As a registered charity, the Lyric relies on supporters’ schemes, donations and bequests (collectively referred to as “Donations”) and Sponsorship to fulfil its key objectives. This policy sets out the principles and guidelines for the acceptance of such monies from its individual, corporate supporters and Trusts & Foundations (“Supporters”).
The policy is designed as a checking tool to ensure that the financial needs of the Lyric are balanced against its Ethics and other policies and is subject to the Code of Fundraising Practice published by the Fundraising Regulator (as amended from time to time), and the guidance of the Charity Commission.
The policy does not contain guidance on the receipt of statutory (whether local or national) funding or lottery grants. In general the Lyric relies on the Charity Commission’s regulation of Trusts & Foundations in terms of the guidance and legitimisation of their giving.
The Trustees of the Lyric (and employees and volunteers on their behalf) have a duty to maximise funding for the Lyric and must act reasonably and prudently in the interests of the Lyric. If the Lyric chooses to refuse a donation, it must be able to demonstrate to the Charity Commission that it has acted within its objectives.
A Development team is employed by the Lyric to research, solicit and process Donations and Sponsorship and their work is supported by a voluntary Development Committee and supported and overseen by the Lyric’s Board.