money matters

July 2004 index

After several years of bad news about our finances, we are pleased to report that 2003 saw a very encouraging turnaround with ordinary income and expenditure almost in balance. As we explained last year, Crosslinks could not continue to spend more than it received. However, the Council, in faith, took the decision not to cut direct charitable spending believing that our Father would provide the resources to support our work. Through the prayers and donations of our supporters, this is what happened in 2003.

 

 

Financial highlights of the year

Income up – costs down 

  • Income was up by over 13% against the level of 2002. Within this overall figure, donations from parishes increased by over 15% and grants received to support our work increased by 85%. 

  • Direct charitable spending including mission partner support, best and grants given to support mission work around the world was maintained at the level of 2002.We rejoice that our finances have stabilised without any reduction in our direct mission work. 

  • Support costs, management and administration and fundraising costs were reduced by over 12%  

Reserves At the end of 2003, our total unrestricted reserves were £1.3m which is around seven months of budgeted expenditure for 2004. Six months reserves is the bare minimum we need in order to provide a degree of financial security to all those who rely on Crosslinks for their support. 

Plans for 2004 We cannot and must not play safe. Too much remains to be done around the world! In faith, the Council has approved an expenditure budget for 2004 which is £200,000 higher than that for 2003.    

Income £000’s

 

2003 2002
Individual donations  726 711
Parish donations 1028 891
Legacies 76 59
Grants  163 88
 Investment income 38 40
Other income 52 47
Total 2083 1836

Expenditure £000’s 

2003 2002
Activities furthering charity objectives 1070 1101
Grants 236 193
Support costs 628 719
Management / admin 40 50
Fundraising costs 114 121
Total 2088 2184
Ordinary deficit -5 -348

Thank you for all your financial support in 2003. If you would like to review your giving either in terms of donations or legacies, please contact: Graham Sopp on 020 8691 6111 or email gsopp@crosslinks.org  

 

Disclaimer This financial information is taken from the annual accounts of Crosslinks for the year ended 31 December 2003. This information is not a summarised version of the annual accounts for 2003 and does not intend to contain sufficient information to permit a full understanding of the affairs of the charity. The full statutory accounts will be submitted to the Charity Commission. The external auditors Mazars have given an unqualified report on the statutory accounts in accordance with the requirements of the Charities Act 1993. For further information, the full annual report and accounts which includes the external auditors report may be obtained from Crosslinks, 251 Lewisham Way, London SE4 1XF.    

 

Crosslinks magazine July 2004 index