This Reserves Policy outlines Hornsey Historical Society’s approach to setting aside and managing financial reserves
- The Society’s total unrestricted reserves at the end of the year were £36,067 all of which were held as general funds. The Society holds no restricted funds.
- The Society has few unavoidable recurring liabilities for which it is necessary to maintain substantial reserves as it is entirely run by volunteers and has no employees.
- Its principal financial obligation is to maintain and insure its headquarters building, the Old School House, 136 Tottenham Lane, N8 7EL which it occupies under a lease at a peppercorn rent from the London Borough of Haringey; and which houses its extensive archive of historical material.
- Over the past 5 years the Society’s year end reserves have never fallen below £10,000.
- The Trustees have given consideration to the level of reserves required by the Society. They have concluded that it would be prudent to hold free reserves equivalent to six months unavoidable running costs. This would amount to £5,000.
May 2025
In addition to the Reserves Policy, please follow the links below for other Hornsey Historical Society policies: