St Albans Abbey faces �15K deficit
A COMBINATION of increased running costs, the recession and a wash-out of a firework display has left St Albans Abbey facing a �15,000 account deficit. The Abbey s financial report largely blames the dent in the end of year account on its firework display
A COMBINATION of increased running costs, the recession and a wash-out of a firework display has left St Albans Abbey facing a �15,000 account deficit.
The Abbey's financial report largely blames the dent in the end of year account on its firework display in Verulamium Park in November which was hit by bad weather and made a loss of �13,000.
Until that point, the report states that the Abbey's current account had been bearing up well against the challenges in the economy.
They include a 16 per cent reduction in visitor donations to �53,000, a 24 per cent reduction in renting out the Abbey and Chapter House to �67,000 and also a reduction in contributions from Cathedral Enterprises down 49 per cent to �14,000.
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Running costs have also taken a huge leap over the past year with the maintenance costs of the Abbey and Chapter House up 21 per cent to �75,000 to meet health and safety measures as well as a 39 per cent increase in utility bills which were up to �60,000.
The value of the Abbey's property portfolio is also down �2.1 million on the �12.9 million it was worth the previous year and its cash investments were down by �1 million.
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But income levels from dividends and rents have been standing up well.
A shortfall of �220,000 in funds for the project to repair and restore the Abbey Nave has been met by diverting new legacies that would otherwise be added to investments.
In the longer term strategy to increase funds, the Cathedral Enterprises has been asked to carry out a review of its operations to develop a better business model for the future.