Kids Company has grown its income by 10 per cent in the last financial year, with donations from individuals increasing by one third.
Its latest annual accounts for the year end December 2011, show that the charity’s total income grew by £1.4m to £15.6m.
Voluntary income rose from £8m in 2010 to £9.6m in 2010 with income from individuals’ donations going up by £1m (£3m in 2011, £2m in 2010).
Camila Batmanghelidjh founder and chief executive of Kids Company told civilsociety.co.uk that: “We have been very lucky to have been supported by some extraordinarily generous philanthropists. Our significant income increase is as a result of these individuals’ contribution, but also we have created a number of campaigns which led to much smaller donations but a significant number of them, from individuals.”
Funding from central and local government also increased by £1.4m and the charity revealed it has secured a grant from the Department of Education worth £4.48m for 2012 and the same again in 2013, which will replace the Youth Sector Development Fund grant it received in 2010 (£4,481,792) and 2011 (£4,667,669).
Grants from trusts or foundations increased by £2m although income from corporate donors decreased by £1m.
A corporate partnership with Morgan Stanley has raised £1.2m since Kids Company was selected as the bank’s charity of the year in February 2011 but these funds are held by the trustees of the Morgan Stanley Charitable Foundation and will be transferred to the charity by the end of 2012 to buy its first building.
Kids Company has reduced the size of its free reserves deficit from £32,464 in 2010 to £10,125 and expects that the reserves will be in surplus by the end of 2012.
