2023 Budget Approved
On Wednesday night (30 November 2023) Cathedral Council received the 2023 budget that had previous been approved by Chapter.
The budget sets a deficit budget of £177,598 on planned income of £1,082,878 and spend of £1,261,467.
However, the budget contains a £25,000 contingency plus £40,000 for capital works on the Cathedral that is linked to external funding for Carbon Neutral works that will likely not be needed until 2024. Deducting these reduces the planned deficit to £113,589.
It should be remembered that the 2022 budget was set with a £97,000 management account deficit and the likely outturn at 31 December 2022 at circa £70,000. The budget will continue to be closely managed and additional sources of funding sought, and revenue generation maximised to support mission.
On 17th November the Chancellor set the minimum wage at £10.42. The National Living Wage Foundation (NLWF) had earlier this autumn set their national living wage at £10.90 per hour. Chapter again this year has agreed to set the Cathedral’s minimum hourly wage at this higher NLWF level. It means that the least well paid members of staff will receive an increase of just over 10% on their hourly rate. For more well remunerated members of staff there will receive a 2.5% increase plus a 2.5% one-off bonus to assist with the cost of living crisis.
Chapter has also set the first quarter of 2023 as a time to review and plan ways to increase ongoing revenue to support mission. The Church Commissioners earlier in the autumn provides funds to enable existing staff sufficient time to work on these plans to increase efficiency and further develop plans to increase revenue. These plans will be brought back to Chapter and Council in the second quarter of 2023.
Chief Operating Officer Richard says, “We continue to manage budgets and work to increase revenue to support mission. Funding for each department has been maintained or slightly increased for 2023. Progress has and is being made, but it is quite right at this time to reflect on what more we can do in terms of activities to create additional revenue. The first quarter of the new year affords us this opportunity and we are grateful to the Church Commissioners for their financial support to make both this happen.”
Dean Anthony says, “I am grateful for the dedicated work and commitment of staff and volunteers over the past year – its their commitment that is helping us to meet the objectives of the Vision and Strategy to be that beacon and safe haven. I’m also grateful to Chapter for once again agreeing this year to meet the higher minimum hourly wage set by the National Living Wage Foundation. It’s an important statement of who are as a community”