Finance, Governance and Policies
Financial report
AWARE ended 2020 with a surplus of $1,322,633 (2019: $934,983). It had an income of $4,083,248 (2019: $3,638,409) and expenses of $2,760,615 (2019: $2,703,426).
AWARE’s total funds at the end of 2020 were $6,248,022 (2019: $4,925,389).
The charity has disclosed its restricted funds in the Financial Statements (see note 12 on page 25).
See the 2020 Audited Financial Statements for full information.
Statutory information and governance compliance
- Work from home arrangements, adopting IT to deliver services, carry out research, hold events and programmes and enable staff to connect and collaborate
- Third-party audit of AWARE’s governance processes
- Online reimbursement claims, third-party payments and consultant payments system
AWARE is compliant with the Code of Governance (2017). Refer to our Statutory Information and Governance Evaluation Checklist.
Policies
i) Financial policies
ii) Conflict of interest
AWARE has established a Conflict of Interest policy at the board and staff levels to assist in identifying and managing potential areas of conflict.
All board members and staff undertake to declare any situation of conflict that may arise. They abstain from decision-making in such instances, so as to allow a fair and transparent decision-making process. They are also required to make a negative affirmation annually.
iii) Reserves
AWARE aims to maintain a reserve that is equivalent to at least 12 months of its operating expenses to ensure continuity of its services and programmes.
The reserves are held in cash in either current or fixed deposit accounts, in accordance with guidelines on minimising risk and maintaining liquidity. These operational guidelines have been established and approved by the board.
Every six months, the board reviews the amount of reserves that are required to ensure that they are adequate.
If the reserves fall below the threshold of 12 months operating expenses, board approval will be required to utilise the remaining reserves. Management will inform the Treasurer or Assistant Treasurer at least three months before the cashflow is expected to breach the threshold.
iv) Loans
- a) grant any loans, donations, grants or financial assistance;
- b) receive any loans for any purpose or tenure;
v) Other policies
- Board Roles Policy and Code of Conduct for Board Members
- Employees’ Handbook
- Consultants Code of Conduct
- Financial Policy and Procedures
- Social Media Guide
- Volunteering Guide
- Whistleblowing Policy
- Data Protection Policy