Finance Table-1

BMSTC Finance Report 2020

May 26, 2021 | Southmedia

David Coe, BMSTC Trustee, and Treasurer reports on our 2020 finances

The Covid-19 pandemic severely impacted on the activities of BMSTC in 2020 – both in terms of service to our members and fundraising. 

Focus turned to adapting treatment and support using, as far as possible, a mix of online sessions (Zoom), email, website, telephone and postal contact.

Income continuity was a major concern in the year as fundraising activities were postponed or cancelled. Income from individual donations, fundraising events and public collections in 2020 were £106,000 below budget. Our fundraisers worked hard to access Covid-19 emergency funding, and as a result grants totalling £105,000 were secured from the National Lottery Community Fund, Reading Borough Council and Good Exchange/Greenham Common – offsetting the shortfall in ‘normal’ income.

Overall expenditure was lower than budget in 2020. There were savings in Centre running costs and fundraising event costs. However, there was unplanned expenditure associated with the cost of technology for homeworking and providing online support.

As regards expenditure on capital assets, installation of the new Oxygen Generator was completed in February and the final instalment of £19,149 was paid (total cost £56,949). This has been funded from the £243,578 legacy received in 2016. At 31 December 2020 the balance of the legacy fund was £71,101.

BMSTC net current assets at the end of 2020 totalled £301,449 (including the balance on the legacy fund). 

Restrictions limiting in-person activities have continued through the first four months of 2021, though there are signs that restrictions will begin to ease over the summer. At this stage in the year there is real concern about achieving the 2021 income budget – the emergency grants we received in 2020 cannot be relied upon in 2021. Maintaining (1) our donations from individuals is vital, and we hope that opportunities for (2) fundraising events and public collections will return. Our fundraisers will be engaging with (3) charitable trusts, companies, local authorities and web-based fundraising opportunities to attract support. Each of these three principal sources of financial support are important – and each historically has accounted for broadly a third of total annual income.      

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