The IfL’s reserves are divided between specific designated funds and a general reserve which ensures that the IfL is able to continue its obligations in the event of a shortfall in income or sudden upturn in expenditure. Specifically the IfL requires reserves in order to fulfil its statutory obligations or, as with any other organisation, in extremis to wind up its own affairs in an orderly manner.
In setting this policy the elected Non-Executive Board (NEB) took into account the Charity Commission’s advice to charities, as set out in its document, CC19 Charities and Reserves, June 2010.
IfL Reserves policy (Revised March 2013)
Download IfL Reserves policy (PDF)