Meeting for Sufferings: Report on finances
Peter Ullathorne delivered a report on BYM finances
The new treasurer of BYM, Peter Ullathorne, gave a very measured presentation to Meeting for Sufferings on the status of the finances.
2012, he said, looked ‘likely to record a surplus’ – despite a decline in contributions from Meetings. The income from legacies was ‘above expectations’ this year but, in the future, it would be helpful, for planning purposes, to set a realistic proposed figure for income from this source.
He explained that the reserves, which are around £50 million, had benefited from a healthy return from investments in 2012, but much of this was for restricted use.
Peter said that the predicted running costs for BYM in 2013 were approximately £10 million. An annual deficit of £1 million was intentional. He added, however, that ‘2014 is another story’. Peter pointed out that future income from legacies was unpredictable and that ‘running down reserves’ cannot be a long-term strategy.
The key question to address was: ‘How can we sustain the work we do on your behalf?’
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