Budgets v Expenditure
The Board’s policy is to have a general contingency reserve reflecting c6 months of operation but to build up to that figure over time, using where possible any operating surpluses.
We have also established project related reserves such as our website development.
At the end of 2015, IPReg utilised the balance of Licensing Application fees, after the deduction of any associated legal costs, to create a reserve specifically aimed at furthering Practice Development and the unspent 2015 Budget Contingency was set aside as a reserve to fund diversity supporting initiatives aimed at promoting our regulatory objective of a diverse profession.
At the end of 2016 we increased the Diversity Reserve and established a reserve which is intended to provide resourse for work to be undertaken in the light of the recommendations of the Competition & Markets Authority in respect of the delivery of legal services.
We publish our Reserves Statement as part of our Budget information. Reserves are considered by the Governance Committee annually once operating balances for the preceding financial year are identified and then the Reserves Statement is published (albeit subject to audit).