Annual Review 2008: Leading from the front
Paul Freeston, Chief Executive, apetito
FDF's Treasurer:
FDF is constantly striving to ensure its members get the
best possible value from their subscription fee. We operate
to highly professional standards of financial management,
preparing an annual rolling three-year business plan and a
detailed budget for the following year, which are presented
by the Finance Committee to Council in September each
year for approval.
FDF works to a break even budget and has done so
successfully for several years, dealing with industry
consolidations as they occur. Currently, 85% of FDF's
total income is from company members' subscriptions.
About 70% of total expenditure relates to staff costs and
communications programmes. Building expenses, travel
and representation costs, administrative expenses and the
subscription to our European body CIAA account for the
remainder of the expenditure.
Monthly management accounts track the finances and
any resulting variances are dealt with at the time so when
it comes to year end, there are no surprises in store. A
summary paper including the audited year end accounts is
presented at the AGM for approval by Council.
Our priority is ensuring that we demonstrate how the
organisation makes a difference for our members and that
it does so in an efficient way that makes best use of our
available resources.
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