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Reserves Policy


Motherclanger
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We have a reserves policy which includes a building reserve, and an operating reserve. The building reserve is in case anything serious needs doing to the building (e.g. roof/boiler) but that is only relevant if you own the building. The operating reserve is six month operating costs which would allow the organisation time to consider it position if anything changed or to restructure/refinance. The six months allows for redundancy if that is the way any decision goes. If your organisations suddenly had to close or went into administration, the government fund would cover redundancy.

Edited by GFCCCC
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We have a reserves policy which includes a building reserve, and an operating reserve. The building reserve is in case anything serious needs doing to the building (e.g. roof/boiler) but that is only relevant if you own the building. The operating reserve is six month operating costs which would allow the organisation time to consider it position if anything changed or to restructure/refinance. The six months allows for redundancy if that is the way any decision goes. If your organisations suddenly had to close or went into administration, the government fund would cover redundancy.

If your organisations suddenly had to close or went into administration, the government fund would cover redundancy. Hmmm sadly not if you are committee run not limited company or by guarantee

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If your organisations suddenly had to close or went into administration, the government fund would cover redundancy. Hmmm sadly not if you are committee run not limited company or by guarantee

so when would the government fund help? what sort of setting?

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If your organisations suddenly had to close or went into administration, the government fund would cover redundancy. Hmmm sadly not if you are committee run not limited company or by guarantee

Not sure who told you this information but you will be pleased to know that its absolutely not true. Govt redundancy fund is from the National Insurance fund and is for everyone who is employed and paid via PAYE system. The point of it is to ensure that all employed people receive their legal entitlement to redundancy and pay in lieu of notice when an employer goes into administration. All employment laws in this country apply to all employed people whatever type of organisation they are employed by.

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