Financial Information

2008/09 was a difficult year financially for Broadway with a significant funding shortfall that was addressed during the year, partly through the development of new services and partly through changes to the charity’s structure and overhead costs.
 
Broadway faced reductions in funding from two significant grant streams: London Councils and Big Lottery Fund.  Re-tendering of services also increased the financial pressure as funding was reviewed and in some cases reduced. As a result there was a planned deficit in 2008/09 and turnover decreased to just under £10m. The situation was compounded by the economic downturn which impacted significantly on our fundraising and also our investment income, with interest earned on cash deposits falling in the last quarter from 6% to under 2%.

Consequently Broadway took steps to reduce costs: moving offices to reduce overheads, negotiating changes to our terms and conditions, reconfiguring services at the Broadway Centre and re-structuring the Senior Management Team. The financial result reflects the additional cost of some of these changes, but the payback will be significant and greater secures the long term financial future for Broadway.

Broadway Futures Ltd, the trading subsidiary company, had another successful year, with our Real People HR consultancy services also provided to clients outside the housing sector. There was a significant contract with the CLG to roll out the Beyond a Helpline programme nationally, but also continued growth to a wider customer base. At the end of the year the subsidiary was able to contribute over £54,000 of gift aid to the charity, Broadway Homelessness and Support.

Overall the organisation has achieved significant changes in a short period and, despite the costs incurred during the year, has adequate reserves to meet future demands and Broadway can look forward to the challenges ahead with confidence.