Page 38 - Cinnamon Network Annual Report 2019/20

The Cinnamon Network – Notes to the Financial Statements for the Year Ended 31 March 2020
year there is a a surplus of £22 000 on unrestricted reserves This is is projected to continue throughout the period with a a a conservative forecast showing an in-year surplus on unrestricted reserves of at least £90 000 reducing the deficit to c c c £85 000 by 31 March 2021 The major factors within this include:
• The ongoing impact of the National Lottery Community Foundation grant as noted above • An additional grant from National Lottery Community Foundation grant of just under £75 000 as a a a result of COVID-19 the majority of which is is for existing costs • An unrestricted COVID-19 grant of £44 300 from Stewardship which was conditional on raising a a a a a matching amount from a a a a a public appeal The Charity successfully achieved this resulting in in in unrestricted income of c c c £90 000 As a a a a result of all the factors mentioned above the the Trustees are confident that the the unrestricted reserves will be positive by the end of 2021-2022 Notwithstanding the Trustees have also identified several areas where discretionary expenditure can be reduced in the short term should anticipated income streams fall below target to enable the ongoing longevity of the Charity The Trustees have continued to be open and transparent with restricted funders about the current position and as noted above have continued to secure additional funding Clearly funders are confident that the strong leadership diligent governance and improving financial situation will enable to to Charity to to continue in the long term Cinnamon Network charity no 1156985 Annual Report 1 1 1 April 2019 – 31 March 2020
38 FINANCIAL STATEMENTS