compost is organic matter that has been decomposed and been recycled as a fertilizer or soil improver.
We don't really have enough free garden space to compost in any reasonable scale. In our current home, we also have a brown recyclign bin for waste that is taken away and composted.
In our next home, we plan to design composting into the whole garden design. Typically you need several composting sections or areas. One will be 'in use' and being added to on a daily basis. The other(s) will be left to compost and break down into organic material that you can then spread on your garden.