£70,000 at work
We have spent thousands of pounds more than we collected over the past year. The Director is not worried about it because it yet again demonstrates HHI's principle of putting money to work rather than have it sitting in the bank.The Director also enjoyed telling a recent gathering of HHI's supporters that we are particularly grateful for a major donation of over six thousand pounds which recently came from just one donor - the taxman!
The amount donated by supporters is actually down from the year before, but there is a reason for that.
"For the year to November 2003, we raised £70,876," said Ron Prosser.
He was speaking to about a hundred of our supporters in South Wales. "This was down from the previous year, because last year we had made a special Famine Appeal."
Against our income, we have already spent £77,436.
"Many a treasurer would be crying at that," laughed Ron Prosser. "We're delighted!"
The reason for this is slightly complicated, but comes from the fact that we also earn some bank interest in addition to that which comes from donors and this year we have also received a generous input of £6,400 from the chancellor of the exchequer This is Gift Aid, which is tax we can reclaim from the government.
"The cost of our administration in Britain is about £1200, which is higher than it has ever been," said the director. "However, interest from the bank has yet again covered that, so I can put my hand on my heart and say that every penny which has come in has gone out to do good."
The director added that, apart from the big tax repayment, and a couple of big personal gifts, the vast majority of the money we use for good causes comes from individuals - it really is amazing how donations of £1, £5 and the occasional £10, can add up.
