English PEN has reported a deficit of close to £90,00 in its annual report for the year ending 31st March 2016, describing it as "a challenging year". Five staff posts at the charity were made redundant in November.
The charity reported a deficit (net expenditure) of £89,610 for the year. Total income was up, at £755,777 compared with £610,590 for the year ended in March 2015. But total expenditure increased, at £845,387 compared with £833,016.
Funds carried forward were posted at £288,933 against £389,401 for the year ended in 2015, over £100k down.
In its financial review, the company said it had faced a "challenging year" fundraising to support the activities and running costs for the charity, and talked about the restructure decided on, after independent review, made in the interests of financial "sustainability".
English PEN saw five of its 12 members of staff, including deputy director Catherine Taylor, made redundant last month.
English PEN stated in the report: "The board of English PEN has agreed a restructure of the charity, with a view to developing a new business model that will ensure a sustainable future. English PEN’s work has never been more important – safeguarding freedom of expression for writers, translators, publishers and bloggers and taking opportunities to enjoy literature to all communities in England. With continuing support from the Arts Council England, which has high regard for the value of English PEN’s work, the board is confident that the restructure will put English PEN in a stronger position at a challenging time for the charity sector."
The charity offered no further comment.
- Egmont group reports 'good year' but prepares for 'challenging' 2020
- New Jamie Oliver book 'to bring people together after challenging year'
- Beano inspires next year's Summer Reading Challenge
- Welbeck reports 'well-balanced' results for first year's trading
- Sharjah's Kalimat 'challenging boundaries' with adult fiction list