Christian Medial Fellowship
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Financial Report

Nicholas S Scott ACA BSc, Treasurer
Comments on Financial Report for 1997
Both Income and Expenditure are lower this year as a result of 'one off' items in the previous year e.g.

Income from the sale of Harcourt House furniture. The benefits of the use of this income can be seen by the increased income from Harcourt House. Investment income has increased slightly, and not seen in these figures is the beneficial impact on the cashflow position as a result of the receipt of tax refunds on dividends from previous years. Although general donations were lower this year, this was largely offset by the £8,274 received as a result of the Millenium Appeal started by our fundraiser. As noted above though, £6,260 is specifically given to cover the costs of a Travelling Secretary only.

The largest movements with regards to expenditure relate to the Publicity & Fundraising, and Direct Charitable Expenditure. The initial set up costs of the Millenium Appeal were incurred during the year by the fundraiser. Direct charitable expenditure saw a reduction in the amount spent on grants, although £10,000 has been budgeted for in 1998. The other large saving arose as a result of our inability to appoint a new Travelling Secretary. Publishing costs increased during the year with the arrival of the new publication "Among all Nations".

With regards to the asset base of the organisation, as noted above, there has been an increase in the cash balances held. The portfolio held has been put under new management (still on an ethical basis). As a result of a buoyant stock market it currently has a market value in excess of 2.5 times the book cost.
Christian Medical Fellowship:
uniting & equipping Christian doctors & nurses
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Registered in England no. 6949436. Registered Charity no. 1131658.
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