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Annual Report 2018/19

Finance and resources summary

Financial Summary

Financial Summary

2018/19 

 

2017/18

Income

3,037,000

 

3,217,000

Expenditure

3,083,000

 

2,705,000

Net Income

-46,000

 

512,000

You can download the full 2018/19 accounts here.

As the contract with Lewisham Council continued tapering in our third year, we continued to seek new sources of income and increase existing ones. Although overall income has reduced year on year, a substantial amount of work is being done in the background to ensure new income streams are established in the future.

Expenditure

2018/19 

 

2017/18

Front-line staff costs

1,326,000

 

1,146,000

Management & back-office staff costs

501,000

 

425,000

Building and maintenance costs

508,000

 

538,000

Commissioned youth provision

286,000

 

255,000

Programme costs

213,000

 

166,000

Support costs

249,000

 

175,000

Total Expenditure

3,083,000

 

2,705,000

Our total expenditure increased by £378,331 year on year. Proportionately the largest increase has been in the category of programme costs including additional commissioned youth provision and the introduction of the Street Based programme. Site managers were allocated an increased budget to spend on direct delivery such as off-site trips, site equipment and on-site entertainment.  There was also a one off new pension provision £100,000 which contributed this increase.

 

This financial year expenditure exceeded income by £45,624. This is a reduction to our reserves, which are now at £1,116000. The current level of reserves will enable the organisation to be financially resilient to any future income or expenditure fluctuations and will give us the opportunity to make investments in the service in the future specifically as we look to address the changing demands of London Borough of Lewisham.

The total income from September 2019 to March 2020 was £1,738,000 which serviced expenditure of £1,352,000.  This left a surplus of £386,000 in that period.  However, the majority of these funds have been earmarked to pay outstanding bills between April and August 2020.