Gross revenue increased from £283,394 to £352,800 and expenditure from £268,561 to £340,319, so showing a net operating surplus of £12,481, versus the previous year’s surplus of £14,833. We transferred the net surplus of the Roof Alarm appeal of £22,818 into a separate fund; so the General Fund shows a net deficit of £10,337. Our single most important source of income was again the annual sponsored Ride and Stride which raised £120,052. This was down from last year’s £136,510 due in large part to the very wet weather on the day of the event. The shortfall was more than compensated by our Roof Alarm appeal which went out in the autumn and has raised £69,364.
We have given grants of £46,546, leaving £22,818 as a designated fund for future use. We gratefully acknowledge the grants, pledges and donations received from Trusts and individuals in connection with all aspects of our work. Our investments performed well, showing a growth in value of £179,793 in the year, so more than compensating for the unrealised losses in 2015/16 of £96,046.
Administrative expenditure, while still very low, has risen from £5,189 to £16,7525 as we have incurred legal costs relating to the change of legal status to a CIO. We have also signed contracts to update and adapt our website and to design and implement a centralised remotely hosted database. Much of this expenditure will fall in the coming year. Historically our administrative expenditure has been extremely low. We intend that it should remain modest and that an improved IT infrastructure will enable us to remain essentially an all-volunteer organisation, but recurrent administrative costs especially for IT will be higher in the future.
Giles Dessain FCA