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Treasurer’s Finance Report (June 2020)
Income (YTD): £2,301.96 surplus
£76,399.51 vsa target of £74,097.55
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Expenditure (YTD): £13,443.08 underspend
(£44,545.47) vs a budget of (£57,988.55)
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Overall, we are running a surplus of £15,7k against budget, which is mainly due to an underspend on Salaries (£8k) and Facilities (£2.9k). The Fundraising annual target has been reduced from £44k to £22k, in light of COVID-19. This reduction has been offset by an increase in the Grants target from £35k to £57k, due to a number of local and national government-funded grants awarded to us. This has helped reduce the Income surplus we had for Clubs, and reduced the shortfall on Fundraising.
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The IT budget has been increased by £250 to £750, to cover the upcoming expense of a new laptop for the Office (£379). The £250 was offset against the HR budget, due to the current underspend on salaries.
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Ring-Fenced Funds
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Mencap Ring-Fenced: £20,832.00
Sensory room: £15,252
Junior Gateway (2021): £2,839.75
Youth Club (2021): £2,740.25
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Playschool Ring-Fenced: £11,363.82
DAF: £4,330.12
SENIF: £7,033.70
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Now the clubs are open again (adhering to strict social distancing regulations), we hope life will continue to slowly return to normal for our charity and the rest of the country. We will continue to monitor our financial situation and dynamically adjust the budgets where possible to better reflect the changes caused by COVID-19.
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Due to our significantly reduced annual fundraising target from £44.2k to £22.2k, we have hit 63% of our target.
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2020 Fundraising = 63%
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