Financial review of 2016
Income decreased by 21% to £361,698 (2015: £457,948). Our budget for the year had predicted income to fall to £399,822 mainly due to the ending of the Big Lottery Fund “Tall Stories” grant. Income was therefore 10% below the budget mainly due to a new application to the Big Lottery Fund which had been included in the budget but which was rejected.Expenditure decreased by 9% to £386,173 (2015: £424,715). Our budget for the year had predicted expenditure of £399,800 so expenditure was 3% below the budget.
This has resulted in a deficit of net resources of £24,475 (2015: surplus of £33,233).
Budget for 2017The Trustees have agreed a budget for 2017 of income totaling £384,000 (2016: £399,822) of which £84,000 (2016: £37,000) had been secured by the start of the year. Budgeted expenditure is £378,800 (2016: £399,800).
Over the course of the first six months of 2011 our reserves fell by 64% which forced us to cut back on our activities and make some redundancies. Our reliance on one-off donations from Charitable Trusts makes our income very unpredictable so our Reserves Policy is relatively conservative.
Our policy is that “Unrestricted Reserves should be equivalent to between 30 and 40 weeks of budgeted future annual unsecured expenditure.” At the end of the year our Unrestricted Reserves (General Funds) were £114,826 (2015: 121,898). Our budgeted expenditure for 2017 is £378,800 of which £84,000 had already been secured and £142,675 was covered by Restricted Funds leaving a balance of £152,125 (2015: £214,390) to raise. Our Unrestricted Reserves were sufficient to cover 75% (2015: 57%) of this balance which equates to 39 weeks (2015: 30 weeks).Given the volatile nature of much of our income, the Trustees will continue to closely monitor the reserves position throughout the forthcoming year, spending any surplus funds on charitable activities.
These graphs are based on figures from our audited accounts for 2016 (PDF 530KB).
You can also download accounts from previous years:
Copies of our accounts are also independently available from the Charity Commission.
Our latest Quarterly Management Accounts and Key Performance Indicators are also available on request.