Thursday, June 19, 2014

May Finance Update

I promised earlier this year to give monthly updates on how our finances are going. I've just received the figures for May so here we go.

Our offering income this year continues to be very encouraging. In May we budgeted for offerings of £65,713 but actually received £108,983. For January to May we budgeted for offering income of £328,560 and actually received £431,296. That puts us just over £100,000 ahead of budget which is very good.

Our expenditure remains below budget, although in part that is because of the timing of working being done and bills coming in. We need to continue to keep a close eye on expenditure to keep it within what is a very tight budget for the rest of the year, but so far we're doing well. After we've completed June and we've got 6 months of expenditure to report I'll share more detailed expenditure figures, but for now be assured we're doing OK.

All of this means that we have been able to increase our reserves from around £28,000 at the start of the year to just over £100,000 at the end of May. We've also improved our available cash (money in the bank which isn't in reserves or allocated to a restricted project so can't be spent on anything else) to just under £108,000 at the end of May. We still have a long way to go to reach our goal of having £250,000 in reserves, but the extra giving is allowing us to get there more quickly than we initially imagined.

Our goal in 2014 has been to get better before we get bigger. Part of that is about improving our financial stability, which has clearly been happening. A huge thank you to everyone who has given to make that possible, as well as allowing us to continue to do all we are involved in as a community.

As ever if you have questions on any of this then please ask.

Simon.

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