at all times.