What we earned
After a challenging year we are very pleased to report that the total value of incoming resources continued to increase and reached £12,682k. Although the growth in income was only £90k it was achieved during a year of significantly reduced referrals from the Department of Work and Pensions and the difficulties of people with acquired brain injury obtaining funding meant that the occupancy at our Neuro Rehabilitation Services was down from the previous year.
Our fastest growing area was Mobility Services where income grew by 24% to £727k reflecting increases in driving assessments, hours of driving tuition and the success of the new partnership working programme with the Motor Neurone Disease Association. Independent Living Services also achieved a substantial increase in income due in part to the new Guinness Group Home, opened in February 2014, available to new service users for the whole of the financial year. Demand for places at Dorincourt, the home of Independent Living Services, remained high reflecting the quality of the service provided. For many months last year the service operated at capacity and the annual income of £3,203k makes it the highest income service in QEF.
QEF Trading, the subsidiary which manages the charity shops and the fulfilment operation achieved a 6% growth in income to £1,226k. With more shop openings planned for the coming year this income growth is set to continue.
Following an exceptional year last year the Fundraising team once again made a significant contribution to the funding of the charity achieving income £26k above the 2013/14 figure. Gifts, Donations and Events at £2,064k were £24k down on the previous year but this was more than compensated by an increase in legacy income from £725k to £775k.
In summary during 2014/15 we were able to expand and develop some of our services at a time when other areas of the charity had severe funding pressures. Most importantly our donors and supporters recognised the importance of our charitable activities to the independence of disabled people and they continued to support our commitment to delivering this vital work.
Gifts, donations and events£2,064,000.00
What we spent
Before the start of the financial year the Trustees recognised that there was a need to invest in the facilities of the charity and identified a sum in the annual budget of £479k to be spent on specific property related projects to improve the condition of our assets. During the year this essential work was completed on time, at the budgeted cost and significant improvements in our facilities are evident. In the analysis of expenditure this cost is shown within support costs.
Including the exceptional property costs overall the resources expended by the charity increased during the year by £442k to total £13,019k, which is an increase of 3.5% over 2013/14. Excluding the property costs total resources expended fell by £37k. In comparison to the previous year expenditure was higher in Charitable Services (£51k) and in QEF Trading (£90k) but the Fundraising department managed to increase their income while reducing their expenditure by £63k to £860k.
Going forward we will continue to invest in the facilities of the charity in order for us to be able to provide a secure and stimulating environment for our service users.