Financial review of 2015
Income decreased by 12% to £457,948 (2014: £517,736). Our budget for the year had predicted income of £471,684 so we had expected some decrease but we were still 3% below the budget. This was chiefly due to worse than expected fundraising from Charitable Trusts.
Expenditure decreased by 11% to £424,715 (2014: £476,137). Our budget for the year had predicted expenditure of £469,642 but the disappointing fundraising results meant that expenditure, chiefly on book production, was cut back to match income and was therefore 10% below the budget.
This has resulted in a surplus of net resources of £33,233 (2014: surplus of £41,599).
Budget for 2016The Trustees have agreed a budget for 2016 of income totaling £399,822 (2015: £471,684) of which £37,000 (2015: £137,684) had been secured by the start of the year. Budgeted expenditure is £399,800 (2015: £469,642). This reduction in income and expenditure is mainly due to the ending of the Big Lottery Fund “Tall Stories” grant.
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 £121,898 (2014: £116,561). Our budgeted expenditure for 2016 is £399,800 of which £37,000 had already been secured and £148,410 was covered by Restricted Funds leaving a balance of £214,390 (2014: £212,165) to raise. Our Unrestricted Reserves were sufficient to cover 57% (2014: 55%) of this balance which equates to 30 weeks (2014: 29 weeks).
Given the volatile nature of much of our income, the Trustees will continue to closely monitor the reserves position throughout the forthcoming year.
These graphs are based on figures from our audited accounts for 2015 (PDF 500KB).
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.