2nd quarter accounts for 2002.

The Executive approved a balanced budget of £719,000 in February 2002, but 2nd quarter management accounts show income £12,000 below budget and expenditure £18,000 above budget creating a deficit of £28,000 at the half year. This follows annual surpluses of £25,000 and £70,000 respectively in 2000 and 2001. A number of factors contribute, but income is down due mainly to subscriptions staying at the same level as last year, rather than increasing, and the absence of any legacies, which last year gave a £15,000 boost to half-year income. Expenditure is up because the Refresher Course has been accounted for in the 2nd quarter, rather than the 3rd, and because computer system is ahead of budget as a result of changes being implemented to the membership database system.

At a time when many charities are struggling, we are thankful for the very generous support of our members. CMF's strength at a time when the stock market is suffering lies in the fact that over 90% of our income comes from members' subscriptions and donations (and tax recovered), rather than from investments or sales.

Relative to many other charities we own very few assets, and keep our investment cushion at a minimum meaning that we are never more than four or five months from 'going out of business' completely. So what comes in is spent in ministry. This keeps us efficient and accountable. But there is no room for complacency. The full £75 subscription covers less than half of what CMF spends annually and so we are heavily reliant on the extras giving of members over and above subscriptions for our continued activity.

New BAC members needed.

CMF's business advisory committee, which overseas the management of our finances, needs new members. We are particularly looking for the spouses of CMF members with experience in charity administration, accounting, business and law. Enquiries to Giles Rawlinson at the CMF Office.