Finance Update 2019

 

Each month the Finance Team at The Forge look at the figures of what’s come in and what’s gone out; using those facts they then seek to share with staff, elders & trustees what is happening within The Forge, in terms of its financial health. The team asks itself questions like – is income where we want it to be? Are costs being controlled? Are we carefully monitoring restricted income both in and then out again?

At the end of March 2019 the financial results for the year to date can be summarised:

Looking at unrestricted funds, income was £36,475 better than budget, expenditure was £5,562 above budget, leaving an operating surplus of £17,453, some £31,012 better than budget.

Whilst the outcome is positive against budget, most of this is down to timing differences and the picture for the full year is less rosy.  Overall we’re forecasting a £15,000 shortfall in income (£10K short on Gift Day and net £5K on non-Gift-Day) compared to budget in 2019.  We see some savings in costs, but forecast to end the year breaking even.

In May we will re-visit the budget and re-plan the remainder of the year in the light of the shortfall in Gift Day donations.  We will also start to take a closer look at 2020, mindful that we will lose one significant source of income at the end of 2019. 

2019 budget (approved)

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