2021 Financial Accounts
The 2021 Fi 2021 Financial Accounts which have been approved by Chapter and received by the Cathedral Council will be formally presented to the APCM on Tuesday, 24 May 2022.
A copy of these Accounts can be found on our downloads page, or there is a hard copy available to view in the Cathedral in the Cathedral. Paper copies can be made available for those who wish to have them; please ask for a copy from the Cathedral Offices.
Summary
Over the past two and half years, we have focused on bringing the finances of the Cathedral back into balance. Even through the pandemic, staff and volunteers worked to contain expenditure while increasing investment and diversifying our activities. The 2021 Annual Review, that will be published shortly, gives a fantastic overview of all the activities - both old and new – that have helped us to live out our mission to be ambitious for the future and to be “aBeacon and Safe Haven, Anchored in Jesus Christ” here in Old Portsmouth and throughout the Diocese.
2021 saw the Cathedral post a £64,419 surplus before unrealised gains turning around years of deficit budgeting as the chart below illustrates:
Chapter is very grateful to the congregation for the increase over the past two years in Planned Giving that now is just over £100,000 per annum when gift aid is included or about 10% of our annual operating budget. Chapter also would like to acknowledge the financial support over 2021 of the Church Commissioners, the Cathedral Choirs Emergency Fund, the Cultural Recovery Fund for Heritage, and the UK Government’s Job Retention scheme (Furlough programme).
Strong Financial Headwinds for 2022 and beyond.
The 2022 budget projected a £97,000 deficit. This target is already proving problematic to achieve as our energy, building and repair costs, for example, have already risen and are projected to rise further this year and next. We are now projecting the 2022 deficit to rise above £100,000. We continue to monitor budgets closely. Also, already after only four months in post for Jemima Crayden, our new Events Manager, we are seeing income from events beginning to significantly increase. We are about to begin recruitment for a Visitor Experience Manager (100% funded by the Cathedral Sustainability Fund) and this post will help us to bring new visitors in the Cathedral and generate more revenue from tourism to support mission.
Chief Operating Officer Richard says, ‘All of these activities and more will help to provide the income necessary to support our missional activities. We will continue to work to achieve annual balanced budgets even as our ambitions remain large, and the external financial environment is in “choppy waters” to say the least. Your continued financial support of our activities is a key part of ensuring we will continue to be that bright beacon and safe haven.’.