Capacitybuilders underspend 'acceptable'
Capacitybuilders underspent on its budget by £3.4m in its first year of operation, the organisation's accounts have revealed.
The accounts also showed the organisation had £4.3m in the bank at the end of the financial year.
The highest proportion of Capacitybuilders’ expenditure was spent on national programmes and totalled £9.8m. The rest went on regional programmes, with London receiving the highest sum of £4m.
Simon Hebditch, chief executive of Capacitybuilders, said the funds had been earmarked for projects that had ended up not being ready to take the money before the end of the financial year.
“There was an underspend,” he said. “£3.5m was committed for various purposes but not spent in that year. This was acceptable to the auditors.”
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